Your AAoA will drop a little, which is the biggest issue I see. But how much it will drop depends on how many cards you currently have. It's not really going to affect util%. Having one inquiry doesn't generally look bad (I assume that's also the case with mortgages). If you're right around the 800 mark and about to hit 4 years on AAoA then I would probably wait on the new card until after the mortgage. But I don't think it will hurt you all that much either.
@AzCreditGuy wrote:Do I need the CC? No but with a SP for approval I am thinking of adding this card, but in the garden for a mortgage in 6months to 8 months from now. I know this will prob hurt me as I shouldnt have any new accounts within the time period of applying for a mortgage.
Key Data PTs
AOOA 7 years 9 months
AAOA 3 years 10 months
Inqs 0 now on all 3, since 2 are now over a year old but wont come off until june 2023
Total CL from all cards $100k+
Current balances accross cards: $952
Current UTI 1%
Current scores accross all 3: 799 to 801
How will this affect my current data pts?
It will lower your mortgage scores, and it will give your loan officer something to ask you about. I wouldn't do it. Getting the lowest possible interest rate for the mortgage can mean big bucks.
@AzCreditGuy wrote:
@SouthJamaica wrote:
@AzCreditGuy wrote:Do I need the CC? No but with a SP for approval I am thinking of adding this card, but in the garden for a mortgage in 6months to 8 months from now. I know this will prob hurt me as I shouldnt have any new accounts within the time period of applying for a mortgage.
Key Data PTs
AOOA 7 years 9 months
AAOA 3 years 10 months
Inqs 0 now on all 3, since 2 are now over a year old but wont come off until june 2023
Total CL from all cards $100k+
Current balances accross cards: $952
Current UTI 1%
Current scores accross all 3: 799 to 801
How will this affect my current data pts?
It will lower your mortgage scores, and it will give your loan officer something to ask you about. I wouldn't do it. Getting the lowest possible interest rate for the mortgage can mean big bucks.
But does it really matter when you when your Mortgages scores are Ex is 818, TU is 810 and EQ is 795..I find EQ has no reason for this low score, but they are doing them. At a score of 750 and up, its all the same rate for interest.
I wont do it now, I plan to get the card after I close on a property. I do expect interest rates to drop when they realize they screwed up the markets by raising rates and they will need more people getting loans...
I know better but just wanted to make sure, I dont want to mess with credit data pts
I don't know if it really matters, with your high scores. But why take a chance?