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Regular Contributor
Posts: 174
Registered: ‎04-30-2012
0

Closed on Tuesday, safe to app now?

Good morning all,

    My wife and I finally closed on our house this past Tuesday and have been diligent in curbing our spending the past year and getting our scores in order and our debt down.  Here is our current financials:

 

Combined income: $150k

 

Me-Mid Score 690

Mortgage-$2200

Wells Fargo Card-$100 balance/$2700 limit

 

Wife-Mid Score 680

Mortgage-$2200

Gap Card- $0 balance/ $200 limit

Car 1- $225/month/ $7000 Balance

Car 2- $415/month/ $7000 Balance

Student Loan- $127/month $35,000 Balance

 

My question to all of you is, are we safe to start apping for a couple cards?  I want to get a Lowe's card for some appliances, and I want my wife to get a major c.c. to add to her stable and that's it.  Do you have any recommendations as to what cards to app for?  Do you think we wil get approved?  We both have 4 inquiries the past year, all mortgage related.

 

Any help you could provide would be appreciated!!

 

Thank you!

 

 

 


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Valued Contributor
Posts: 1,577
Registered: ‎08-30-2012
0

Re: Closed on Tuesday, safe to app now?

If you've closed, signed the papers and have the keys, app away.

 

Good luck with the new home.

 

Scores: about 700 across the board
Total CL: $225,406
Gardening since 12/23/2015
New Contributor
Posts: 67
Registered: ‎12-11-2008
0

Re: Closed on Tuesday, safe to app now?

Yup, you're in good shape to apply if your mortgage is done. But, if you're still carrying credit card debt, I hate to think you're going to buy new appliances, etc... The interest rates on those balances are usually pretty ugly unless you've got a 0% for XX months promotion.
Community Leader
Senior Contributor
Posts: 28,776
Registered: ‎02-07-2013
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Re: Closed on Tuesday, safe to app now?


ccubedzx3 wrote:

Good morning all,

    My wife and I finally closed on our house this past Tuesday and have been diligent in curbing our spending the past year and getting our scores in order and our debt down.  Here is our current financials:

 

Combined income: $150k

 

Me-Mid Score 690

Mortgage-$2200

Wells Fargo Card-$100 balance/$2700 limit

 

Wife-Mid Score 680

Mortgage-$2200

Gap Card- $0 balance/ $200 limit

Car 1- $225/month/ $7000 Balance

Car 2- $415/month/ $7000 Balance

Student Loan- $127/month $35,000 Balance

 

My question to all of you is, are we safe to start apping for a couple cards?  I want to get a Lowe's card for some appliances, and I want my wife to get a major c.c. to add to her stable and that's it.  Do you have any recommendations as to what cards to app for?  Do you think we wil get approved?  We both have 4 inquiries the past year, all mortgage related.

 

Any help you could provide would be appreciated!!

 

Thank you!

 

 

 


Congrats on the new home and you are cleared for takeoff (app)

Good Luck

This point should be stressed more here an app spree should not be encouraged because its not for every profile
A thick file will support more apps at one time while a thin file may see negative reaction to this process

IMHO 4+ at one time is to many for a new file and it should be kept to 1-3 a year but we get caught up sometimes in seeing the little wheel spin and the words approved
Established Member
Posts: 76
Registered: ‎08-11-2010
0

Re: Closed on Tuesday, safe to app now?

Sure you can, the home buying process is over. Congrats on your new home !!!!!!!!!!!!

Regular Contributor
Posts: 174
Registered: ‎04-30-2012
0

Re: Closed on Tuesday, safe to app now?


Zahnrosen wrote:
Yup, you're in good shape to apply if your mortgage is done. But, if you're still carrying credit card debt, I hate to think you're going to buy new appliances, etc... The interest rates on those balances are usually pretty ugly unless you've got a 0% for XX months promotion.

I agree on the Interest Rates....Our plan is to do the 0% and pay the balance during the promotion period.   We have the cash now, but we kind of like having a cushion at the moment. 

I don't know why, but we are nervous

 


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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Valued Contributor
Posts: 1,107
Registered: ‎02-15-2012
0

Re: Closed on Tuesday, safe to app now?

[ Edited ]
What is each of your income? I know you gave us HHI, but CC companies will be looking at each of you separately. What type of cards are you interested in? I would guess maybe a CU would be best, or Discover. Maybe Chase Freedom.

The problem for your wife might be that she has both car payments and the student loan, (will affect DTI) as well as the mortgage. She only has one CC, and it is a store card with a very low limit. To test things out for her I would try for a Walmart card. If she does not approve for the Discover version, she should for the store card. Being a GE card it will grow with her.

Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 844(9/15) EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 (9/15)EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (22.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (16.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Established Member
Posts: 76
Registered: ‎08-11-2010
0

Re: Closed on Tuesday, safe to app now?

You should get approved for a Lowe's card with no problem and GE is pretty generous with their credit limits and increases.

New Contributor
Posts: 67
Registered: ‎12-11-2008
0

Re: Closed on Tuesday, safe to app now?

Ya, I was pretty nervous this time last year when we closed on our first place. I found out patience was the answer. It'll work out fine for you both, it sounds like your making a lot of smart decisions already.
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Regular Contributor
Posts: 174
Registered: ‎04-30-2012
0

Re: Closed on Tuesday, safe to app now?


crunching_numbers wrote:
What is each of your income? I know you gave us HHI, but CC companies will be looking at each of you separately. What type of cards are you interested in? I would guess maybe a CU would be best, or Discover. Maybe Chase Freedom.

The problem for your wife might be that she has both car payments and the student loan, (will affect DTI) as well as the mortgage. She only has one CC, and it is a store card with a very low limit. To test things out for her I would try for a Walmart card. If she does not approve for the Discover version, she should for the store card. Being a GE card it will grow with her.

I make $80k and she makes $70k

I had a feeling she might have a tougher time than me getting approved.  The good thing is, the mortgage hasn't reported yet.  Would that play any factor in anything? 

 

I hope I can get at least $4k from Lowe's.  That would cover everything we need (Refrigerator, Washer, Dryer)

 

 

Thank you all for your help!


Starting Score:5/22/10 590
Current Score: 6/11/13 670
Lender Mid Score: 6/11/13 670

Goal Score: 700


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