Question

[mmof3bys]

I recently was approved/activated a Hooters card for $300. But with the threads I have read about the $48/annual fee. I am seriously considering closing Hooters, keeping HSBC since I have had it since 6/09. And of course keep Sears store & Sears MC (with no annual fee). And leave it at that.

 

What kind of affect will this have on my scores, etc. I am looking at going for pre-approval for a home loan in the next couple of months.

 

Thanks!

 

Kelly

[mmof3bys]

^^^

[hegemony]

tradelines that are under 24 months in age are considered very young. Unless there is indeed an annual fee on the card I would not close it.

 

that said, ANY new credit cards two months before a mortgage app might cause issues. IMHO cards should not be opened/applied for within 6 months of a mortgage app.

[mmof3bys]

tradelines that are under 24 months in age are considered very young. Unless there is indeed an annual fee on the card I would not close it.

 

that said, ANY new credit cards two months before a mortgage app might cause issues. IMHO cards should not be opened/applied for within 6 months of a mortgage app.

 

 

Thank you Hegemony - Yes there is an annual fee. I think I will close it. I don't think it will be 2 months before the mortage app happens. What kind of issues might it cause? I am done apping for sure.

 

Kelly

[betterme]

tradelines that are under 24 months in age are considered very young. Unless there is indeed an annual fee on the card I would not close it.

 

that said, ANY new credit cards two months before a mortgage app might cause issues. IMHO cards should not be opened/applied for within 6 months of a mortgage app.

 

How would you suggest raising your score enough to qualify for a mortgage then? (assuming you don't have good credit lines on there)?

[mmof3bys]

^^^

[Enjay]

Closing it shouldn't hurt nor help you, but verify that it has an AF before you do so. Otherwise, let it age. How old are your Sears accounts?

 

I agree that you shouldn't be opening anything else until your mortgage process completes. I was told 6 months when I was going through the process late last year/early this year. I opened a couple of accounts about 4 months prior and they didn't hurt me. You have a much thinner file so I think I'd just leave things as they are for now.

[mmof3bys]

Closing it shouldn't hurt nor help you, but verify that it has an AF before you do so. Otherwise, let it age. How old are your Sears accounts?

 

I agree that you shouldn't be opening anything else until your mortgage process completes. I was told 6 months when I was going through the process late last year/early this year. I opened a couple of accounts about 4 months prior and they didn't hurt me. You have a much thinner file so I think I'd just leave things as they are for now.

 

 

It (Hooters) definitely has an AF. Both Sears cards were open 10/09.

 

Thanks!