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Feel stuck getting an FHA loan

Help! I feel stuck. I plan to buy a new home this Fall but my credit scores are not going anywhere. I currently have a mortgage, student loan and a car loan. If I get a credit card will it affect my chances of getting an FHA loan? by jamesrv950 from Edwards, Colorado. 9 days ago Reply


Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,396 contributions

Opening a new credit card, will hurt your score in the short run as opening a new credit account increase your 'Risk Profile'. However, if you use the card correctly, in 90 days or so, that new account could add an additional 15-50 points, maybe more. Not having a revolving account (credit card) denies you a key score generator. Using it correctly means ALWAYS keeping the balance below 10% of the credit limit, placing at least one charge per month on it, and never missing a payment. A $300 limit means keeping the balance at or below $29 at all times.Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Certified Mortgage Advisor and Certified by The National Association of Mortgage Professionals as a Certified Veterans Lending Specialist.NEXA is licensed in all states except MA and NY so give us a call. ~ www.ApplyYes.com 480-889-9000 - OR - 480-695-9300.

8 days ago
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Dave Skow (daveskow)
#16 ranked lender in Washington - 294 contributions

yes - probably .....what are your credit scores now .....getting a conventional loan normally makes more sense that using a FHA loan for several reasons ...but if your scores are low ( under 680) the FHA loan might be the best option ...I would begin the pre approval process - see what the credit scores are and then decide on the new credit card or not

4 days ago
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