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Regular Contributor
kwazziee
Posts: 148
Registered: ‎09-26-2011
0

App Spree Need Advice

I am planning to go on an app spree and have a few question you pros here.

 

I am planning to buy a home around Jan-Feb 2013. I have been receiving  pre-approval from Chase, Discover and Amex. As of right now I currently hold 2 CapOne, Chase Ink and Amex Green and a Chase Freedom(i am an AU with wife). Total CL is 17K and Ult. is around 60%.

 

I have a clean CR except for a collection that is going to drop off this December. If I do go on an app spree now will it effect my chance of getting a mortgage when the time comes? How much will this effect me credit score?

 

My last EQ FICO score was 680 back on 11/2011. I am thinking since I have not app for anything since my score now would be in the 700's. Might be a little lower since my ult. was 15% back in 11/2011.

 

All comments, suggestions and advice welcome. Thank you.

Frequent Contributor
Razeus
Posts: 395
Registered: ‎04-02-2012
0

Re: App Spree Need Advice

Don't do it until after a mortgage.  

My Wallet:
Discover It $14,300 | Chase Sapphire Preferred $7,500 | Chase Freedom $5,000 | Citi Simplicity $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Moderator
Revelate
Posts: 9,534
Registered: ‎12-30-2011
0

Re: App Spree Need Advice


Razeus wrote:

Don't do it until after a mortgage.  


Quoted for truth :smileyhappy:.

 

Assuming you can manage your utilization pre-mortgage additional cards do absolutely nothing good for you FICO wise right now, and may wind up costing you points on the mortgage.  Not where you want to be, at all.  If you were six months out pre-mortgage app the story would be a little different, but the time window is just too short in this case, and you'll be able to get approvals next year just fine post-mortgage as well short of an implosion in our economy which doesn't seem likely in the near term.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
jamesdwi
Posts: 1,905
Registered: ‎09-16-2011
0

Re: App Spree Need Advice

Get yoiur UTL down to sub 10% and you will get a much better APR and a much easier process during underwriting. A new card may make you feel good now, but it could cost you 1000's in interest over the next 30 years. 

 

 


Cards: Chase Southwest 20k & CSP 10k & Freedom 6.6k & Amtrak 4.6k, FNBO DISC 14.9k Oregon Duck 5k, & AMEX BCP 15k & Hilton Surpass 7.5k & Zync NPSL, Sams Club MC 10k, Paypal Extras MC 6k, CapOne QS 2.5k, QS 750, Amazon 3.9k, Walmart 4.5k, Citi Simplicity 7k, HHonors Gold 1k (moved 5k CL to Simplicity), Discover IT 6.5k and a nice stack of store cards.
Last APP 4/26//2014 no plans for new credit I think I have enough.
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: App Spree Need Advice


kwazziee wrote:

I am planning to go on an app spree and have a few question you pros here.

 

I am planning to buy a home around Jan-Feb 2013. I have been receiving  pre-approval from Chase, Discover and Amex. As of right now I currently hold 2 CapOne, Chase Ink and Amex Green and a Chase Freedom(i am an AU with wife). Total CL is 17K and Ult. is around 60%.

 

I have a clean CR except for a collection that is going to drop off this December. If I do go on an app spree now will it effect my chance of getting a mortgage when the time comes? How much will this effect me credit score?

 

My last EQ FICO score was 680 back on 11/2011. I am thinking since I have not app for anything since my score now would be in the 700's. Might be a little lower since my ult. was 15% back in 11/2011.

 

All comments, suggestions and advice welcome. Thank you.


Yes, it will affect your mortgage changes. You need to pay down your utilization before applying. You should see a nice score bump from that.  Best advice... Apply for the cards AFTER you close on the house.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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