Prepping for mortgage: inquiries vs. credit limit

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Prepping for mortgage: inquiries vs. credit limit

Postby neilc » Sat Oct 06, 2012 12:36 pm

Hi all,

I've been working on establishing a good credit history as I'd like to apply for a mortgage in the next ~12 months. My current credit cards are:

BofA secured card: ~3 years history, $1600 CL
Cap1 student card: ~14 months history, $750 CL
Chase Freedom: ~6 months history, $1000 CL

I have ~3 hard inquiries on my report and no other loans. I always pay off the full balance and keep low utilization.

Given my situation, what should I do to look good for my mortgage application process? Should I try to get my credit limits increased? Should I apply for additional cards? Both of those have the risk of additional inquiries. Or should I just keep things as they are and continue to build up credit history?

Money card
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Postby Money card » Sat Oct 20, 2012 11:45 pm

if you plan on getting a Mortage don't apply for any more cards I read in Money magazine that even if you pay your bills in full and you apply for a credit card your report would take a hit. what I would do is contiue to use your cards that you have pay your bills in full and on time. BUT DON'T apply for any more cards.

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Postby namvet » Sun Oct 21, 2012 6:00 am

+1 I agree with the above poster.

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Postby DavidNY » Sun Oct 21, 2012 7:28 pm

Yup, no more inquires. Good luck with your mortgage, and consider doing business with a credit union which may have lower rates than commercial banks.

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Postby kcarter609 » Sun Oct 21, 2012 9:38 pm

What is your income?
What is the house appraised at that you are buying?
How much down?
How much will be financed?
What is your credit history?
How much are the property taxes?

These will help with a better idea of what you're looking to do, but for now no more inquiries.

Active Cards:
Chase Freedom 10+10 Visa Signature ($9k Limit - 8/2012)
Chase Sapphire Preferred ($10k Limit - 2/2013)
Chase Ink Plus ($7k Limit - 2/2013)
Discover IT ($9.5k Limit - 10/2012)
AMEX Zync (No Pre-set Limit - 1/2010)
AMEX Blue Cash Everyday ($20k Limit - 1/2013 - Backdate to 1/2010)

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