Thinking ahead here. Most likely going to pull the trigger and buy a house at the end of 2020...unless there continues to be nothing of interest yet again. *sigh*
Anywho, looking to add a new card to the mix.
Currently I have 3x...a useless first card that has been in a drawer for years, an Amex revolver, and an Amex charge card.
Looking for some nit-picking info here, since all the scoring models are slightly different...
With the scoring models used for a mortgage, where does the Amex charge card land? Does it fall into "credit cards" or "other?"
I ask as, if not mistaken, three cards is supposed to be the best number of cards to maximize a credit score.
So, am I at 3 or 2 credit cards in the eyes of the mortgage scoring models? If at 3 already, I'd just close the unused card next fall to free up the slot for the useful card. If only at 2, that just means open the new card and let the useless card continue to benefit my average age of open accounts.
Bonus nit-picking for the nittiest pickers: Hard pulls/inquiries. Is there an ideal number? I think after a year, they don't have impact and only show up, right? Or is it different for the mortgage scores, too. Off the top of my head, I think I sit at around Tu 2/Eq 0/Ex 1, with everything being past a year old come mid November. Could play a factor in the card I open (few very similar cards to pick from).
The only bit I can offere insight in would be the inquiries. I will preface this with it is just my knowledge and may not be fully accurate.
From my understanding 1-2 is ok unless it is done within a quick time frame like a month or so then it looks like you are shopping around type thing. So if you talk to a couple of different LO within a couple weeks and each will generally pull your credit report to look at the scores to run the numbers for you. As for how long they can affect your credit score, I believe 12 months but I want to say after a certain point during that time frame it starts to lose effect.