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CSP app after new mortgage?

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nada9188
Frequent Contributor

CSP app after new mortgage?

Closing on a new mortgage this Friday!

 

I have been holding off to app for the CSP. 

 

When I app, I will be using my same and old address, where I do not pay rent or have a mortgage. How should I indicate on the application? I feel like if I put own and there is no mortgage on my credit pull they may seem odd to them. 

 

Ex Fico is 761-Lender pull with 5 Inq, one recent (within a month).

 

I have a 9K CL on my SPG, do you think they'll match?

 

Thank you!

 

 

Message 1 of 14
13 REPLIES 13
webhopper
Moderator Emeritus

Re: CSP app after new mortgage?

I apped for a chase card after closing on my home in Jan 2012... the system gave me a 7-10 day message. I called the recon line immediately.

 

I had to sent in the utility statement and a copy of my drivers license.

 

Do Not, and I repeat, Do Not put down "no mortgage" when you know that you will be responsible for a mortgage payment.

That is considered un-ethical.

 

I think you should apply for the card with the expectation that it will not be an automatic approval, but then you should call recon line and check status immediately.

 

On my application in particular, the mortgage payment that I listed did not match my credit report, as I was converting the house with the other mortgage into a purely rental property. This likely triggered the verification for identity purposes.

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!


Message 2 of 14
09Lexie
Moderator Emerita

Re: CSP app after new mortgage?

Wait, are you putting down your soon to be previous address?
Message 3 of 14
FinStar
Moderator Emeritus

Re: CSP app after new mortgage?


@webhopper wrote:

I apped for a chase card after closing on my home in Jan 2012... the system gave me a 7-10 day message. I called the recon line immediately.

 

I had to sent in the utility statement and a copy of my drivers license.

 

Do Not, and I repeat, Do Not put down "no mortgage" when you know that you will be responsible for a mortgage payment.

That is considered un-ethical.

 

I think you should apply for the card with the expectation that it will not be an automatic approval, but then you should call recon line and check status immediately.

 

On my application in particular, the mortgage payment that I listed did not match my credit report, as I was converting the house with the other mortgage into a purely rental property. This likely triggered the verification for identity purposes.


+1

Message 4 of 14
nada9188
Frequent Contributor

Re: CSP app after new mortgage?

Thank you all kindly for the feedback. Wasn't attempting to deceive, was seeking advice from the experts if I should apply as it matches on my credit report. I am sure it could raise a red flag that I am reporting that I have a mtg payment when nothings shows. 

 

A recent mtg inq is not a disqualifying thing, correct?

 

As for the address, I will use my old address as I am not moving to the new property for about a month. Is this any type of a problem?

Message 5 of 14
09Lexie
Moderator Emerita

Re: CSP app after new mortgage?

A recent mtg inq will not cause a denial. use your current address and your new mtg. Chances are you might have to call- just explain the situation. You'll be fine! Good luck!
Message 6 of 14
SCoach
Established Member

Re: CSP app after new mortgage?

Why not just wait a couple of months?  Is this something you absolutely have to do right now?   I'm no credit expert, but it seems to me, it would be good to let the mortgage report a few months with on-time payments, and having the new credit mix, before applying for a prime card.

Just my thoughts.

AmEx Platinum | AmEx Gold | AmEx Bluebird | CSP | Chase Freedom
Message 7 of 14
MovingForward_2012
Valued Contributor

Re: CSP app after new mortgage?

I apped for a Best Buy Store card shortly after closing and BEFORE the new address and mortgage were reported. I definitely told them I own because it looks better as a mortgage is the most difficult type of credit to obtain plus it also shows you have equity or will have equity and that is another avenue looked at by lenders when determining your ability to pay.

Don't put your old address...put your new address and mark that you own. Putting your old address only applies if you are renting a new place as the CSR reviewing your app in that scenario wants to see stability. With owning they already know and understand why you have been living there for less than a month and it will not hurt you and actually, it will help you quite a bit. .

So I would put the new address and state that you own when applying.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 8 of 14
nada9188
Frequent Contributor

Re: CSP app after new mortgage?

Instant approval at 8k!!! I put own as advised, obviously no problems. I was expecting some more questions. They didn't ask about assets who I work for, time at job. I went through the pre approval link.

Can I recon the limit without a hp? My Amex is at 9k
Message 9 of 14
09Lexie
Moderator Emerita

Re: CSP app after new mortgage?

Message 10 of 14
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