I was planning to get a new CC with unlimited lounge access, are you suggesting I should not apply for a new credit card also till my home loan is approved?
I can say 100 of things but no proof or guarantee for that (because I do not know calc. behind this score). Its based on what I observed with my report and people known by me. Trust me, one fine day your score reduced for no known reason (You pay on time, CUR within limits, no remarks, limited or very low enquiries), yet it may take years to recover the score - this all may happen when you really want your score badly to get that home loan.
so, all I can say pay-on-time, apply and use moderately - in time, everything will be good and your "credit history" back you up.
But, you know since you wanted 800+ get secured loan/card for more chances. Again, I do not see any use especially when credit reporting system itself is buggy like below..
- On one side bank says over leveraged, other side they report each card limit separately, even if its common limit.
- On one side bank says too many accounts, but same bank report 2 or 4 cards separately in the same report.
- they say CUR high, same bank won't report even after 3 or 4 months.
- they say high enquires, whereas other bank do enquiry for each every request.
- they gave you credit limit based on score.. same bank may decline loan saying you already have too much unsecured loan.
the more you care, the more it hurts. All I can say you do your part, because this is the one place where you can't control the outcome.
One thing important for loan, that is INCOME.. not SCORE. earn 1cr. per year and have 700 score, no bank denies your request, even negotiable interest. Its all about money.
