Hi All, I have decent scores but no history on two credit reports(EQ, EX) and a good score and 2 years of history on another(TU). I will also be applying for a mortgage in two months and need my scores to stay where they are at. Right now I only have two small credit cards, one with Capital One for $500 and one secured with Bank of America for $500. Problem is my score flucuates SO much when I purchase anything on them cause of % used of available credit. I have had them both now for 8 months and never late and would like to apply for a new card. The Equifax simulator shows my score actually increasing if I apply for and recieve a new card but I figure those boneheads didnt include the amount your score drops for a new inquiry? Any advice? Thanx! jason TU 720 EQ 715 EX 695
DO NOT APPLY FOR NEW CREDIT prior to getting a mortgage. That could kill the deal before you even begin. In fact, pay off your existing credit cards and don't use them until you get the keys to your new house. Please heed this advice. No NEW credit (ANYTHING)! Pay off/down existing credit. Save for down/closing costs.
If you are applying for a mortgage in 2 months, do not apply for any credit prior to applying for your mortgage. Wait til after you are approved.
Thanks for the advice! I figured it was a bad idea. It was just getting to tempting for me and I hate the low balances...
Hey Raccoon... I am in the same situation, and I will just reiterate what everyone else has said: "do not apply for anything new!" your scores are GREAT for the best rates for mortgages... they typically want 680 or higher for the best rates... and they take the middle score (ie, if you have tu-680, eq-720, ex-740, they will take eq). keep your balances below 10% until you sign the contract... i know it sux b/c that means only $50 you can charge on your card, but, take my advice, you will have the PRIME score if you keep it under 10%. try to use cash, cash, cash!!! what i am doing right now (since i am also about to get a mortgage) is keeping all balances below 10% and paying off everything right away (sometimes i keep about $5-10 on there so that my cards won't be inclined to cancel my account---i have read on another site that some cards are closing accounts of people who pay their amounts in full b/c they are making no profits from them). i'll try to see if i can find the site (it's been a WHILE since i read that and it stuck with me!!!) ---atiYana!
