Can I "safely" open this CC without tanking my mortgage scores?

[lyTENciL]

Hi all,

I've gotten so much help from lurking here. My FICO8's are through the roof because of this forum! Now I'm preparing to apply for a mortgage in 6-12 months. I've just learned that mortgage lenders mainly use the older models, and I am wondering if opening a new card next month would take me out of the super-prime bracket, or if I can recover within 12 months.

Profile:

FICO2: 787

AoOA: 16y11m

AoYA: 0y6m

AAoA: 4y8m

Revolving lines: 2 open, 1 closed

Total revolving CL: 2500

CC util: 0/2000 (retail line) and 5/500 (bank card)

Installment Loan: NFCU SSL 237/3100

Inquiries: 3 on EXP, 0 on TU/EQ; I just opened savings accounts at Langley and NASA with the understanding that those will be soft pulls.

Not sure it matters, but for bragging rights...

FICO8: EXP 844, TU 850, EQ 850

As you can see, my CL is low on the bank card, and I would like to open a NFCU card next month to take advantage of SUB. It's the only card I will open before mortgage time. How would this be likely to affect my 2/4/5?

[Anonymous]

Patience pays off, just wait 

[Anonymous]

Oh it’s gonna affect it and it’s gonna affect it for more than 12 months. How much depends on scorecard and profile.

Score 8 will only be affected for 12 months, but 5-4-2, longer. You are under penalty for only having 2 open revolvers. And you could reach much better mortgage scores if you had more revolvers, but since you already have great scores you need to leave it alone and get those cards the day you close. Jmho.

[Anonymous]

And you’re in a thin profile, so penalty would be more severe. what’s your youngest revolvers age?

[Trudy]

Agree with @Anonymous , wait.  It is always advised not to app within a year before a MTG.  Can't quantify the possible loss to your MTG scores due to an INQ and new account.  Assume a sub will not come close to as much saved over the life of the loan (or even just months of interest) with top tier interest rates for a MTG.   Your current 787 should get you the best rate  but note it's your middle score that will be used.

[lyTENciL]

Thanks @Anonymous. So I take it the benefit of more revolvers will not outweigh the hit of a new account, at least not in the 12 month timespan? I can wait, I just hate having a 500 CL on my only bank card, no chance of a CLI until January 2021. Had my eye on this NFCU for 6 months now. But I can be patient...

[lyTENciL]

@AnonymousMy youngest revolver is 6 mos.

Just updated profile in post.

[AllZero]

Free mortgage scores

EX2 + 3 Bureau scores and reports for $1 at Experian or CreditCheckTotal (part of Experian). Cancel in 7 days or less to avoid the reoccurring charge.

TU4 WyHy quarterly score. Not sure on membership requirement. Maybe hard pull TU?

EQ5 Get a savings account with DCU. Soft pull EQ to be a member. Free monthly score.

You can also obtain your 3 bureau mortgage scores at FICO Advanced . Cancel plan after you obtain your scores and reports to avoid re-occurring monthly charge.

[lyTENciL]

Thanks @AllZero, good tips. I did just app to Digital CU for the EQ5 (I thought that's what I'd get from Langley, but I'll take free EQ8 anyway). With EX2 and EQ5, I'll have my range of middle score, so I don't really need the TU4 rn, and no more hard pulls if I can help it. Maybe just before I start the mortage shopping, I'll do the MF 3B and get all my scores.

[AllZero]

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@lyTENciL wrote:

Thanks @AllZero, good tips. I did just app to Digital CU for the EQ5 (I thought that's what I'd get from Langley, but I'll take free EQ8 anyway). With EX2 and EQ5, I'll have my range of middle score, so I don't really need the TU4 rn, and no more hard pulls if I can help it. Maybe just before I start the mortage shopping, I'll do the MF 3B and get all my scores.

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@lyTENciL  You are welcome.

Those are two great CUs to be with. Besides the free FICO scores, they offer other products such as credit cards, loans, etc.