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I currently only have two credit cards, both with 1500 dollar limits. Util is 2%. I have not applied for a card in over two years. I just want to be able to see my TU score from Walmart from time to time.
My TU score from here is 704 and I know that is not accurate in terms of going for a home loan. I would like to start my home buying process is May. Would it be smart to apply for a new card 5 months out from buying a home?
Thanks for your time.
@Mondavi wrote:I currently only have two credit cards, both with 1500 dollar limits. Util is 2%. I have not applied for a card in over two years. I just want to be able to see my TU score from Walmart from time to time.
My TU score from here is 704 and I know that is not accurate in terms of going for a home loan. I would like to start my home buying process is May. Would it be smart to apply for a new card 5 months out from buying a home?
Thanks for your time.
I personally wouldn't YOu might benefit from the added mix with a 3rd, but I'm not entirely certain you'd have a net gain from that added CC by the time you apply for the mortgage. It's iffy. I don't know. Maybe.
Note that mortgage lenders don't use the TU FICO version from Wal-Mart either.
+1 Walmart offers a TU08 to their cardholders who opt for paperless billing. The lenders primarily pull TU04 for their UW.
Why thank you both. No walmart card for me then
@Mondavi wrote:I currently only have two credit cards, both with 1500 dollar limits. Util is 2%. I have not applied for a card in over two years. I just want to be able to see my TU score from Walmart from time to time.
My TU score from here is 704 and I know that is not accurate in terms of going for a home loan. I would like to start my home buying process is May. Would it be smart to apply for a new card 5 months out from buying a home?
Thanks for your time.
I would wait til after the mortgage application..
If your score is 704 here, if you have no negatives expect it to be about 10-20 points lower. If you have older negatives, over 4 years, expect your lender score to be 10-20 points higher,
I like the Walmart card. I resisted for a long time. But the free FICO is nice.
-scott