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Anonymous
Not applicable

Which one first

I am in the middle of applying for the following items ( in order of priority). I am in Texas. 

 

auto loan for 20k

 

fha mortgage with upto 5% down and $170'000 loan amount 

 

credit cards like Discover' BOA, Barclays USAA . ( I m blacklisted on Citi, Chase & Amex, but my wife is not)

 

biz loc & personal loc

 

heres my situation 

cap1 1479/1500 limit opened July 2014

kohls 0/300 limit opened June 2010

merrick secure card 0/300 limit opened August 2013

1 med collection $ 1125 closed on Tu & EQ open on EX last reported October 2014

exxon citi charge off 1661 balance zero

nelnet student loan :$ 5700 current status deferred: will defer again for 2016

AAoA of 9.5 years; first ever account opened was student loan in June 1988. First revolving acct now charge off June 1990.

american Honda installment issued in June 2003 for 18k paid off June 2008; never late

conns 2 installment loans with 3 mos & 24 months history of $1500 & $600 paid off never late now closed account 

3 revolving cards best buy / COmpUsa  & capital one opened 1998 paid off closed

 

 

annual income $60000 all 1099 misc income

 

scores

TU 644/ 1 Inq July 2014

eq 638/ 3 Inq June 2013 June 2013 July 2014

EX 689 3 Inq June 2013 July 2013  July 2014

 

I get this overwhelming urge to app spree and I m controlling myself. 

 

How should I approach my app spree. I m wanting to limit Inq as much as possible. I m not pen fed navy fed or military but I m a USAA Member non military 

Wife is SDFCU member

 

my Chexsystems has a fraud remark and need suggestions on removing that remark. Initial fraud alert removed from transunion but EQ/EX requires in writing so have to wait 30 days 

 

 

Message 1 of 12
11 REPLIES 11
dodgerslv
Valued Contributor

Re: Which one first


@Anonymous wrote:

I am in the middle of applying for the following items ( in order of priority). I am in Texas. 

 

auto loan for 20k

 

fha mortgage with upto 5% down and $170'000 loan amount 

 

credit cards like Discover' BOA, Barclays USAA . ( I m blacklisted on Citi, Chase & Amex, but my wife is not)

 

biz loc & personal loc

 

heres my situation 

cap1 1479/1500 limit opened July 2014

kohls 0/300 limit opened June 2010

merrick secure card 0/300 limit opened August 2013

1 med collection $ 1125 closed on Tu & EQ open on EX last reported October 2014

exxon citi charge off 1661 balance zero

nelnet student loan :$ 5700 current status deferred: will defer again for 2016

AAoA of 9.5 years; first ever account opened was student loan in June 1988. First revolving acct now charge off June 1990.

american Honda installment issued in June 2003 for 18k paid off June 2008; never late

conns 2 installment loans with 3 mos & 24 months history of $1500 & $600 paid off never late now closed account 

3 revolving cards best buy / COmpUsa  & capital one opened 1998 paid off closed

 

 

annual income $60000 all 1099 misc income

 

scores

TU 644/ 1 Inq July 2014

eq 638/ 3 Inq June 2013 June 2013 July 2014

EX 689 3 Inq June 2013 July 2013  July 2014

 

I get this overwhelming urge to app spree and I m controlling myself. 

 

How should I approach my app spree. I m wanting to limit Inq as much as possible. I m not pen fed navy fed or military but I m a USAA Member non military 

Wife is SDFCU member

 

my Chexsystems has a fraud remark and need suggestions on removing that remark. Initial fraud alert removed from transunion but EQ/EX requires in writing so have to wait 30 days 

 

 


I am sorry but if you are planning to apply for a mortgage you should cross out everything else and proceed with that. Would be strongly recommended to not apply for anything until you have the keys to your new home in hand.

gardening since 5/21/2016
Message 2 of 12
Kathy4NU
Frequent Contributor

Re: Which one first

I wouldn't apply for a car loan if I had planned to get a mortage within the next 6 months.   You need to bring your scores up slightly more for a mortgage.  Hard telling what an auto loan would do to your scores.  I just added one after paying off one.  Lost 17 points on one and gained 4 on another.  Throwing the dice and taking a chance while house shopping is not safe. 


@Anonymous wrote:

I am in the middle of applying for the following items ( in order of priority). I am in Texas. 

 

auto loan for 20k

 

fha mortgage with upto 5% down and $170'000 loan amount 

 

credit cards like Discover' BOA, Barclays USAA . ( I m blacklisted on Citi, Chase & Amex, but my wife is not)

 

biz loc & personal loc

 

heres my situation 

cap1 1479/1500 limit opened July 2014

kohls 0/300 limit opened June 2010

merrick secure card 0/300 limit opened August 2013

1 med collection $ 1125 closed on Tu & EQ open on EX last reported October 2014

exxon citi charge off 1661 balance zero

nelnet student loan :$ 5700 current status deferred: will defer again for 2016

AAoA of 9.5 years; first ever account opened was student loan in June 1988. First revolving acct now charge off June 1990.

american Honda installment issued in June 2003 for 18k paid off June 2008; never late

conns 2 installment loans with 3 mos & 24 months history of $1500 & $600 paid off never late now closed account 

3 revolving cards best buy / COmpUsa  & capital one opened 1998 paid off closed

 

 

annual income $60000 all 1099 misc income

 

scores

TU 644/ 1 Inq July 2014

eq 638/ 3 Inq June 2013 June 2013 July 2014

EX 689 3 Inq June 2013 July 2013  July 2014

 

I get this overwhelming urge to app spree and I m controlling myself. 

