My girlfriend and I just had a meeting with a mortgage broker, and everything was all lined up EXCEPT, my girlfriends credit history was too short. He advised to get her another line and come back in six months. Thats all fine, but before even running my credit he advised I do the same as I only have credit lines. My problem is, I already have 6 hard inquiries on my report (before the mortgage process began), and am afraid if I add 2 more (one for applying for the new line of credit and the other from the loan officer running my credit), that I would have too many inquiries and my score would be affected negatively after that six month time span. Should I apply for another credit line? Or should I continue to do what I'm doing with my two lines?
Added (1). Silly Goose, your "another great idea" didn't really make sense to me. I had a secured credit card that was "graduated." And I have a car loan. My girlfriend has a regular bank of america cash rewards card and that is all.
Added (2). Silly goose, No credit card balance. Paid in full by both of us every month. We use less than 25% of our lines. Yes, down payment is in savings. Car loan was supposedly not a problem according to the loan agent. As far as I know my credit wasn't a problem, yet he wanted me to get another line. At least that's what he believes my report will show. Car loan is 10 months old at the moment. Just got a call from him. My score is 727, but he thinks I need three lines of credit?
Added (3). bdancer222, and any other possible answers, lets ignore personal issues as you have no way of knowing my situation:) thanks.
Read more: Should I apply for another credit line?