We will be buying a house in the 1st part of the year. My question is this, we just received a "pre-approved" letter from Cap 1 for a Platinum MC to go with our Plat Visa. Should we accept or reject? We don't realy need the card, but would get it just to have more credit on our reports. I'm wondering if this will help our score scince we paid every card off a few months ago, and our scores dropped by 40 points!! Yikes! Seems like there are really big penalties for paying on time and in full. I hate this system!
Reject the offer. Mortgage lenders like to see you have been maintaining good credit for a couple of years (months). New credit makes them wary. Once you're approved for a home loan don't think of applying anywhere until you've gone to settlement. Good luck. Dani
