Reply
Regular Contributor
ccubedzx3
Posts: 171
Registered: ‎04-30-2012

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


Take the FICO Fitness Challenge
Valued Contributor
madmann26
Posts: 1,402
Registered: ‎08-30-2012

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.

 


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $1.5k; NFCU Cash Rewards $22K; AMEX BCE $6k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
New Contributor
Zahnrosen
Posts: 67
Registered: ‎12-11-2008

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
myjourney
Posts: 25,277
Registered: ‎02-07-2013

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

"Intelligence plus character--that is the goal of true education"
Cap1 EO link below
http://lmgtfy.com/?q=Capital+One+CEO+email+address+#seen
Last 5 apps 6/6/13
Established Member
fabadvice
Posts: 76
Registered: ‎08-11-2010

Re: Closed on Tuesday, safe to app now?

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

Regular Contributor
ccubedzx3
Posts: 171
Registered: ‎04-30-2012

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


Take the FICO Fitness Challenge
Valued Contributor
crunching_numbers
Posts: 1,093
Registered: ‎02-15-2012

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: 748 TU(12/12), 783 TU98 , 813 TU08 FICO, 744 EQ FICO , 735 EX(9/12), 794 EX08 FICO, 809 EX08 bankcard FICO
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (20.7K), BofA Travel Rewards ($17.5), B&N World MC ($17.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (15K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig ($8.6K), Disc It ($8K), Citi Dia Pref MC ($3.7K),Sam's D ($8.5K), Wally D ($7.5K), JCP($5.3K)
Established Member
fabadvice
Posts: 76
Registered: ‎08-11-2010

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
Zahnrosen
Posts: 67
Registered: ‎12-11-2008

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.
Regular Contributor
ccubedzx3
Posts: 171
Registered: ‎04-30-2012

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


Take the FICO Fitness Challenge

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+