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Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: New mortgage, too soon?


bellrod44 wrote:

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.


Chase Freedom, Discover More,  Amex Charge Card... any of these would be good choices.   You may want to look at the Walmart Discover or Lowes if you're interested in a 0% financing deal


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
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Razeus
Posts: 387
Registered: ‎04-02-2012
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Re: New mortgage, too soon?

I closed my home August 9th.  Two weeks later, I went 5 for 5 on an app spree and added $18k of credit plus a NPSL card.  Could have been just luck as I've never been approved for anything prime type cards EVER.  Also because I've been shaping up my credit file for over a year.

 

However, the week after I closed, I was denied a credit from a furniture store that used Wells Fargo as their financier.  The same bank that approved and funded my mortgage...

 

So, I'm approved by Wells Fargo for a mortgage, denied by them for furniture credit a week later, 2 weeks later, I go 5 for 5.


I see clearly now that this is all just a game of complete randomness.

My Wallet:
Discover It $11,000 | Chase Freedom $5,000 | AMEX BCE $3,000 | Paypal Extras Platinum $5,000 | Wells Fargo $1,000 | AMEX Zync NPSL
Contributor
bellrod44
Posts: 76
Registered: ‎12-05-2011
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Re: New mortgage, too soon?


Razeus wrote:

I closed my home August 9th.  Two weeks later, I went 5 for 5 on an app spree and added $18k of credit plus a NPSL card.  Could have been just luck as I've never been approved for anything prime type cards EVER.  Also because I've been shaping up my credit file for over a year.

 

However, the week after I closed, I was denied a credit from a furniture store that used Wells Fargo as their financier.  The same bank that approved and funded my mortgage...

 

So, I'm approved by Wells Fargo for a mortgage, denied by them for furniture credit a week later, 2 weeks later, I go 5 for 5.


I see clearly now that this is all just a game of complete randomness.


Thank you for the information! Congrats on the house!

 

I'm thinking of just adding two. I'm not thinking Discover More and Lowe's or Wal-Mart Discover.

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
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Re: New mortgage, too soon?

Discover More and Lowes would be a good combination.


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!



Take the myFICO Fitness Challenge
Contributor
bellrod44
Posts: 76
Registered: ‎12-05-2011
0

Re: New mortgage, too soon?


Web,

 

I'm thinking you're right about that. Thank you for your input. I've never been one to carry much credit, but I think it's time to have some as a backup.

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Contributor
bellrod44
Posts: 76
Registered: ‎12-05-2011
0

Re: New mortgage, too soon?

So, I just apped online and was denied for the Discover More card. Does anyone have any ideas? Should I call and ask them to recon, or is there another card I should app for (maybe Chase Freedom)? If I was denied by Discover would Chase deny me as well?

Cards in my wallet: BofA 1-2-3 Rewards - $3,000 (5/2012), Walmart - $350 (9/2012), Home Depot - $500 (10/2012), US Bank - $1,000 (11/2012)
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: New mortgage, too soon?


bellrod44 wrote:

So, I just apped online and was denied for the Discover More card. Does anyone have any ideas? Should I call and ask them to recon, or is there another card I should app for (maybe Chase Freedom)? If I was denied by Discover would Chase deny me as well?


Not necessarily... You should app for Chase Freedom and attempt to recon Discover... For what its worth, I applied for Discover Open Roads and Chase Amazon on same day.  I was denied the discover, dispite having the More for 13 years. I was approved for Chase Amazon on recon with 5k limit.  Discover cited the number of inqs as the primary reason.  Chase analyst was able to look at the inquiries and clearly see they were mortgage related and that I hadn't been going crazy with CC apps.

Go for Chase Freedom or Chase Amazon.


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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RW771
Posts: 311
Registered: ‎08-16-2011
0

Re: New mortgage, too soon?

 


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?


As long as it has closed AND funded you should be good to go! I closed on my home last December and the same day I was handed my keys applied for a Home Depot card and furniture store card, both of which I was given pretty good CL's. Home Depot had some pretty good 0% options going on so I took advantage of that and bought stuff I needed to work on my house.

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

New Contributor
mistabgeez
Posts: 55
Registered: ‎06-27-2012
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Re: New mortgage, too soon?


webhopper wrote:

bellrod44 wrote:

So, I just apped online and was denied for the Discover More card. Does anyone have any ideas? Should I call and ask them to recon, or is there another card I should app for (maybe Chase Freedom)? If I was denied by Discover would Chase deny me as well?


Not necessarily... You should app for Chase Freedom and attempt to recon Discover... For what its worth, I applied for Discover Open Roads and Chase Amazon on same day.  I was denied the discover, dispite having the More for 13 years. I was approved for Chase Amazon on recon with 5k limit.  Discover cited the number of inqs as the primary reason.  Chase analyst was able to look at the inquiries and clearly see they were mortgage related and that I hadn't been going crazy with CC apps.

Go for Chase Freedom or Chase Amazon.


+1

AMEX BCE $18,000 Citi Forward $6500 USAA $6000
Chase Freedom $2500 Discover It $4000
M & T Visa $2500 CU Visa $2500 Walmart $2200

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