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Should I wait?


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I'm 4 years from my BK discharge, my credit hasn't been great since then (lates mostly) but for the past 6 months I've been paying religiously and have had most of the baddies removed from my reports. I was recently pre-approved for a home mortgage and I'm going to closing on the 20th of January.

My scores are as follows: TU - 572 EQ - 609 EX - 674

I have a car loan (since 02) that has a terrible payment record up to 6 months ago and a Capitol 1 card (limit 300) that I've never been late on in over 1 year. I also have a judgement (disputed, part of BK).

I would have prefferred to wait 6 months before I applied for the home loan but my circumstance dictated otherwise.

The down and closing costs are destroying my liquid cash. I'm going to need to furnish the place and was considering applying for a Patelco account. My mortgage broker based my approval and rates on my Mid score (eq) and my score needs to stay where it is as they will be pulling the reports again before closing.

I got an invitation letter from HH yesterday which expires at the end of next month. my question is this: Should I wait until after closing to try to obtain a HH or Patelco card? My eq score is on the edge and I don't want to endanger my chances of getting the house but I need credit to get some stuff done around the house (mainly buying furniture and appliances)... any advice?

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Thanks, far be it from me to question the wisdom here. I'm 3 weeks from closing (fingers crossed, I have an old judgement on my CR that may hurt me). My EQ score just went up 7 points today, so I'm sitting on my hands at 616 now, I'm not appying for any new credit.

question: How far a drop can I anticipate if I do close on the home? Historically speaking, my scores have raised each month (at the beginning of the month) as my TLs report my good status. So if my EQ score is around 620 when I close, do you think the mortgage will drop it to sub 600 levels?

Thanks for your responses and Happy New Year!

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