Secured Card & Mortgage

[Anonymous]

Hello--I'm trying to raise my mortgage score (586/596/603) I only have 2 inquiries,  and my collections should all be deleted in the next couple of months. I want to try for a mortgage as soon as it's feasible,  maybe by the end of the year. 

My newer model credit scores are high enough for a credit card (617/611/607 FICO 8) and I'd like to boost my ratio by getting and not using one. Also,  most of my lines have been closed,  so I'd think a new line would help.  I've heard though that I shouldn't get a card within 12 months of applying for a mortgage. 

Would a secured card avoid the credit inquiry? Is taking the inquiry hit worth driving down my ratio and getting a new line? I only have installment loans and my mortgage now. All revolving was closed and (eventually) paid off. 

Thank you!

[Anonymous]

No. You'll have an inquiry for applying for a secured card like you would an unsecured card.

[ldkcivilservant]

Normal advise is to not apply for anything within 12 months of a prospective mortgage application. That said, your scores are so low right now it isn't going to make a whole lot of differance.

What's caysing these low scores? Just the collections? Do you have anything outstanding that is still active but is seriously deliquant?

[Anonymous]

Poor payment history (self employed and going through divorce). No active delenquencies. I think something that is hurting is that I have no open revolving credit. I have only installment loans and one closed credit account that is current, but I have no unused capcaity there, so my utilization is really high. That's why I was hoping a new line of credit that I keep very low usage on would give me a boost.  Many of the collections I had are being removed, but the dismal history prior to collections is of course still there.

[Anonymous]

Get an Open Sky card and that way you can kill two birds with one stone; open revolver and no hp on your reports! 

Best of luck with your mortgage!

[Anonymous]

Thanks! I'll look into that.