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Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
0

Re: I'm in with Chase

Congrats on the approval, Chase will threat you well.  The low limit is just due to your thin file.  Adding credit cards leading up to a mortgage is not a problem at all.  Most advised against because you are going to hurt your score with the HP, lower AAoA, and new account hits. The new credit card doesn't look bad to an UW unless you run the balance up.  Good luck on the home purchase.  I wouldn't get another card for now.  Once you close if you have any needed repairs or upgrades look into a Lowes card.  5% off everyday purchases and great financing offers.

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: I'm in with Chase

+1000
Apping right before a mortgage is not forbidden but you had better know how to do it right otherwise you could end up with a denial. I apped for a CC and a car lease right before applying and I ran into no issues. I was forbidden from using the new card until after closing.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Super Contributor
Posts: 5,676
Registered: ‎05-23-2009
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Re: I'm in with Chase

Congrats!!!! :smileyhappy:

 

 

Ron.

Frequent Contributor
Posts: 290
Registered: ‎07-09-2012
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Re: I'm in with Chase

Thank you everyone.  Silly question, but is the Freedom considered a prime card?  It doesn't really matter but it would be nice to know I was able to get one.  

 

I really am not worried about the mortgage and applying for this card.  I am not going to apply for anymore even though he told me that they like to see 4 cards reporting.  Mainly, because I don't want anymore deniels and hard hits and I have no idea what card I would even apply for.

 

I have a very very close relationship with the CU.  They hold all my accounts, my kids account etc.  Right now they have 5 cars of my kids, 3 credit cards, 2 retirement accounts, about 9 direct deposits, and an unsecured loan for an engagement ring.  They have always treated my family very well and I in return try hard to treat them well.  Through out my rebuilding this particular loan officer walked it with me and adviced me what a bank or CU would be looking at.  (And the LO is a big Dave Ramsey fan like me so I feel he really does share my same values).    I feel very good about where I am right now with my credit.  Things are falling right into place!




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
Moderator
Posts: 27,205
Registered: ‎09-13-2012
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Re: I'm in with Chase

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: I'm in with Chase

The freedom is definitely a prime card. In fact it's one of the better prime cards (rewards wise). Grats!
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: I'm in with Chase

I only had two CC reporting when I was preapproved for the mortgage but my student loans and car lease counted as well as the auto loan I paid off in Nov. Usually lenders want to see 3-4 open active trade lines with at least 12 months of history but those lines don't all have to be considered revolving accounts.

The Freedom is considered a prime card, yes.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
Posts: 290
Registered: ‎07-09-2012
0

Re: I'm in with Chase


MovingForward_2012 wrote:
I only had two CC reporting when I was preapproved for the mortgage but my student loans and car lease counted as well as the auto loan I paid off in Nov. Usually lenders want to see 3-4 open active trade lines with at least 12 months of history but those lines don't all have to be considered revolving accounts.

The Freedom is considered a prime card, yes.

He said they would look at alternative credit to see  4 trade lines of 12 on time montly payments.  I have my Visa with them reporting for 11 months and student loan.  Outside of credit reports we will use my car insurance and health insurance that I pay monthly.  He was advising me to have 4 revolving showing to see my scores maximized.  Sticking to 3 for now.  I think I will be ok regardless, my middle score is 731 and we are going conventional.    I don't really need credit cards or anything to do things to the house after I get the mortgage as I have lived in it since 2000 and have it furnished and fixed up nice.  Probably do a new roof and maybe a new furnace in it later in the summer.  Might put that on the Freedom and than PIF so I can get the rewards. 




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
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: I'm in with Chase

That's great your lender accepts nontraditional credit.

You won't earn much by charging infrequently. I have 3 rewards cards. 2 I use to charge all my utilities bills, gas, groceries, medical co payments, etc. and then I PIF every month. By running $1500-$2000 a month through my Cap1 Cash Rewards card since July, I have earned $145 cash back and I will earn at least another $72 as a 50% cash back bonus this coming July. I just got approved for the Barclays Rewards Card and it gives 2% cash back on groceries, utilities, and gas so once that gets here, I will use that card for those items. Also the Discover It is on the way and they are giving 5% cash back at home improvement stores this quarter so I'm using that one for those items. Chase Freedom is giving 5% cash back this quarter at Lowes.

So as you can see, I rarely use a debit card. If you want to earn a good amount of rewards, putting your everyday expenses on the card is the quickest and easiest way to do it. You get $100 after you spend $500 in 3 months on your Freedom. I got mines the first month so once you spend $500 you get $100. You don't have to wait until the 3 mo period is over.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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