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Frequent Contributor
Posts: 348
Registered: ‎09-30-2016
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Post Mortgage Apps Advice Please

I am set to close in May.  Obviously I have been app free for months other than the credit pull associated with a mortgage app. 

 

I have the link for BofA increase, but its a HP and plan to hit that as soon as I can after.  Also I have the Cap1 QS, but they only allow CLI's every 6 months or so and I think because of my situation when I got it I might not get great CLI's here on out (got $800 at 6 months auto; standing at 3800).  I read somewhere that it might be better to app for a different Cap 1 that would yield better results now that credit is very good.  Would this be recommended?  Or should I just take the HP on BofA and my Apple Barclays?  I tend to not want to do that with Barclays since I see so much bad press here about them.  I have Discover IT and its growing quite well so I definitely want to keep that.

 

So Discover and BofA stay.  Now what would you suggest with the Cap 1 situation?  Which Cap 1 should I go for?  Venture?  I want to do what I can right after then hit the garden again.

 

Thanks in advance.

In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Current Scores FICO 5/4/2: TU738 EQ732 EX697 Updated: May 17, 2017
Goal: 700's across the board! SO CLOSE!
Established Contributor
Posts: 617
Registered: ‎01-20-2016
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Re: Post Mortgage Apps Advice Please

Cap 1 is getting weird with CLIs lately. I keep getting declined due to too many inqs, but my inqs across the board are 15 or under, so you may not get a CLI. 

 

I guess my first question, is what are you trying to accomplish? Is there a particular need for added credit? You're in the 700s now, you may see a llittle dip when the mortgage starts reporting (I did) but it won't be a huge drop, nor will it be long-lived. 

 

I would take the HP on the BoA, would probably leave the Barclays alone for now, and leave Discover too. Maybe an AMEX? One thing you might want to consider is a home improvement store account? Not sure about your purchase, but there's always projects in a new home. A lot of times those store cards have interest free financing for larger purchases. Just something to think about. 

 

I guess it comes down to what you are trying to accomplish. 

Frequent Contributor
Posts: 348
Registered: ‎09-30-2016
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Re: Post Mortgage Apps Advice Please


jjking54 wrote:

Cap 1 is getting weird with CLIs lately. I keep getting declined due to too many inqs, but my inqs across the board are 15 or under, so you may not get a CLI. 

 

I guess my first question, is what are you trying to accomplish? Is there a particular need for added credit? You're in the 700s now, you may see a llittle dip when the mortgage starts reporting (I did) but it won't be a huge drop, nor will it be long-lived. 

 

I would take the HP on the BoA, would probably leave the Barclays alone for now, and leave Discover too. Maybe an AMEX? One thing you might want to consider is a home improvement store account? Not sure about your purchase, but there's always projects in a new home. A lot of times those store cards have interest free financing for larger purchases. Just something to think about. 

 

I guess it comes down to what you are trying to accomplish. 


Hi JJK!  What I am trying to accomplish is just a higher amount of credit available to me.  What my intention was to run a new bed and chair (and general yard need stuff) through the BofA and/or the Cap 1 instead of furniture store financing.  Accomplishes 2 things 1) that i run a high charge through and pay off before stmt cut looking good to the creditor for possible higher cli's in the future and 2) i dont go through that horrible mess of credit reporting I have read about when you finance furniture.

 

But putting charges through on 3K limits would raise my utilization which I want to keep low (even though I know i am going to pay it off before statement.  I thought about home depot as you mentioned but I think I'd rather just use my current credit and hope that by doing so I get more trust from them.   Plus its a brand new construction home so no real need for home improvement stuff in the foreseeable future thankfully.  Thats why I think maybe getting rid of the QS would be good and apping for another Cap product.    I am ITCHING to click that BofA link but I have to wait until after closing and its KILLING ME!  lol

In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Current Scores FICO 5/4/2: TU738 EQ732 EX697 Updated: May 17, 2017
Goal: 700's across the board! SO CLOSE!
Valued Contributor
Posts: 2,380
Registered: ‎03-03-2008
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Re: Post Mortgage Apps Advice Please

JB,

 

You're taking the right approach here... I was at first like ok, another app spree after mortgage.... let's see what this one's about and I kept rereading your inital post looking for the slew of cards you want to apply for and not seeing it.  Yes, by all means go get your CLI on with everyone!  I don't know know if Cap1 is worthwhile anymore with their recent changes showing up around here.  Your scores look good though for a couple of approvals potentially after closing and CLI's should be a breeze.  

 

It's tempting to hit up Lowe's and HD cards when you get into your own house.  Being captive though is a PITA to try to keep them active though.  Stick to your guns on existing cards and let things keep aging to boost your scores even higher for when you "need" that new card to pick up a new mower you'll get the higher CL to start off with.  

 

Since you have a couple of the better known cards in your lineup have you thought about AMEX at all?

If you're going to whine about it, then you need to do something about it!
If you play the odds on CC's then the rules of Vegas will come into play and the House always wins and you don't own the House
http://ficoforums.myfico.com/t5/Credit-Cards/Discover-unOfficial-Data-Points/td-p/4802538 http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-helpful-links/m-p/4802617 www.depositaccounts.com go under checking / reward checking https://refer.discover.com/s/uya7c https://www.creditscorecard.com/registration
Frequent Contributor
Posts: 485
Registered: ‎01-15-2017
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Re: Post Mortgage Apps Advice Please

If this will be your first house and its not brand new you will need lots of stuff from Lowes or HD. Disco has them as 5% bonus atleast once a year. Also in the current quarter.  I believe Lowe's card will always get you 5% back and don't think Home Depot's does.  

