cancel
Showing results for 
Search instead for 
Did you mean: 

Hello all, I'm new. Thoughts on my situation?

New Contributor

Hello all, I'm new. Thoughts on my situation?

Hi everyone, I'm very excited to join this forum - seems like an unbelievable wealth of information.  I'm obviously not up to speed with everyone else's knowledge.  My goal is to purchase the condo I'm currently living in next August, with the best mortgage rate possible.  My credit score isn't great due to high utilization, which I'm currently working on bringing down.  Credit Karma (also recently joined that) says my TransUnion score is 674, and FreeCreditReport.com (been a member of that for many years) says my Experian score is 676.  Don't know about my Equifax.  Here are my cards:

 

credit union Visa card from high school - $200, just requested a CLI and was denied (resulted in HP)

Citi Thank You - $300, just closed it yesterday b/c CLI was denied last month (SP only)

Capital One Platinum - $500

credit union Visa card associated with university - $1500

Citi Platinum Select - $2000

Chase Amazon Rewards - $3300

Bank Americard Cash Rewards Visa Signature - $5000

Victoria's Secret Angel - $3650

Express - $2530

New York & Company - $2400

Old Navy - $1500

Ann Taylor - $850

JCrew - $250

Macy's - $600

GE CareCredit - $4000

GE Ashley Furniture - $2000

 

Yesterday, I went on what is apparently called an "app spree":

 

Chase Sapphire (not Preferred) - approved for $5000

Amex Blue - approved for $1000

Citi Platinum Select AAdvantage World MasterCard - denied

US Bank Platinum Visa - app still processing

 

I could benefit from all of your expertise: should I close anything? Request CLI on anything? Submit any new apps? Garden? (I love that term!).  My current utilization is about 47% (still paying off my wedding from two years ago), but coming down every month. My salary: $110,000.  DH's salary:  $93,000.  DH has Citi Forward ($4000) and Discover ($6000).  I'm an authorized user on the Discover, but not the Citi Forward.  I have substantial student loans from law school.  No late payments on anything.  My goal is the best possibile credit score by July 2014.  Advice???

 

 

Chase Sapphire Preferred $18,000 | Bank of America Cash Rewards Visa Signature $10,000 | Amex BCE $9000 | Chase Sapphire $7500 | Discover More Cash Rewards $7200 | Chase Amazon Rewards $6600 | Capital One Quicksilver $2000 | CareCredit $10,000 | Ashley Furniture $2000 | Macy's $2500 | Victoria's Secret $3650 | Express $2830 | New York & Company $2700 | Old Navy $1500 | Ann Taylor $1450 | JCrew $1150
Message 1 of 33
32 REPLIES
Community Leader
Super Contributor

Re: Hello all, I'm new. Thoughts on my situation?

First, welcome to the boards!!!

Yes, there's a vast knowledge out there, and you're at the right place!! I would first say that if you're trying to buy a condo, stopping apping now!! Lol.... No more apping, and by the looks of it, you don't need anymore cards!

Go to the garden seriously, until you are ready to apply for your mortgage. Your loan officer will tell you no more apps, and don't try for CLI either. Just sit tight and garden. Someone with more experience will chime in here as wellSmiley Happy

Good luck and welcome!!!
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 2 of 33
Community Leader
Super Contributor

Re: Hello all, I'm new. Thoughts on my situation?

FYI..... One of the mods (moderators), might move this post to the "mortgage " section too. It border lines both credit and mortgageSmiley Happy stick around here and you'll find answers that you need!! We have a lot of people who have great advice because they have "been there, done that", and also because they are just freaking loaded with knowledge.
Again, welcome!!Smiley Happy
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 3 of 33
Valued Contributor

Re: Hello all, I'm new. Thoughts on my situation?

Yes,,no apps at least six months prior to apping for a mortgage. You have sufficient credit already. First you should get real fico scores from this site, all the scores you mentioned are fakos and may not necessarily give you a good picture of where you are starting from. Paying down your utilization and checking your reports for any baddies that might be reporting will maximize your scores. Welcome to the forums and good luck with the mortgage.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Message 4 of 33
Moderator

Re: Hello all, I'm new. Thoughts on my situation?


pizza1 wrote:
FYI..... One of the mods (moderators), might move this post to the "mortgage " section too. It border lines both credit and mortgageSmiley Happy stick around here and you'll find answers that you need!! We have a lot of people who have great advice because they have "been there, done that", and also because they are just freaking loaded with knowledge.
Again, welcome!!Smiley Happy

Grin, this one's more about credit cards and making things look pretty which is different than attempting to get a mortgage underwritten which is what the topics in Mortgage are usually about.

 

Regardless, welcome to the forum catlady!

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 5 of 33
Community Leader
Super Contributor

Re: Hello all, I'm new. Thoughts on my situation?

@revelate....LOL..... That why is said "might", hahaha left me some wiggle roomSmiley Wink but you're right!! Smiley Happy also that why I said someone with more experience will chime in too.... Hence you're here! Lol!!!! Smiley HappySmiley Happy
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 6 of 33
Moderator Emerita

Re: Hello all, I'm new. Thoughts on my situation?

Welcome to the forum. Congratulations on your approvals. You indicate your util is at 47% is that before or after your approvals? What are the balances on your cc's?
Message 7 of 33
Community Leader
Super Contributor

Re: Hello all, I'm new. Thoughts on my situation?

And here comes 09lexie!!!

Told you the experience would say hello and chime in, lol!!Smiley Happy lexie had a good point
(BK7 d/c-08/2013/FICO-400's) ~ 07/2017 FICO 08- EQ-669, TU-676, EX-681
Scores being held down by tons of INQ/New acts Smiley Wink
Message 8 of 33
Super Contributor

Re: Hello all, I'm new. Thoughts on my situation?


starry1 wrote:
Yes,,no apps at least six months prior to apping for a mortgage. You have sufficient credit already. First you should get real fico scores from this site, all the scores you mentioned are fakos and may not necessarily give you a good picture of where you are starting from. Paying down your utilization and checking your reports for any baddies that might be reporting will maximize your scores. Welcome to the forums and good luck with the mortgage.

starry1 wrote:
Yes,,no apps at least six months prior to apping for a mortgage. You have sufficient credit already. First you should get real fico scores from this site, all the scores you mentioned are fakos and may not necessarily give you a good picture of where you are starting from. Paying down your utilization and checking your reports for any baddies that might be reporting will maximize your scores. Welcome to the forums and good luck with the mortgage.

Well, get the EX score from this site.  Don't think there is much value for mortgage purposes in the TU sold here.

Message 9 of 33
New Contributor

Re: Hello all, I'm new. Thoughts on my situation?

Thanks for the welcome! Smiley Wink

Chase Sapphire Preferred $18,000 | Bank of America Cash Rewards Visa Signature $10,000 | Amex BCE $9000 | Chase Sapphire $7500 | Discover More Cash Rewards $7200 | Chase Amazon Rewards $6600 | Capital One Quicksilver $2000 | CareCredit $10,000 | Ashley Furniture $2000 | Macy's $2500 | Victoria's Secret $3650 | Express $2830 | New York & Company $2700 | Old Navy $1500 | Ann Taylor $1450 | JCrew $1150
Message 10 of 33