04-09-2013 12:58 PM
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.
04-09-2013 01:21 PM
04-09-2013 02:43 PM
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!
04-09-2013 02:49 PM
04-09-2013 02:55 PM
04-09-2013 03:06 PM
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.
04-09-2013 03:28 PM
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