 

How should I approach my app spree. I m wanting to limit Inq as much as possible. I m not pen fed navy fed or military but I m a USAA Member non military 

Wife is SDFCU member

 

my Chexsystems has a fraud remark and need suggestions on removing that remark. Initial fraud alert removed from transunion but EQ/EX requires in writing so have to wait 30 days 

 

 


 




June '12: EQ 553 TU 0 EX 545
April '13 Lender Pull EQ 731, EX 692, TU 722 - all FICO

Closed on home May 22, 2013 at 2:00pm!!!
CU Visa $1000, VS $350, Chase Freedom $1000, Discover IT $2500, Home Depot: $2700, Menards $3000, NFM $3500
What's been deleted: 32 collections, 5 PR, 2 tax liens, defaulted student loans
Message 3 of 12
Anonymous
Not applicable

Re: Which one first

I thought of bringing down cap1 card bal to below 30% which would help scores significantly? Or will it'? 

Can use every dime & $$$ towards down payment for my car purchase which is really urgent 

 

i have to find out if I can do one inquiry with my local bank for auto home credit card and lines of credit. They will use all 3 bureaus just like cap1. 

 

USAA doesn't allow me to apply for auto/home loans just credit cards

Message 4 of 12
dodgerslv
Valued Contributor

Re: Which one first


@Anonymous wrote:

I thought of bringing down cap1 card bal to below 30% which would help scores significantly? Or will it'? 

Can use every dime & $$$ towards down payment for my car purchase which is really urgent 


if the auto loan is the priority then you gotta remember that dealership use the auto-enhanced Fico scoring model. In regards to utilization, if you want the best rate then you wanna have the best scores you can have so having low utilizaton would equal a better rate. An actual down payment doesnt affect much of the monthly payment as a higher APR would.

gardening since 5/21/2016
Message 5 of 12
Anonymous
Not applicable

Re: Which one first

So I will be toast if I go for auto loans first. That alone will incur 2-3 Inq each bureau.

 

Regarding auto enhanced you can't dictate to a dealership to use only Auto Enhanced can you. Or find dealerships using only auto enhanced. Isn't that difficult to find dealership using only Auto Enhanced. I'd go crazy trying to find one. I m in big metropolitan city but come on. 

 

Auto loan is the actual priority. I have to buy one before Memorial Day. I m in a serious dilemma here. What do I have to do to limit myself to just 2 inquiry on one bureau and be done with auto loan. 

Does anyone think I can get auto & home loan with just one inquiry across the CRAs from one bank/ cu . SDFCU maybe? 

 

Will lkeep updated  on my progress/approach 

Message 6 of 12
Anonymous
Not applicable

Re: Which one first


@Anonymous wrote:

So I will be toast if I go for auto loans first. That alone will incur 2-3 Inq each bureau.

 

Does anyone think I can get auto & home loan with just one inquiry across the CRAs from one bank/ cu . SDFCU maybe? 

 

Will lkeep updated  on my progress/approach 


Regarding auto loans, all inquiries within a 30-45 day period will count as just one. The same is true for mortgage loans. After paying down that Capital One card a bit, I would recommend going for the mortgage first for two reasons:

 

1. Your credit scores are already teetering on expensive rate pricing, and who knows exactly how much of an impact the new auto loan will have.

2. Mortgage interest rates have been skyrocketing in recent weeks, and are not likely to drop significantly in the near future. Now I'm not saying I can predict the future, but it's one of those "a year from now you may have regretted waiting" situations.

 

Also, why not do 3.5% down for the FHA loan? Best of luck!

Message 7 of 12
Anonymous
Not applicable

Re: Which one first

I think that 30-45 days auto loan is good only if you don't have anymore apps and will be gardening for a while.

 

wont you think lowering my utility to below 30% on cap1 and then applying for mortgage/ auto loan would enhance my score. 

Would a deferred student loan be bad for mortgage/auto. 

Message 8 of 12
Anonymous
Not applicable

Re: Which one first

 


maharshi wrote:

I think that 30-45 days auto loan is good only if you don't have anymore apps and will be gardening for a while.

 

wont you think lowering my utility to below 30% on cap1 and then applying for mortgage/ auto loan would enhance my score. 

Would a deferred student loan be bad for mortgage/auto. 


Yes, when I said they will count as one inquiry, I meant auto loan pulls only. Other inquiries will still count as an additional inquiry.

 

If you are going for an FHA loan, once you get over the 640 hump it usually doesn't get much better. Deferred student loans aren't "bad" per se, but they will be factored into your DTI ratios in certain situations.

Message 9 of 12
Anonymous
Not applicable

Re: Which one first

Do not apply for anything if you are planning on getting a mortgage in the near future.

Message 10 of 12
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