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Hi everyone,
I will be closing on my first home a week from today! Of course, like many people, I'll be needing to purchase some appliances and furniture. I am wanting to apply for a Home Depot or Lowe's card (whichever has the better deal of course) AND a furniture store card. Now I'm only wanting to purchase a washer and dryer and a couch, so I'm not looking to go crazy or anything lol.
Currently, I have 3 revolving cards: 2 share-secured cards, and 1 department store card. My credit is (I'm assuming) still around what's listed below but I haven't checked it or gotten any alerts since getting pre-approved for my mortgage loan at the end of October.
My question is, will applying for 2 cards so close together affect my chances of getting approval? I haven't applied for a credit card in almost 10 yrs, with the exception being my department store card with a $200 CL. I figured with my decent credit scores and only the 3 cards listed above, it shouldn't be a problem. I don't really want all the inquiries, but the only other inquiry I have is from the bank when I got pre-approved.
Ideas?
Edited to add: Oh yea, I know not to apply until AFTER we close and the loan is recorded and funded. lol
I dont think it will be a problem... I applied for my Freedom shortly after we closed on our refi-. I know thats a little different, but same mortgage reporting on my CR. I'm pretty sure you wont have a problem getting what you want/ need. Good luck, and CONGRATS on your closing!
I agree, I don't think it will be a problem either. I had only one open credit card when my mortgage closed, and I needed some things from Home Depot/Lowe's and went with Home Depot at the time (customer service was better at my local store) and I was approved immediately online for $1000. Admittedly that's a bit low for a washer/dryer combo, but I didn't need that and the $1000 worked fine for my needs in the beginning.
I've also read on these forums that you might be able to get a higher initial limit by applying in store. Not sure if that's the case, but something to think about. Good luck!
Edit: I also applied for a couple of other cards too, and some were declined and others approved. It will depend on where you choose to apply and their criteria, but I think you'll be okay if it's only 2 cards you need.
im thinking why would u apply 4 store cards, u have 1 already, hit up the cards u have 1st for CLI, then try for some point cards where u get something back 4 ur purchases/ and 0% for some months
Yup, no problem at all as long as you wait until absolutely everything is finalized
Also, I don't know what the perks of a Lowes/Home Depot card is, but you might consider a Citi Dividend card as it is 1% back and currently Citi is offering 18-21 months of 0% APR, which might come in handy with all your new purchases.
Congratulations btw!
amen ptr
I closed on my house last night & apped for both Lowes & Kohls online this morning within minutes of each other... both were approved. These were calculated apps since almost everything else was paid off in preparation for getting a mortgage & my scores are the best they've ever been and I knew exactly which cards I wanted to add to my collection and why I wanted them (additional discounts at the register for both). My logic was that there isn't time for the inq to hit & cause a ding doing it that way, and I also did it before the mortgage could hit my CR.
@kelli1970 wrote:I closed on my house last night & apped for both Lowes & Kohls online this morning within minutes of each other... both were approved. These were calculated apps since almost everything else was paid off in preparation for getting a mortgage & my scores are the best they've ever been and I knew exactly which cards I wanted to add to my collection and why I wanted them (additional discounts at the register for both). My logic was that there isn't time for the inq to hit & cause a ding doing it that way, and I also did it before the mortgage could hit my CR.
again? why store cards?
Just make sure you choose your cards wisely. App only what you need. The more you app, the next approval will be a lower CL imo. Choose 2 to maybe 3 prime cards and hit the submit. GL and congrats on your new house. Must be really exciting for you & family......
@dalebb wrote:
@kelli1970 wrote:I closed on my house last night & apped for both Lowes & Kohls online this morning within minutes of each other... both were approved. These were calculated apps since almost everything else was paid off in preparation for getting a mortgage & my scores are the best they've ever been and I knew exactly which cards I wanted to add to my collection and why I wanted them (additional discounts at the register for both). My logic was that there isn't time for the inq to hit & cause a ding doing it that way, and I also did it before the mortgage could hit my CR.
again? why store cards?
I belive Lowes has no intreast finacing and Kohls gives you 10% on your next order when you apply