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My husband and I are one point away from being pre-approved for a mortgage. We currently have a 619 credit score and need 620. We have one car payment (never missed a payment) so the lender suggested that we get a secured credit card or something like a Kohls card. My question is that if we get a retail card, will it make the score go up or down. I have been reading so much about it and can't find a direct answer. We found a house we really love in our price range and would like to put an offer in this week. So the quicker the score goes up, the better! We also currently rent and do not own.
Thanks for the help!
Applying for a new card requires an hard pull
That hard pull will lower your score at least a couple points
Or you can go FHA
Your scores are good enough for an FHA loan
Depending on UTL and how many open TL you have a new card can definitely bring your scores up a bit. And the new HP/card can be explained to underwriters with a LOE.
If you already have several HPs in the last 6 months thes HP may not even ding your score. Good luck and keep us posted!
Open Sky secured card does not require a hard pull.
Thanks for sharing...