Reply
Established Contributor
cartercorp
Posts: 851
Registered: ‎07-01-2008
0

New Credit Cards with a new Mortgage..

I have a new mortgage that started reporting as of Jan 09. I would like to apply for 3 new CC in June 09, My mortgage will be 6 months old then. Will I have an issue with this even tho my mortgage will be 6 months old then. I would like to apply for

Home Depot

Sears

Costco Amex

Any thoughts?

Moderator Emeritus
WhirledPeasPlease
Posts: 3,418
Registered: ‎12-27-2007
0

Re: New Credit Cards with a new Mortgage..

Just don't apply for a Hooters card -- they're the big sticklers for ppl w/ young mtgs.

 

I app'd and rec'd SEVERAL cards after  my mtg appeared...  well, actually it's the second mtg on my report -- so it looks like I'm in a mess of debt.  Mtg debt is usually considered 'healthy' debt, kind of like SLs.

 

If your credit profile can support those cards, you should be set to apply whenever.  As always, YMMV.

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Frequent Contributor
2wheel
Posts: 408
Registered: ‎01-03-2009
0

Re: New Credit Cards with a new Mortgage..

I agree I got declined from hooters w 716 middle score because mortage was 1 year old
2wheel
Epic Contributor
Creditaddict
Posts: 20,108
Registered: ‎10-23-2007
0

Re: New Credit Cards with a new Mortgage..

after i got my first mortgage, everything I applied for was approved!!! not sure how it is now, but banks use to love good standing mortgages.

scores are still going to be huge factor besides just the mortgage though...

and why wait 6 months? trying to get higher scores? 

Fico Scores: EQ 673 DCU, TU 678 Wally, EX 669 Chase(08-31-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Express $300
Over 45 Cards in between :smileytongue:
Established Contributor
cartercorp
Posts: 851
Registered: ‎07-01-2008
0

Re: New Credit Cards with a new Mortgage..

Thanks Credit.

I plan on closing target and walmart in april (once they hit 1 yr old). Also i lost 40 points when the mortgage hit on ex (fako). My scores are around 657 now But i have about 30% util right now.

Established Contributor
cartercorp
Posts: 851
Registered: ‎07-01-2008
0

Re: New Credit Cards with a new Mortgage..


WhirledPeasPlease wrote:

Just don't apply for a Hooters card -- they're the big sticklers for ppl w/ young mtgs.

 

I app'd and rec'd SEVERAL cards after  my mtg appeared...  well, actually it's the second mtg on my report -- so it looks like I'm in a mess of debt.  Mtg debt is usually considered 'healthy' debt, kind of like SLs.

 

If your credit profile can support those cards, you should be set to apply whenever.  As always, YMMV.


 

Quote--(looks like im in a mess of debt)

Thats so funny....

 

When should i see my scores return to 700? I feel unconfortable applying at a 657?

Moderator Emeritus
WhirledPeasPlease
Posts: 3,418
Registered: ‎12-27-2007
0

Re: New Credit Cards with a new Mortgage..


cartercorp wrote:

WhirledPeasPlease wrote:

Just don't apply for a Hooters card -- they're the big sticklers for ppl w/ young mtgs.

 

I app'd and rec'd SEVERAL cards after  my mtg appeared...  well, actually it's the second mtg on my report -- so it looks like I'm in a mess of debt.  Mtg debt is usually considered 'healthy' debt, kind of like SLs.

 

If your credit profile can support those cards, you should be set to apply whenever.  As always, YMMV.


 

Quote--(looks like im in a mess of debt)

Thats so funny....

 

When should i see my scores return to 700? I feel unconfortable applying at a 657?


My crystal ball stopped working months ago.  :smileyhappy:  I also wouldn't put much value in the fact that your EX Fako dropped.  What's the before/after on TU and EQ?  Any large changes with those two?

 

Many people have frozen their EX since they can't pull their own scores, they don't want a creditor to be able to do so, either.  You might want to check out a site that offers information on who pulls what CB in your state.  HD and Sears are Citi products -- and the last two times I app'd for Citi (HD MC and UPromise MC) they pulled TU and EQ -- not sure which for each, but it was at least one of each.

 

And yes, I'm in a mess of debt..

 

Mortgage #1 from 02 was sold twice and refi'd once, and sold again, for a total of 5 TLs.

Mortgage #2 from Aug 08 has already been sold twice and refi'd once.. for a total of 4 TLs on a 6 mo old mtg.

SL debt is around 60k..

CC debt around 25k..

 

At one point when mtgs were reporting dups I was in over 420k in debt -- and I live in the most affordable metro area in the country (Indy)!

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.
Established Contributor
cartercorp
Posts: 851
Registered: ‎07-01-2008
0

Re: New Credit Cards with a new Mortgage..

Thanks WPP.

It looks like here in so cal Home Depot and Sears both pull EX. My home loan is with Citi Bank so that should be a good thing right? My Eq score dropped as well from 713 to 671 but im still at 30+% util.

Established Contributor
cartercorp
Posts: 851
Registered: ‎07-01-2008
0

Re: New Credit Cards with a new Mortgage..

BTW my loan was sold from wells fargo to citi bank in jan. Wells Fargo only reported my 2nd of $18,000. to Ex. And that is still showing open Wells Fargo has not closed out that trade line yet..Should i contact Wells Fargo to close out that trade line or just wait???
Moderator Emeritus
WhirledPeasPlease
Posts: 3,418
Registered: ‎12-27-2007
0

Re: New Credit Cards with a new Mortgage..

Ahh, sorry to hear about your "EX-ness"...

 

I'd give the mtg ppl 60 days from your closing date before you start poking them for updates.  Mtg debt really isn't a big deal (no score changes for me, at least), as long as you have at least one other installment loan showing as active.

 

It's my understanding that when they sell your mtg your AAoA will drop, so you could take a hit on that and due to the new acct.  You might be in better shape to app now, versus later, depending on how well your credit profile can handle those two things.

 

At the moment I've personally given up on Citi.  Heh, who knows how long they'll even be around!  :smileywink:

~*~*~*~*~*~*~*~*~*~*~
From 700 in 2008 to 498 in 2012...
4/23/12 -- BK 13 date of filing EQ = 505
4/18/12 -- EQ 498
12/5/13 -- EQ 669
Here we go.... back on track.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+