First Time Home Buyer- just closed-...what's next??!

[Anonymous]

Great.  And aside from the new mortgage,  how old (in months) is your youngest acount?

BTW, do you have any lates, collections, or any other derogs?  Your scores should be higher, though if you have derogs that would explain it.

[Anonymous]

Great.  And aside from the new mortgage,  how old (in months) is your youngest acount?

My youngest account would be a card I got last November so just over a year, my oldest is just over 7 years, average age is 4 years, auto loan is 3 years

BTW, do you have any lates, collections, or any other derogs?  Your scores should be higher, though if you have derogs that would explain it.

I have a late payment 30 days on 2 accounts Jan 2018 due to car repairs, but no closed accounts or anything degrogratory other than that

[Anonymous]

The mortgage will penalize your score in two ways.

(1)  Your installment utilization will go way up -- from about 50% to over 95%.  Expect maybe a 15 point penalty there (best guess).  Installment util is calculated using loans only -- it doesn't count credit card debt.

(2)  Your Age of Youngest Acount will go from > 12 months (excellent) to 1 month (very bad).  Hard to know what that will involve -- another 20 points?  More?  Hard to say.

Thus if you want a 0% card, now is the time to get it.

[Anonymous]

Thank you so much, 

Thats what I was thinking was in order to continue to build I need to obtain more credit while I can since the house hit will be tough....

Thanks!!