How to prepare for a mortgage pre approval?

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Joined: Tue Aug 07, 2012 9:06 pm
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How to prepare for a mortgage pre approval?

Postby NitroTurkey » Tue Apr 16, 2013 8:51 pm

I want to put myself in a good position to get a mortgage in 1-2 years, currently saving for a down-payment. I have a BankOfAmerica CashRewards card with only a 700$ limit (card was started as a Student Credit card, I had them change it and it kept the old limit).

I have had this line of credit open for over 2 years, and credit karma consistently reports my score from around 740-751 depending how much of my credit line was in use at the time I checked it.

I would like to have 2 or 3k available to charge just for making larger purchases, not sure if I should ask BOA to up my limit or add another card somewhere else. Also a bigger line of credit would let me decrease my utilization %.

Does a bank care what my credit limits are or if i have one card instead of two? I want to do whatever will likely get me approved with the best interest rate and least restrictions on a mortgage in 1-2 years.

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