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CC post-mortgage

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honeybunnygal
Regular Contributor

CC post-mortgage

Hello,

 

I am scheduled to close on my first home 10/12 (yay!) & I'm looking to upgrade my CC portfolio. I currently have 3 CCs & am listed as an AU on another card.

 

My cards are as follows:

 

CC1: Lane Bryant charge card (WFNNB), limit: $400, reported balance $32 (but since paid in full). Opened 5/2007, no AF. I received a CLI back in May, not planning to close CC. Clean history.

 

CC2: Capital One Platinum Visa, limit: $500, reported balance $0. Opened 9/2007, no AF. Haven't received a CLI since three months after account was opened, tried calling but think this rebuilder card has reached its max limit. Not planning to close, just SD. Clean history,

 

CC3: Best Buy RewardZone Gold MC, limit: $650, reported balance $0. Opened 10/2007, AF $79 (ouch, although I have earned more than that in rewards certficates for the year). Used to get regular CLIs but haven't received one since 11/2009 (automated or by request). Ready to kick this card to the curb before the AF hits in November. Clean history.

 

AU CC: Chase (WaMu -> Providian) Visa, limit: $4900, reported balance $0. Opened 4/1998, AF $39. This is my mother's account, but she VERY RARELY uses it. I normally use it for my larger planned purchases & PIF ASAP. Not removing, but want my own card for this purpose.

 

My scores are in my siggy & my credit blemishes are listed below:

Student loan single 90 day late (no preceding 30- or 60- day late) from March 2005. Clean history before & since then. Only showing on TU. Student loan opened 6/2001.

No COs, CAs, public records, etc.

Recently opened car loan 7/2010, clean history.

Inquiries: EX 3 (1 auto, 2 mortgage), EQ 2 (1 auto, 1 mortgage), TU 13 (One hits the two year mark two days after I close. 9 auto, 2 mortgage, 1 insurance).

 

Creditors burned in past (all aged off CRs):

Bank of America (MBNA), CO

Citibank (Gateway CC), CO

Discover, CO & had judgement that was vacated due to improper service. Settled w/Discover back in June & case has been dismissed with prejudice.

 

I'm trying to decide what card(s) to go for after I close. I think I'll try my employee CU (already have a savings that has been open since 11/2006 with regular deposits). I checked the myFICO credit card center & it came up with the Capital One No Hassle Rewards Cash CC. However, I know Capital One pulls all 3 reports & from recent postings no longer allows you to combine CCs. Not sure if I want to take a 3-report hit for one card. Besides, I'd like to "diversify" my credit portfolio.

 

From things I've read (rewards & service), I think I'd like to get in good again with Discover. I'm also considering AMEX, but I would want a card that allows flexible payments over time (not charge card). Do you think I'd be able to qualify for a flexpay AMEX (Blue, Blue Sky, Blue Cash) right off the bat? I've read that they are particularly sensitive to inquiries, so I guess it depends on which report they hit.

 

Any suggestions? Thanks!

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
Message 1 of 10
9 REPLIES 9
marty56
Super Contributor

Re: CC post-mortgage

I would not apply for anything until your mortgage is a done deal.  Forget Amex, Discover Cap One or any major bank.  I would get a CU CC since they offer better rates and better CLs.  I avoid doing business with major banks and just deal with my local CU.  Also I would avoid revolving CC debt unless it is at 0%.

1/25/2021: FICO 850 EQ 848 TU 847 EX
Message 2 of 10
Wolf3
Senior Contributor

Re: CC post-mortgage

You might consider co-branded store cards at stores you shop at.   For those handled by Citi, wait until next year when GEMB takes them over.

Message 3 of 10
Anonymous
Not applicable

Re: CC post-mortgage

I'd be careful overall with new credit after buying a home.  I qualified for my mortgage but then as a homeowner started charging at Home Depot, furniture stores etc. and got jammed up after a year or so.  When the news talks about people losing their homes because they can't pay their mortgage, it isn't always because they bought more home than they could afford--it's because their mortgage payments were being used to pay other and newly acquired creditors.  I was surprized how many new credit offers I received once I was officially a homeowner.

Message 4 of 10
honeybunnygal
Regular Contributor

Re: CC post-mortgage

As I mentioned, I'm considering my CU's CC, but there are a couple issues I have with it:

 

1.) The introductory rate is 2.9% for 12 months, which I know is still low. However, it isn't 0%.

2.) The CC is a Visa, so if I get this card & close my MC (due to the AF), I will only have Visa-branded cards (including my debit card). I've encountered locations in my area (such as Sam's Club & the Secretary of State's office) that do not accept VIsa. That is why I want to "diversify." Sure, I can (at least at Sam's Club) use my debit card for payment. However, if it is a larger purchase, I'd prefer to put it on a CC for cardmember protections as well as to not have my bank account in limbo if something goes wrong.

 

Thanks for all the advice so far & keep it coming!!!

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
Message 5 of 10
Creditaddict
Legendary Contributor

Re: CC post-mortgage

I would do your CU and Amex Zync or one of the other charge cards.

Message 6 of 10
honeybunnygal
Regular Contributor

Re: CC post-mortgage


@Creditaddict wrote:

I would do your CU and Amex Zync or one of the other charge cards.


Why an AMEX charge card instead of an AMEX revolving credit card?

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
Message 7 of 10
Wolf3
Senior Contributor

Re: CC post-mortgage

Qualification is easier for AMEX charge cards.   Better to have 6 months or more with charge card before applying for revolving credit card.

Message 8 of 10
honeybunnygal
Regular Contributor

Re: CC post-mortgage

Update:

First of all...YAY!!! I CLOSED!!!!! WOOT!

 

I applied for & was approved for the following CCs:

AMEX Blue Sky: $2K (was holding my breath on this one)

CU Visa: $3K (intro 2.9% APR)

Citi Diamond Preferred MC: $4800 (with 0% intro APR, was holding my breath and crossing my fingers)

 

With the good luck I had with Citi, I was tempted to apply for a Discover card to get back in their good graces. However, I think that I have plenty of credit for now & will proceed with credit gardening. Interestingly, the Citi MC was the last one I applied for, but was the first one to report. I haven't even gotten the card yet!

 

Thanks again everyone!

Hard work & patience can go a long way!
8/2009 (myFICO): TU - 599, EQ - 656
7/23/2010 (LO pull): TU - 738, EQ - 801, EX - 785
4/12/2012 (myFICO): TU -778, EQ - 791
Message 9 of 10
Anonymous
Not applicable

Re: CC post-mortgage

Congrats!

 

You've come a long way in the past year!  Super!!!!

Message 10 of 10
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