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yancie12

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APPLYING FOR CREDIT CARDS
I am looking to purchase a home this summer and at this time i do not have any credit cards. per credit Karma: TU 679, EQ 672, EX 670...My question is should i move forward and apply for a CC or wait until after I purchase the home?

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It probably depends on how many hard inquiries you have on your report now. Keep in mind that it will give you a hard inquiry when applying for a card and will drop your scores in the short term, but will help in the long term. If you are going to try to get a mortgage loan within the next month or two I would not apply, but if it is further down the road, like 5 or 6 months then getting a card now may not only a great idea but also necessary to build your score up some before applying for a home loan.

Keep in mind that housing lenders are not going to use your credit karma score. Depending on what your fico scores are, you may want to wait a little longer to apply for a home loan. Check your scores at myfico (costs money of course) but they are based on fico and not on vantage. The bad news is that fico scores are usually a lot lower than vantage and fico are the ones that matter, of course they will fluctuate depending on what version the lender uses.  I wish you the best.

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