Want to ask a different question?
I am 31, have a good credit score (780), and am debt free. I make an above average income, will be married in a year, and expect to purchase a home a year from now. I am unsatisfied with the rewards of my two current credit cards. I've had each for approximately 8 years and pay them off monthly. But I am considering a third card with much better rewards. Will opening a 3rd card substantially impact my credit score? If so, for how long considering my strong credit history? I don't want to materially hurt my credit score before buying a home.
Hi marylander,
Opening a third card should have a very minor effect, especially since it appears you have opened no other new lines or in the past several years.
If you know what card you wish to add to your portfolio, I wouldn't hesitate to add that one promptly. Better now than within six months of the time you wish to buy a home. (Even then it probably wouldn't hurt you enough to matter...but the way that underwriting standards are tightening as we speak, applying now may give you a better chance of being approved than applying later.)
I think the drivers are having cards with high credit lines or high balances. Not an expert but if you pay off your cards and dont get a huge line of credit, should be negligible. Also doesnt sound like you have many cards - people have over 6 many times...
