Should I open 1 more?

[Anonymous]

I PFD 13 collections accounts this month!!!

Woo hoo!

So after all that reports (2/3 months) I'm going to try to apply for morgage.

I currently have in good standing:

1 secured Cap 1 $500 credit limit (opened for 12 months in November)

1 Fingerhut $600 credit limit (opened for 7 months in November)

1 $250 credit line from my credit union ( opened for 14 months in November)

1 car loan $19k (opened for 4 month in November)


So the Cap 1 and Fingerhut report as cards, I have 0% utilization on cap 1 and 20% on finger hut.

The $250 credit line seems to report as a loan, currently 10% utilization on that.


So should I open 1 more secured card right now if I'm hoping to do this in November or is it too close and won't matter? ( maybe even hurt?)

[9CLINE]

Not sure,,, will let experts weigh in,but I've always seen here them saying not to apply for anything before apping for mortgage....will be interesting to see what the suggestions are....

[Anonymous]

As a previously licensed mortgage banker, nmls 367500, it will depend on what kind of mortgage you are applying for. FHA is only 3.5% down with credit as low as 620 sometimes 580 but very rare. Conventional will need 5-15% down depending on credit and usually 640 min. The property will need to be FHA approved as well if you go that route. Tougher on condos townhouses. As a standard guideline, meaning this varies a bit. You will need 3 active headlines. Which It seems you have. Don't really think it's necessary to get more.

[Anonymous]

Ok thank you.

I had 3 stuck in my head and I wasn't sure if it was 3 specific account types or just 3 in general.