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Applying for new credit after buying a house??

Frequent Contributor

Applying for new credit after buying a house??

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

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Message 1 of 23
22 REPLIES
Contributor

Re: Applying for new credit after buying a house??

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!


Starting Score: 08/01/2009 584
Current Score: 08/01/2011 EQ 684 EX (Lender Pull) 702 TU 712
Goal Score: 780+


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Message 2 of 23
Regular Contributor

Re: Applying for new credit after buying a house??

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. 

Message 3 of 23
Valued Contributor

Re: Applying for new credit after buying a house??

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

Message 4 of 23
Valued Contributor

Re: Applying for new credit after buying a house??

Yup, no problem at all as long as you wait until absolutely everything is finalized Smiley Happy

 

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!

In My Wallet:
AMEX BCE, Citi Forward, Chase Freedom

In My Sockdrawer:
AMEX Clear, Citi Platinum Select, US Bank Platinum, J.Crew
Message 5 of 23
Valued Contributor

Re: Applying for new credit after buying a house??

amen ptr

Message 6 of 23
Highlighted
Contributor

Re: Applying for new credit after buying a house??

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.


Starting Score: TU 595 EQ 610 EX 601
Current Score: TU 683 EQ 661 EX 677
Goal Score: 710


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Message 7 of 23
Valued Contributor

Re: Applying for new credit after buying a house??


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?

Message 8 of 23
Valued Contributor

Re: Applying for new credit after buying a house??

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......

Message 9 of 23
Senior Contributor

Re: Applying for new credit after buying a house??


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

Message 10 of 23