Just getting started on looking into a mortgage. How many inquiries or hard pills are too many before meeting with a mortgage broker.
I've heard the number six thrown around as too many. Is that six on just one of the three credit rating agencies? A total of six across all three? Is six even the right number?
I've opened up an auto loan and three new cards over the past year. My fico 8 is just over 800 and still slowly climbing. Just wondering if I could sneak in one additional card. Average account age is like 10 years. No baddies on my report. 1% monthly utilization and $70,000 in available credit on my revolvers.
I know I should just probably sit tight and not apply for another card, but darn I would like to sneak just one in that I am pre qualified for with another 8,500 limit if it won't be a major issue. Looking to meet with a broker in January.
Thanks for any advice from all the experts here!
Don't apply for anything once you decide you are taking the shot at the mortgage imo. That card will still be there after you have keys in hand, it is not worth it credit wise even if you could "sneak it in." Eyes on the prize.
Outside of that though, don'tsweat it, inquiries are factored into the score. You will have to likely write a letter of explanation (LOX) for each of them though certainly for anything recent.
Basically they want to know if any of them incurred a credit/debt obligation that doesn't show up on the credit report.
Just part of the process.
That's what I figured. Avoid any new apps at all cost for the moment.
The itch to apply is tremendous but the bigger goal to reach is closing on the home. I was in your shoes for 2yrs and while waiting for BK13 discharge. Kept 3 CCs w/Azeo managing toy limits until I reached 720 middle score and closed new construction on March 2022.
After i closed then i app'd for specific cards and now im basking in the garden. Just be patient reach the goal then have at it.