So I’m in a lease-purchase agreement now. My lease goes to May 1, 2016.
After YEARS of just having 3 Cap1s and 1 CU MC — all with 500.00 CLs and not seeing any increase in FICO, I obtained A LOT of new credit cards this spring — mostly retail.
So as of 1/1/2015, I had:
GMFinancial — car loan — opened in August, 2013
Cap1 — opened in June, 2014
Cap1 — opened in May, 2005
Cap1 — opened around the same time
CU MC — opened in 2008
Same 4 from above
Jareds — 2/2015
Walmart — 1/2015
Shell — 4/2015
Exxon — 4/2015
Overstock — 1/2015
Fingerhut — 4/2015
Firestone — 4/2015
Care Credit — 3/2015
HSN — 4/2015
Merrick Bank Mastercard (or Visa) — 2/2015
First Savings mastercard — 3/2015
(I had opened 7 more via the SCT — but closed those).
So the questions are as follows:
- I have to close on by 5/1/2016 — how far ahead do I actually have to start the mortgage approval process?
- Will all the new TLs that I have just opened sink my chances for getting a mortgage assuming that my overall utilization is less than 30 percent?
- Would closing any of these new TLs help or if I show good payment and low utilization, will they care?
I’m most likely going to have to go FHA. I make a total income of 114000. The house I am buying will be 255K. DTI should not be an issue. Even with the new tradelines and recent CLIs, my total available credit is around 11K (not including my car loan).
Thanks in advance for any words of wisdom!!!