Just to be contrary 
, I would suggest that you run this by a couple of mortgage lenders first.
Yes, for those who already have a decent sample of CC's, the usual advice is to not app within six months. But for those with no or very little open revolving credit, lenders often advise opening another tradeline or two. Since you only have the one card, this might apply to you.
@haulingthescoreup wrote:Just to be contrary
Yes, for those who already have a decent sample of CC's, the usual advice is to not app within six months. But for those with no or very little open revolving credit, lenders often advise opening another tradeline or two. Since you only have the one card, this might apply to you.
How would this "don't apply for credit six months before mortgage" if I apped for AMEX that I knew would be backdated to 1986 if approved??? Would the AMEX show as new credit??? Or would the backdating 'mask' the new credit??? Would the INQ mean new credit???
Starting Score: TU-685 (FICO) EQ-674 (FICO) EX-713 (PLUS SCORE FAKO)
@winstars wrote:
@haulingthescoreup wrote:Just to be contrary
Yes, for those who already have a decent sample of CC's, the usual advice is to not app within six months. But for those with no or very little open revolving credit, lenders often advise opening another tradeline or two. Since you only have the one card, this might apply to you.
How would this "don't apply for credit six months before mortgage" if I apped for AMEX that I knew would be backdated to 1986 if approved??? Would the AMEX show as new credit??? Or would the backdating 'mask' the new credit??? Would the INQ mean new credit???
That would probably be fine. Based on what my mortgage broker told me was, they mainly frown on new accounts that you immediately max out. She told me ONE new account, that was kept to below 10% of the credit line shouldn't be a problem (as long as it doesn't ruin your DTI ratio), as for an Amex, you could probably explain away the inquiry saying you were just asking for a credit line increase or something to reduce total util to raise your scores or something. Just my opinions lol.
@jthedges wrote:
@winstars wrote:
@haulingthescoreup wrote:Just to be contrary
Yes, for those who already have a decent sample of CC's, the usual advice is to not app within six months. But for those with no or very little open revolving credit, lenders often advise opening another tradeline or two. Since you only have the one card, this might apply to you.
How would this "don't apply for credit six months before mortgage" if I apped for AMEX that I knew would be backdated to 1986 if approved??? Would the AMEX show as new credit??? Or would the backdating 'mask' the new credit??? Would the INQ mean new credit???That would probably be fine. Based on what my mortgage broker told me was, they mainly frown on new accounts that you immediately max out. She told me ONE new account, that was kept to below 10% of the credit line shouldn't be a problem (as long as it doesn't ruin your DTI ratio), as for an Amex, you could probably explain away the inquiry saying you were just asking for a credit line increase or something to reduce total util to raise your scores or something. Just my opinions lol.
All that seems perfectly logical, the only reason I want to app for the AMEX (or try the "double app, one inquiry" move would be for the AAoA pickup. I would either PIF each month or definitely keep it well under 10%. Good idea with the CLI reason for the inquiry.
@winstars wrote:
@jthedges wrote:
@winstars wrote:
@haulingthescoreup wrote:Just to be contrary
Yes, for those who already have a decent sample of CC's, the usual advice is to not app within six months. But for those with no or very little open revolving credit, lenders often advise opening another tradeline or two. Since you only have the one card, this might apply to you.
How would this "don't apply for credit six months before mortgage" if I apped for AMEX that I knew would be backdated to 1986 if approved??? Would the AMEX show as new credit??? Or would the backdating 'mask' the new credit??? Would the INQ mean new credit???That would probably be fine. Based on what my mortgage broker told me was, they mainly frown on new accounts that you immediately max out. She told me ONE new account, that was kept to below 10% of the credit line shouldn't be a problem (as long as it doesn't ruin your DTI ratio), as for an Amex, you could probably explain away the inquiry saying you were just asking for a credit line increase or something to reduce total util to raise your scores or something. Just my opinions lol.
All that seems perfectly logical, the only reason I want to app for the AMEX (or try the "double app, one inquiry" move would be for the AAoA pickup. I would either PIF each month or definitely keep it well under 10%. Good idea with the CLI reason for the inquiry.
Yeah I would have to say Amex is a special case. You won't have the issue of a "new" account reporting like you would with a new account from any other issuer, lenders want to see a clean long credit history so that extra AAoA can only help IMHO.