should open new cc before applying for a morgage?

Anonymous · ‎02-07-2009

My average credit score is 658, before wo deletions that should raise it a bit in march. My report has only 2 cards, 1 is closed, but in good standing, and the other opened in May 2008 with a $300 limit and in good standing. I am afraid having only one card open with such a small amount of credit may be hurting me when it comes to apply for a mortgage. Would opening a new credit card account now do more harm than good if I want to apply for a mortgage in March? If not, is there any particular card that would be better than others as far as enhancing my credit? Thanks for any advice: )

Anonymous · ‎02-07-2009

Don't quote me on this, but I think I read somewhere back that you shouldn't apply for anything if you plan on applying for a mortgage within 6 months.

This thread should shed some light

Message Edited by doood71 on 02-07-2009 10:42 PM

Anonymous · ‎02-07-2009

@Anonymous wrote:
My average credit score is 658, before wo deletions that should raise it a bit in march. My report has only 2 cards, 1 is closed, but in good standing, and the other opened in May 2008 with a $300 limit and in good standing. I am afraid having only one card open with such a small amount of credit may be hurting me when it comes to apply for a mortgage. Would opening a new credit card account now do more harm than good if I want to apply for a mortgage in March? If not, is there any particular card that would be better than others as far as enhancing my credit? Thanks for any advice: )

It would probably do more harm than good,having an inquiry and a new credit card this close to when you want to get the mortgage will probably throw a wrench in your plans. I've heard that there are some lenders who want no new inquiries for 6 months, and others who say 90 days. Either way, you have less than that amount of time left until March.

jmbfl · ‎02-07-2009

The rule of thumb is no credit inquiries within six months of a mortgage application. In your case I would only do it if the mortgage app could be put off.