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100down0monthly
Posts: 164
Registered: ‎04-16-2013
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Not just another "chances of approval" thread

Basically, I WANT to stick to gardening.  I feel I have all the cards I need for now, and really want a mortgage at the best possible rate in around April 2014.  About a week ago, I went ahead and apped for the Paypal MC and Wally DC.  Both approved at 3k/1.6k.  Today my wally card arrived along with a letter from GE/Paypal saying that I was was approved, but not at the best rate (some "by law" verbage) and my card will arrive soon.  Both letters had TU FICOs that were 751....and both also said the FICOs were lowered because I don't have any "installment loan" info on my reports. 

 

Now the question.  Being that I'm satisfied with cards, should I go ahead and app for navcheck (I just joined NFCU), which I'm guessing would report as an installment?  I've already told NFCU that I'm holding off on new TLs for now when offered a VISA and I'm happy as hell not having a car payment.   I'm 9 months out from apping for my mortgage...but really want to keep inqs at a minimum.


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enharu
Posts: 6,889
Registered: ‎02-27-2013
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Re: Not just another "chances of approval" thread

IMO if you are getting a mortgage soon, I would focus on keeping your DTI as low as possible.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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myjourney
Posts: 26,140
Registered: ‎02-07-2013
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Re: Not just another "chances of approval" thread

[ Edited ]

100down0monthly wrote:

Basically, I WANT to stick to gardening.  I feel I have all the cards I need for now, and really want a mortgage at the best possible rate in around April 2014.  About a week ago, I went ahead and apped for the Paypal MC and Wally DC.  Both approved at 3k/1.6k.  Today my wally card arrived along with a letter from GE/Paypal saying that I was was approved, but not at the best rate (some "by law" verbage) and my card will arrive soon.  Both letters had TU FICOs that were 751....and both also said the FICOs were lowered because I don't have any "installment loan" info on my reports. 

 

Now the question.  Being that I'm satisfied with cards, should I go ahead and app for navcheck (I just joined NFCU), which I'm guessing would report as an installment?  I've already told NFCU that I'm holding off on new TLs for now when offered a VISA and I'm happy as hell not having a car payment.   I'm 9 months out from apping for my mortgage...but really want to keep inqs at a minimum.


Sounds like a chance of approval to me Lol

Stick with getting mortgage

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


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100down0monthly
Posts: 164
Registered: ‎04-16-2013
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Re: Not just another "chances of approval" thread

Damn garden gnome guardians with TEETH!.  Seriously though, would it help my scores enough?  I really don't "need" an installment line...


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enharu
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Registered: ‎02-27-2013
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Re: Not just another "chances of approval" thread

An installment loan will definitely help for your mortgage in the long run, but not sure if its going to harm you if your going to get a mortgage in just 9 months from now. You want to minimize on new accounts and lower your DTI as much as you can before you get a mortgage. That being said, your income plays a big part as well.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
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GatorGuy
Posts: 351
Registered: ‎06-02-2013
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Re: Not just another "chances of approval" thread

9 months out? I would definitely stay focused on the mortgage rather than an installment loan you don't need.

If women didn't exist, all the money in the world would have no meaning. -- Aristotle
Starting Score: 777
Current Score:  761
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LS2982
Posts: 15,434
Registered: ‎04-09-2011
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Re: Not just another "chances of approval" thread


100down0monthly wrote:

Damn garden gnome guardians with TEETH!.  Seriously though, would it help my scores enough?  I really don't "need" an installment line...


If you dont need it, don't apply for it.

 

:smileyhappy:




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
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100down0monthly
Posts: 164
Registered: ‎04-16-2013
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Re: Not just another "chances of approval" thread

My DTI is ridiculously low.  I mean heck, I paid cash for a car instead of financing one.  My UTI is less than 1%.  I just hope for the best rate, as a house isn't exactly a small purchase for me. 


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myjourney
Posts: 26,140
Registered: ‎02-07-2013
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Re: Not just another "chances of approval" thread


100down0monthly wrote:

Damn garden gnome guardians with TEETH!.  Seriously though, would it help my scores enough?  I really don't "need" an installment line...


Lol 

Depending on the size of your file it can go either way help or hurt IMHO just get ready for mortgage

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/6/13


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enharu
Posts: 6,889
Registered: ‎02-27-2013
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Re: Not just another "chances of approval" thread

IMHO just focus on the mortgage
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

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