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 Nov 7 2009, 02:20 PM
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#1
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Group: Members
Posts: 718 Joined: 3-May 09 From: Sacramento, CA Member No.: 94,139  |
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  |
  
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| Googie |
Nov 7 2009, 02:20 PM
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The MoneyMaker
Group: Accounting
Posts: One in Every Topic Joined: 1-February 03 From: Mountain Home, CA Member No.: 1 |
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Nov 7 2009, 05:00 PM
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#2
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Group: Members
Posts: 718 Joined: 3-May 09 From: Sacramento, CA Member No.: 94,139 |
^^^
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Nov 7 2009, 06:37 PM
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#3
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Group: Members
Posts: 50,000 Joined: 8-May 03 From: when all you have is a hammer, everything looks like a nail... Member No.: 767 |
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. THE WAR CRIMINAL BUSH CREATED THE ECONOMY THAT THEFTED YOUR CREDIT!!!
NEED A LAUGH? PEOPLE OF WALMART debit card tips: only use a debit card if you do not have the option of using a credit card when it doubt, avoid sucky debit cards  |
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Nov 8 2009, 12:22 AM
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#4
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Group: Members
Posts: 718 Joined: 3-May 09 From: Sacramento, CA Member No.: 94,139 |
QUOTE (hegemony @ Nov 7 2009, 03:37 PM)  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 |
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Nov 8 2009, 12:34 AM
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#5
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Group: Members
Posts: 34 Joined: 17-October 09 Member No.: 100,326 |
QUOTE (hegemony @ Nov 7 2009, 03:37 PM) 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)? |
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Nov 8 2009, 11:51 AM
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#6
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Group: Members
Posts: 718 Joined: 3-May 09 From: Sacramento, CA Member No.: 94,139 |
^^^
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Nov 8 2009, 12:48 PM
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#7
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Group: Members
Posts: 567 Joined: 25-September 08 From: Maryland Member No.: 82,850 |
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. Cards I use regularly:
Amex Blue Penfed Platinum Cash Rewards Chase Disney EQ Fico 10/09 - 796 TU and EX - who knows? |
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Nov 8 2009, 02:15 PM
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#8
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Group: Members
Posts: 718 Joined: 3-May 09 From: Sacramento, CA Member No.: 94,139 |
QUOTE (Enjay @ Nov 8 2009, 09:48 AM) 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! |
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