{ "media_type": "text", "post_content": "Getting ready to do hard pull on credit report for mortgage application. My better half is in 700-719 range (lenders will take lower score between us). What do we think is the better option to increase her score—increase credit line at current credit card, apply for new credit card, or do nothing? Thanks in advance!", "post_id": "5ed03ccf437e5e002a0279e5", "reply_count": 14, "vote_count": 2, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

Getting ready to do hard pull on credit report for mortgage application. My better half is in 700-719 range (lenders will take lower score between us). What do we think is the better option to increase her score—increase credit line at current credit card, apply for new credit card, or do nothing? Thanks in advance!

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I would try to increase the limits on your current cards. Call up and ask, you will lose credit score points opening up a new card (brings average age of credit down). You could perhaps push down their utilization rate by asking for increases in limit. Don’t know what else you can do quickly besides the obvious pay off debt and keep paying on time stuff.

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Do you need the SO on the mortgage application? You can just apply individually as well i thought.

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We’re looking to rely on one salary. Also, my grad school loans up the debt portion of our DTI ratio.

Applying for a new credit card is not going to impact your score soon enough if you need to increase her score immediately . Increasing her credit line should help and be quickly reflected. Paying down the credit card as well.

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Yea the timing matters because if it’s too short a window anything you do won’t be reflected when they pull the score. I was in the same position with my spouse in the same range and needing to improve. Our mortgage lender told us how much debt he would need to pay off in order to get his score above a 720 so we took it out of savings and paid off the debt. So if you’re working with someone they should be able to do the math on this. Also increasing your credit limit within existing cards wouldn’t hurt.

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4 prong: 1) pay down debt 2) review report for inaccuracies 3) open new lines of credit (if safe/comfortable with this option) 4) ask for increase in credit limit on existing cards

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I'd check her report to see what's impacting her score so you can target how to improve it. With CapOne, there's a credit simulator that you can use to figure out how different things impact your score. If you don't have CapOne, then check your bank to see if they have something similar.

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How soon though?

This month (June)

OP so are you trying to have the mortgage in her name only? A mortgage broker or experienced officer at a bank can help you if you’re honest about your situation (i.e. what is most advantageous to our rate)

Got it. I would first pull her credit and look for errors. Then see if you can ask for a credit limit increase on her current cards. Also make a payment in full if you are able before your next bill to ensure you’re not carrying a balance. It usually takes a month (maybe less) for credit to realize increases. I would talk to your broker and advise you anticipate an improvement in a month. I don’t know if 40ish points would be material but worth a shot if you have the time!!

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