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Need advice for mortgage in future


Need advice for mortgage in future

Hi everyone!

My brief history:

  • The first credit card from BoA on Oct'17 with 500$ cl. Used mostly in foreign country and kept usage 0-9%, paid in full soon after each statement. I've never got a cli though any after. Quit my job in other country, travelled a lot.
  • ~770 TU after 6 months. And till Sep'18
  • Sep'18  I bought used car with cash (at dealership) and got HP Smiley Sad That's strange, why they did that
  • Same month I applied for an appartment to rent - also HP. 
  • These 2 HP dropped me to 735 instanly. No other spending behaviour changed.
  • In 9 months got up to ~750
  • Started full time job in US as software developer
  • Recently added 2nd card - Chase Freedom with generous 3k$ cl
  • Score dropped to 726 TU and Chase app shows 716. My history shows only 2 HP, may be chase hadn't reported yet, will be 3rd.
  • My goal is - to consider mortgage in 2..3 years. And may be I should change something in my behaviour now to be ready later.

Now some questions Smiley Happy

  1. Should I ask cli for BoA card?  I've read here that should be SP,  but it's not always? I think it's not too good to get HP now.
  2. I have no installment loan - and never had (both apps tell me that). Should I take 1000$ secured loan for 2-3 years, pay 90% and pay rest in small monthly amounts? Is it ok for mortgage lenders if I have only revolving accounts?
  3. Considering I don't really need great score right now - is it worth adding more credit cards in nearby furure? Thinking of Discover IT. I read here that I need 3 credit lines.
  4. Is that ok for lender if I'll have 3 credit cards with 500...3k limits? Considering my score is good/great and downpayment 20% at least.
  5. What usage should I show with my 2 cards now? I've read about 3 cards - report 0 on two and 0..9% on one of them. But now I have only 2. Should I show 0..9% on each? Or 1 month 0 on one, other month on another?


Valued Contributor

Re: Need advice for mortgage in future

While credit score alone can disqualify you for a mortgage loan I think it's important you realize that it has little importance in approving you for a mortgage loan and the real "heavy lifting" of the "work to be done" is in the long run of paying for this mortgage debt. 


So please accept my constructive criticism and focus more on what it takes to obtain a loan, learn about the type of loan you want to have and begin preparing for that while  you gauge your local real estate market place for properties and homes that will meet your needs.   Generally speaking, in order to maximize your credit score you want to have 2-3 accounts reporting your timely payments to all 3 bureaus each and every single month----something it appears you may already be doing, but I think I'm answering one of  your questions by stating that revolving accounts are ideal since they'll always stay open as long as you keep the creditors satisfied.


Now, let's look at other critical factors regarding mortgage loan approval so you are prepared to find the right loan that meets your needs.....

--stability of employment---(most recent 2 years)

--down payment amount and source

--estimated purchase price




Licensed NC Mortgage Loan Originator
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