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JJ82705
Posts: 14
Registered: ‎05-27-2013
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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!

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Senior Contributor
myjourney
Posts: 25,629
Registered: ‎02-07-2013
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Re: Getting approved for credit cards

[ Edited ]

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.

"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
New Member
JJ82705
Posts: 14
Registered: ‎05-27-2013
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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. 

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parakleet
Posts: 1,135
Registered: ‎04-13-2013
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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. 


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webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: Getting approved for credit cards

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


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New Member
JJ82705
Posts: 14
Registered: ‎05-27-2013
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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!

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Senior Contributor
myjourney
Posts: 25,629
Registered: ‎02-07-2013
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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

"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
New Member
JJ82705
Posts: 14
Registered: ‎05-27-2013
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Re: Getting approved for credit cards

THANK YOU!

Moderator
09Lexie
Posts: 25,101
Registered: ‎09-13-2012
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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.
New Member
JJ82705
Posts: 14
Registered: ‎05-27-2013
0

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? 


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