I'm in escrow to buy a house, my credit is pretty good but I don't have very many credit cards. I have one Bank Card and two vendor cards. I want to get another bank card and vendor card after I buy my house to help with buying furniture and the like, but am wondering how I should proceed with applying.
A) Wait for the Mortgage to appear on my credit report before applying for the new credit cards.
B) Apply for the new credit cards after closing escrow but before the new mortgage appears on my credit report.
Specifically, I'm planning to apply for the Bank of America American Express Rewards card, and a Home Depot and possibly also Lowes.
I applied for my Home Depot and Lowes cards right after escrow but before my mortgage showed on my credit report. I had no problem getting either. For me, my mortgage didn't show for about 3 or 4 months, so I would have been waiting a while if I went that route. My score didn't really change when the mortgage hit my reports, but I would think that the whole "loan balance ratio" thing would be a negative if you let the mortgage report first.
My mortgage reported for close to a year before I apped for Lowes. Approved instantly, but limit was low...something like $400. I called them & told them I needed a fridge & can't get a thing with that limit....they upped me to $1600. Last summer (about 15 mos later) asked for an increase...$2900 total.
BUT....I tried for BoA twice...truned down both times. They don't like me & I don't know why. Apped for the nationwide Visa...3 days later, 10k! That beat anything BoA may have offered me.
What I learned here about cc's....get the one you're most likely to be approved for & the one that can give you something back. BEST yet...see if you can't join a credit union. They have, by FAR, the best cc & loan rates & limits. Takes some time, but do some homework & make those inq's count for something.