Credit Cards

[bellrod44]

I just closed on a house yesterday and would like to apply for a new card, I'm thinking the Chase Freedom. Does anyone have any suggestions if I should apply now or wait?

[somnipotent]

What do you have now?

[Revelate]

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bellrod44 wrote:

I just closed on a house yesterday and would like to apply for a new card, I'm thinking the Chase Freedom. Does anyone have any suggestions if I should apply now or wait?

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Can go now.  Once you've closed, you're pretty much free to chase whatever.  There's been some talk as to whether it's better to wait for the mortgage to report or not, but that's pretty much a wash based on what's in the rest of your credit profile.

[bellrod44]

All I've got right now is a BofA $1,000 secured card. I've had it about 8 months.

[maiden_girl]

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bellrod44 wrote:

All I've got right now is a BofA $1,000 secured card. I've had it about 8 months.

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Is that the only card that you have? Or have ever had? Chase likes to see at least one year of solid credit history. If you have one year of solid history...go for it!

[sccredit]

I did my app spree days after closing.  I didn't have any large credit lines but I did have a lot of age (AAoA at the time was 6 years).  Some people actually see a score drop (I saw a drop of 10 points when mine reported).  My feeling is that you should give the Freedom a shot and then reasses. 

[mistabgeez]

You should be fine. I had a CU Visa with a $500 limit and an eight month history when my mortgage was finalizd. Literally applied for Freedom two days after I had the keys to the house and was approved with a $1,500 limit. My advice is to apply.

[webhopper]

I would wait at least a couple of days to make sure your file doesn't get audited after closing; which would require the mortgage comapany to do another HP. Is your mortgage going to table fund?

[bellrod44]

I honestly know nothing about "table funding" or anything. I know I've got my keys in hand since Monday. I'll email my mortgage guy and ask him his thoughts on applying.

I'd be interested in picking up 2 more cards. I'm thinking either the Chase Freedom or Discover More. Thoughts? I'm also thinking Walmart or Home Depot.

What are your thoughts on these? I don't know a whole lot about them. I also had my BofA secured card changed to a secured 1-2-3 rewards card with them. I really want that to graduate to an unsecured card.

[bellrod44]

Update: I've just been informed that the mortgage has been closed and funded.