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Getting approved for credit cards

Valued Contributor

Re: Getting approved for credit cards


09Lexie wrote:
@LS

ROFLMAO! I have no idea what that mortgage officer was thinking -

Same here! 

 


Gardening since 7/16/14
Current: EQ 711 7/13/14; EX 724 TU 721 6/19/14
Goal: 760+
Valued Contributor

Re: Getting approved for credit cards


JJ82705 wrote:

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. 


If you go to Lowe's for the fridge you want, have the sales people write up the purchase and then take

it to the service desk to apply, this is what my daughter did for a washer/dryer she wanted, they approved her

for 2500.00  and she had no credit, hope this helpsSmiley Wink


Starting Score TU 667 EQ 663 EX 655
Current Score TU 778 EQ 776 EX 781 Last Update 4/2016
Garden Club 04/10/2013
Moderator Emeritus

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!


Your mortgage officer is misinformed about how FICO really works Smiley Sad


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Established Contributor

Re: Getting approved for credit cards

I know nada about mortgages but I've heard this crazy advice about mortgage officers in other threads and have to wonder if they give this advice so they can charge a higher APR for lower scores? Just curious..
FICO: EQ 768 | TU 813 | EX 781

Amex BCE $25000, SFFCU Visa $15000 + LOC $5000, USAA Amex $6000, USAA MC $7000, Cap1 $8000, Freedom $12000, Slate $500, Barclays "RIP" SM $11500, USBank Cash+ $7500, Citi Diamond $7900, Citi Double Cash $3700, Care Credit $13500k.
My Credit Repair Journey
Super Contributor

Re: Getting approved for credit cards


09Lexie wrote:
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!

Agreed +1 

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?
Valued Contributor

Re: Getting approved for credit cards


kroberts67 wrote:
I know nada about mortgages but I've heard this crazy advice about mortgage officers in other threads and have to wonder if they give this advice so they can charge a higher APR for lower scores? Just curious..

Well that will be the ending result of a higher APR!  

 

The higher your utilization, the lower your score.  The lower your utilization, the higher your score.

 

You've done the right thing by paying your cards down and keeping a small balance on one CC.  If anything I'd have your mortgage guy pull your credit again after those new balances post to your reports to see how much of a change in scores you get.  This guy is just ignorant of how Fico scoring works.  If your utilization is at 50%, which is high as hell for Fico, and it drops to less than 10%, you should see a nice swing in your scores.  

 

To give you an example, my score on EQ was 730 with 3% utilization.  I'm at 18% now and my score is 707.  It won't be the same swing for everyone because depending on your credit profile it could more or less. 


Major CC's - Barclay's ($5.5K) | Barclay's Sallie Mae MC ($5K) | DCU ($7.5K) | Discover IT ($1.4K) | Genisys Visa ($1.4K) | NFCU Visa ($22K) | Navcheck ($15K) | Chase Freedom ($5K) | SDFCU Visa ($8K) | Amex BCP ($9.5K) | Amex Delta ($10K) |Store CC's| -Amazon ($4K) | Catherines ($850) | JCP ($4K) | Macy's ($1.7K) | Avenue ($850) | Victoria's Secret ($1.4K) | Walmart ($4.1K) | Paypal SC ($1.3K) | HSN ($2.5) | Sears ($2.6K) | Sams Club ($4.1K) |Goal|: Age with grace to 750 across the board |Last app|: 3/3/2014
Moderator Emerita

Re: Getting approved for credit cards

@kroberts67

Rates and commissions go hand in hand. Sounds to me that the LO wanted to have a little extra money on the back end and gave bad advice.
Super Contributor

Re: Getting approved for credit cards


09Lexie wrote:
@kroberts67

Rates and commissions go hand in hand. Sounds to me that the LO wanted to have a little extra money on the back end and gave bad advice.

I truly think so too.

Higher scores better loan rates .......hummm

OP if you havent lock rate in yet and can pay down cards might be worth a final look at the int% rate on the loan 

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?
New Member

Re: Getting approved for credit cards

We locked in our rate at 3.25%...I didn't think that was bad considering we had the minimum score to get approved, but apparently I should have been asking questions and browsing thru here sooner. Smiley Sad
Super Contributor

Re: Getting approved for credit cards


JJ82705 wrote:
We locked in our rate at 3.25%...I didn't think that was bad considering we had the minimum score to get approved, but apparently I should have been asking questions and browsing thru here sooner. Smiley Sad

Oh don't bother then your in good shape inspite of loan officers bad info but if you can afford to pay down cards before going on app spree it will look much much better for higher limits 

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?