Applying for credit cards after house closing

[simyengi]

My wife and I are closing on our house in the next few days. We will need furniture and appliances. My mortgage lender pulled the following scores prior to closing on the house:

TV 663
EX 636
EQ 636 (Myfico has it as 658)

I would like to apply for a Home Depot, Lowe's or Conn's card for appliances and a Havertys card for furniture. I had several inquiries on my credit report made by the the lender as they were trying to get score to a certain level for financing.

What should I apply for first?

I have a FNB Omaha card with $2400 limit. I recently learned I'm eligible for CLI to $4400. I could use this for some of the furniture.

I have three small secured cards that don't have high limits to make much of an impact.

[bdhu2001]

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@simyengi wrote:
My wife and I are closing on our house in the next few days. We will need furniture and appliances. My mortgage lender pulled the following scores prior to closing on the house:

TV 663
EX 636
EQ 636 (Myfico has it as 658)

I would like to apply for a Home Depot, Lowe's or Conn's card for appliances and a Havertys card for furniture. I had several inquiries on my credit report made by the the lender as they were trying to get score to a certain level for financing.

What should I apply for first?

I have a FNB Omaha card with $2400 limit. I recently learned I'm eligible for CLI to $4400. I could use this for some of the furniture.

I have three small secured cards that don't have high limits to make much of an impact.

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Unless you have unbelievable income, my suggestion is to buy appliances (if you don't have any and the house you're buying doesn't have any), but use your current furniture until you save up for it.  

If you're like most people, your mortgage will be more than your current rent.  If you've already turned in your notice on your current place, then you have no rent or mortgage due August or September.  Use 1/2 of your budgeted rent or house payment for August for furniture puting the remaining 1/2 in savings and do the same thing in September. 

You just completed a major purchase.  Put this new bill in to the test of reality for three months, before you add additional debt.  I'm not saying don't apply for the cards. I'm simply saying do not use them until you're sure of your new budget.  If you don't have appliances, you'll need them, but you generally won't need brand new furniture.

[simyengi]

This is good advice. As for major appliances, we need a washer/dryer and refrigerator. We sold the sofa, love seat before we sold our last house.

[js0319]

+1. The last thing you want is to be house broke and finding yourself if compromising situations with your credit soon after the purchase of a home. Take it from someone that's been there.

[bdhu2001]

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@simyengi wrote:
This is good advice. As for major appliances, we need a washer/dryer and refrigerator. We sold the sofa, love seat before we sold our last house.

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The advice above still works.  You'll have to find inexpensive sofa and love seat since you have nothing in the mean time, but you can still do it with 1/2 of the funds that would be going to rent/mortgage during the first two months.  Again, only charge the appliances that are absolutely necessities.  The rest of the stuff doesn't have to be there the day you move in.

Since you had a previous home, you understand the little things that will come up that you hadn't anticipated.  That's why you need to have that 1 month of mortgage banked away. You'll borrow small amounts from it and replace it on your next check, but it will keep you feeling comfortable and on the right track.