12-09-2012 07:39 AM
I found this board back in August and it has raised my score 37 points(scorewatch).Thank you everyone!
History: Bk7 discharged 08/09
Reaffirmed and paid off one auto and financed two other vehicles since bk discharged
Aaoa: 8 Years
Credit score: 701(scorewatch on 12/12) Starting score 664ex 666tu lender pull on 08/12
Preappoved(lender broker) for VA loan $285,000 new construction home scheduled to close in Feb. 2013. (there is always a chance that it won't happen but if it does)
Yearly Household Income: 102,000
Bank at local credit union for over one year with over $10000 in savings(can't touch need to show reserves for closing).
Credit One 0/1000
Capital One 0/750
Capital One 0/1000
First Primier 0/300
GE RoomstoGo 1747/5000
JC Penny(wife's) 0/800
After we close on home, I really want to refinance my current vehicle 9.9% to credit union's 3.0% and apply for one of their rewards Visa. I would also like to apply for a Walmart Discover and maybe an Amazon Store Card. Do you think this is fesible? How long after closing should I apply? What kind of limits could I expect? Any other suggestions you may have would be welcomed. Love the forum and thanks again.
12-09-2012 07:54 AM
Make sure you don't jump the gun on anything. As you seem to know, the mortgage is by far the most important thing happening for you right now. Not to mention, the construction aspect of this loan may complicate some of the process. I've never been involved in a construction financing deal, so maybe someone else can offer more insight into if lenders pull after closing (disbursement of funds is usually laddered to pay only for costs that are actually incurred).
But, before you do ANYTHING with credit cards, the auto loan refinances will make the most impact on your wallet, so I would take care of those first. Maybe in March/April. You want to be comfortable with the mortgage situation and give it a few weeks to settle in. Then, if it was me, I would see what happens with my score in that amount of time, after all the inquiries and new accounts get onto my reports and then look at my credit card options. It is very possible that with your BK showing and after adding new accounts, your scores might not be ready for new credit cards. BUT, the great news is that once all this excellent activity ages (6 mos - 1 year) your scores will almost certainly go even higher than they are now. Temporary setbacks make for long term success.
Congratulations on making a credit comeback, and good luck in the future! But seriously, stay away from this forum if you have any urges to apply before March. We are notoriously bad influences, and you can't afford to let us convince you to make poor decisions.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.