MikeD wrote: My EQ FICO Score is 725.
^ ^ Here's your main issue. ^ ^
If the new card pulls from EQ, your score may drop below 720, which is one of the cutoffs for higher mortgage rates. All three scores above 720 are good. Any one score below 720 and you pay at least 1/8 of a point higher. It might not seem like much, but that can cost you $1,000s over the life of the loan.
If you don't know your other scores, find out. Mortgage check all three CRAs, so all three scores matter.
Also, you don't mention utilization at all. I suspect, with a 725, that you either have an old delinquency or higher utilization. If you have higher utilization right now and you pay it down, you can improve your scores to the point where an inquiry won't matter.
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