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Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Getting approved for credit cards

No question is dumb.

SP= soft pull on your credit report, doesn't affect your score

CLI= credit line increase
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Getting approved for credit cards


JJ82705 wrote:

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!


:smileysurprised:

 

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Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Re: Getting approved for credit cards


JJ82705 wrote:

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? 


Not a dumb question at all, we just have our own terminology.

 

Big list here:  http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#U88458

 

SP: Soft pull, or soft inquiry - won't negatively affect your credit score

CLI: Credit Limit Increase

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Getting approved for credit cards

@LS

ROFLMAO! I have no idea what that mortgage officer was thinking -
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Senior Contributor
Posts: 26,863
Registered: ‎02-07-2013
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Re: Getting approved for credit cards


09Lexie wrote:
No question is dumb.

SP= soft pull on your credit report, doesn't affect your score

CLI= credit line increase

Included it with the cap1 PM lol



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

oh lord...now I'm nervous! I've been keeping my cards just under 50%...is there a chance my closing won't go thru? This is our first home, first time doing any of this!

Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Getting approved for credit cards

Don't be nervous. If I were you, I'd get them down below 30%. ESP since you want to app for a cc immediately after closing. You want your credit reports to be updated with the lower utilization
Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: Getting approved for credit cards


JJ82705 wrote:

oh lord...now I'm nervous! I've been keeping my cards just under 50%...is there a chance my closing won't go thru? This is our first home, first time doing any of this!


If you have the money to pay down balances PIF all card other than 1 card and leave around 10% balance on that card.




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
New Member
Posts: 14
Registered: ‎05-27-2013
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Re: Getting approved for credit cards

Just paid them all waaay down. Just left a small balance. Hopefully we can get approved for at least $5,000 at lowes. Fingers crossed!

Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Getting approved for credit cards

After you close and you go to Lowes when you app, pick out the items you want to charge. When they try to open the acct, make sure you tell them ( if you have to recon the limit) that you just bought a house.

Post back with the results. Good luck!
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