cancel
Showing results for 
Search instead for 
Did you mean: 

Getting approved for credit cards

tag
JJ82705
New Member

Getting approved for credit cards

Hi All! I apologize if this is in the wrong forum, but my husband and I are scheduled to close on our house June 24th and we want to take advantage of some credit card offers such as the save 10% by opening up a lowes card for example. Our scores are 650ish as of March and we haven't done opened any accounts, been late or had our credit ran since then so I'm assuming they are even higher now.  I'm afraid of having to many inquiries on our report and hindering us getting credit later on if we were to need it.  We have worked so hard getting our scores up I don't want to hinder. We both have a credit card now, but the limits are only $300 and then we have two auto loans. How can I get a higher limit? Should we apply for all of  them the same day? Is it true any inquiries within a two week period only count as one inquiry?  We know we can't apply until after close, but should we go straight to the stores after closing or would it be better to let the mortgage hit our account or would that just lower our score? Any advice is really appreciated! Thank you!

Message 1 of 39
38 REPLIES 38
myjourney
Super Contributor

Re: Getting approved for credit cards


@JJ82705 wrote:

Hi All! I apologize if this is in the wrong forum, but my husband and I are scheduled to close on our house June 24th and we want to take advantage of some credit card offers such as the save 10% by opening up a lowes card for example. Our scores are 650ish as of March and we haven't done opened any accounts, been late or had our credit ran since then so I'm assuming they are even higher now.  I'm afraid of having to many inquiries on our report and hindering us getting credit later on if we were to need it.  We have worked so hard getting our scores up I don't want to hinder. We both have a credit card now, but the limits are only $300 and then we have two auto loans. How can I get a higher limit? Should we apply for all of  them the same day? Is it true any inquiries within a two week period only count as one inquiry?  We know we can't apply until after close, but should we go straight to the stores after closing or would it be better to let the mortgage hit our account or would that just lower our score? Any advice is really appreciated! Thank you!


Welcome to the forum and congrats on the new home 

The cards you have now who are they with?

INQ's are not counted as one unless its from auto shopping but yes you should in fact do all app's at the same time frame of say a week.

 

I personally like to do all mine the same day.

As soon as you have the keys in hand at closing i would app the same day before the home hits your CR and Lowe's is a good choice as well as Homedepot.

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 39
JJ82705
New Member

Re: Getting approved for credit cards

Thank you! We both have a capital one and a orchard bank, all below 50% of the balance. Do you know what credit score lowe's is to get a good limit? I would like to get the fridge I want but thats upwards $2,000. I'm really not wanting to waste time applying on low limits. 

Message 3 of 39
parakleet
Valued Contributor

Re: Getting approved for credit cards

If you're saying that your util rate is 50% on your cap1 and orchard bank cards, I'm sure the advice that will follow from others is for you to get that down below 10% before you app. 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Message 4 of 39
webhopper
Moderator Emeritus

Re: Getting approved for credit cards

if you apply in the store with Lowes, you can call and recon the credit limit....

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

Goal: Gardening!


Message 5 of 39
JJ82705
New Member

Re: Getting approved for credit cards

Really? Our mortgage officer advised us to always keep our cards at 50% because thats where we get the best rates and credit scores. Thats really interesting. Thank you!

Message 6 of 39
myjourney
Super Contributor

Re: Getting approved for credit cards


@webhopper wrote:

if you apply in the store with Lowes, you can call and recon the credit limit....


+1 and I will send you a PM for CAP1 CLI as well

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 39
JJ82705
New Member

Re: Getting approved for credit cards

THANK YOU!

Message 8 of 39
09Lexie
Moderator Emerita

Re: Getting approved for credit cards

Welcome to the forum!

Obviously you will be doing your app'ng after your home closes- congrats on buying a home! As others have stated, Lowes part of GE, will be your best bet. Not only can you recon your CL but they are very generous with SP's via auto CLI's. Util over 30% on a thin file is not a good idea - it should really be below 10% if you are trying to get approved.
Message 9 of 39
JJ82705
New Member

Re: Getting approved for credit cards

Obviously you will be doing your app'ng after your home closes- congrats on buying a home! As others have stated, Lowes part of GE, will be your best bet. Not only can you recon your CL but they are very generous with SP's via auto CLI's. Util over 30% on a thin file is not a good idea - it should really be below 10% if you are trying to get approved.

 

 

 

sorry if this is a dumb question but what is a SP and CLI? 

Message 10 of 39
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.