Frequent Contributor
Posts: 348
Registered: ‎09-30-2016
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Re: Post Mortgage Apps Advice Please

 


Backwoods wrote:

If this will be your first house and its not brand new you will need lots of stuff from Lowes or HD. Disco has them as 5% bonus atleast once a year. Also in the current quarter.  I believe Lowe's card will always get you 5% back and don't think Home Depot's does.  


Brand new house.  In my post above I stated I'd rather run HD stuff through my existing cards to help with use and future CLI requests instead of opening new credit.

In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Current Scores FICO 5/4/2: TU738 EQ732 EX697 Updated: May 17, 2017
Goal: 700's across the board! SO CLOSE!
Frequent Contributor
Posts: 348
Registered: ‎09-30-2016
0

Re: Post Mortgage Apps Advice Please


austinguy907 wrote:

JB,

 

You're taking the right approach here... I was at first like ok, another app spree after mortgage.... let's see what this one's about and I kept rereading your inital post looking for the slew of cards you want to apply for and not seeing it.  Yes, by all means go get your CLI on with everyone!  I don't know know if Cap1 is worthwhile anymore with their recent changes showing up around here.  Your scores look good though for a couple of approvals potentially after closing and CLI's should be a breeze.  

 

It's tempting to hit up Lowe's and HD cards when you get into your own house.  Being captive though is a PITA to try to keep them active though.  Stick to your guns on existing cards and let things keep aging to boost your scores even higher for when you "need" that new card to pick up a new mower you'll get the higher CL to start off with.  

 

Since you have a couple of the better known cards in your lineup have you thought about AMEX at all?


Yeah I didnt mean to imply I want new cards.  UNLESS its wise for me to do so with replacing that QS.  I might give in one more 6 month auto see what they give me;  that would be July or August cant remember.  I am not interested in HD or Lowes; as I think its better to use what I have as far as credit to help with future CLIs by more use.

 

As far as AMEX I dont know; kinda why I was asking what might be my best option should I want to get ONE new card that would yield a SL of at least 5K you know?  I dont need or want another card with a SL of $3K at this point in the game.  I do think a high BofA increase is in my future though!  Which AMEX would you recommend?  Im a cash back kinda gal if given the preference.

In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Current Scores FICO 5/4/2: TU738 EQ732 EX697 Updated: May 17, 2017
Goal: 700's across the board! SO CLOSE!
Valued Contributor
Posts: 2,380
Registered: ‎03-03-2008

Re: Post Mortgage Apps Advice Please

AMEX is a great tool for getting a high limit into your portfolio.

 

If you're cheap then stay away from the charge cards.

 

If you like simplicity then BCE is your card.  If you want points then go with the ED.

 

AMEX is great due to the ability to grow your limit exponentially using the 3X method.  I'm not sure how much they work with your with the CH13 but, with a Ch7 it's a 5 year wait. With your EX score where it is though I would suspect you might get a 5-10K approval which in 2 months could easily be 15-30K.  It's worth a thought Smiley Happy

If you're going to whine about it, then you need to do something about it!
If you play the odds on CC's then the rules of Vegas will come into play and the House always wins and you don't own the House
http://ficoforums.myfico.com/t5/Credit-Cards/Discover-unOfficial-Data-Points/td-p/4802538 http://ficoforums.myfico.com/t5/Credit-Cards/AMEX-helpful-links/m-p/4802617 www.depositaccounts.com go under checking / reward checking https://refer.discover.com/s/uya7c https://www.creditscorecard.com/registration
Established Contributor
Posts: 617
Registered: ‎01-20-2016

Re: Post Mortgage Apps Advice Please

Hi back JB Smiley Happy 

 

I'd agree then, stay put, go for the CLIs on what you have and maybe add one new card to the mix. I recently was approved for the BCE. Just a $2K starting limit, but I still consider myself a "rebuilder" to a degree, so I was pretty thrilled to get the card, and I'll be working on the CLI 3X too. 

 

The house we bought, is 117 years old, so there are plenty of little-ish projects to work on, so I got a Menards card after we closed. Oddly I've only used it to finish a couple of minor things on our old house before we closed on it, but the yard here needs LOTS of work, so I would imagine my Menards card will get some use over the next month or two. 

 

There are also some major type projects for the house too ... plan is to continue improving my scores, and we're paying extra on the mortgage each month too, so depending on how the rates look, etc, we'll probably be looking at a HELOC or Home Improvement Loan down the road. 

 

Congrats on your purchase and best wishes for a stress free closing! 

Frequent Contributor
Posts: 348
Registered: ‎09-30-2016
0

Re: Post Mortgage Apps Advice Please


austinguy907 wrote:

AMEX is a great tool for getting a high limit into your portfolio.

 

If you're cheap then stay away from the charge cards.

 

If you like simplicity then BCE is your card.  If you want points then go with the ED.

 

AMEX is great due to the ability to grow your limit exponentially using the 3X method.  I'm not sure how much they work with your with the CH13 but, with a Ch7 it's a 5 year wait. With your EX score where it is though I would suspect you might get a 5-10K approval which in 2 months could easily be 15-30K.  It's worth a thought Smiley Happy


I went to their site to see if I was prequal for anything, and I wasnt.  I might give the BCE a shot post closing.  I had Amex (regular gold card) WAY back in the day (90's), but I closed it after paying it off when i used it for like $400 one month LOL.  At that stage in my life 'charging' $400 in one month and having to pay it off each month was too much for my youngster broke ass.  LOLOLOL.

In second year post 13 DC (12-28-15)
Entered garden 05-19-2017 CLOSED ON MY NEW HOUSE 5/17/17!!!!

Current Scores FICO 5/4/2: TU738 EQ732 EX697 Updated: May 17, 2017
Goal: 700's across the board! SO CLOSE!

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