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Travel Discussion
Reply to "How to play the credit card game (spin off)"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Doesn't that tank your credit? I've heard to try to keep your cards open long and close infrequently. [/quote] No, not as long as do it the right way. Good to maintain a couple of older no fee cards so you have long credit history from them. The additional credit lines from the new cards balance out the minor score loss from new inquiries. This is one of the major fallacies from people who don't understand the nuances of how credit scores are calculated. https://onemileatatime.com/guides/applying-credit-cards-hurt-credit-score/ [/quote] Thank you for this link. Hoping to buy a house in about a year so trying to be very careful with my credit score. [/quote] One thing to note is that there is a different FICO score that mortgage companies pull. It will probably be a bit.lower if you have gotten a bunch of cards recently - I think the scoring model counts inquiries as a bigger hit. My score was 25 points lower on the mortgage FICO than what Experian told me. It didn't matter because it was still around 800, and the best mortgage rates require you to be above 780. The other substantive mortgage issue is that they will note any inquiries from the 3 months before you apply for.the mortgage. They don't want to see you as being "credit seeking", so you have to fill out a form explaining why you applied for anything in the last 3 months. Just put "to get credit card bonus" if that happens. They just need to "paper the file" with an explanation. If you don't want to deal with this, just don't get any new cards within 3 months of applying for a mortgage, but it's really not a big deal. The common advice is "don't apply for a credit card a year before buying a house", and that's another fallacy/overstatement.[/quote]
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