Reply
Frequent Contributor
Posts: 312
Registered: ‎08-16-2011
0

Applying for new credit after buying a house??

[ Edited ]

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!!!

New Contributor
Posts: 116
Registered: ‎07-26-2011
0

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+


Take the FICO Fitness Challenge
Regular Contributor
Posts: 122
Registered: ‎03-01-2009
0

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

[ Edited ]

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. 

Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
0

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

[ Edited ]

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

Valued Contributor
Posts: 1,486
Registered: ‎08-14-2011
0

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

Yup, no problem at all as long as you wait until absolutely everything is finalized :smileyhappy:

 

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
Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
0

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

amen ptr

Contributor
Posts: 102
Registered: ‎05-06-2011
0

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


Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,424
Registered: ‎08-28-2010
0

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?

Valued Contributor
Posts: 1,071
Registered: ‎04-24-2008
0

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......

Senior Contributor
Posts: 3,528
Registered: ‎01-19-2009
0

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

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.