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Ready for my Mortgage to close so I can APP

Contributor

Ready for my Mortgage to close so I can APP

So prior to my mortgage app I paid off all my credit cards except for one which I left a 100 balance on I let everything report as zero balance and my score jumped 45 points. No I am just ready for this home loan to get closed so I can use this opportunity to go for CLI and maybe a couple new accounts so I can start buying new stuff for the house. Very frustrating since discover has a pop up when I log in saying your eligable for a credit line increase. I want to click the button so bad but I know the underwriter for my loan will go crazy if they happened to find out before the loan closes. 

Current Scores 738 EQ (FICO 02/15) 745 EX (Lender Pull FICO) 768 TU (FICO 02/15)

4% Utilization on 180k Total Available Creditlines

AMEX Platinum - NPSL, AMEX HH - 2.5k, BofA Travel Rewards - 25K, BofA 123 Cash Rewards - 15K, BofA Amex - 15K, Barclay Black Card - 10K, Chase United Club - 9.6K, Chase Sapphire Preferred - 14k, Discover More - 7.5K, Citi Presitge - 20K, Nationwide Bank - 7.5K, Dillard's - 5K, JCP MasterCard - 12K, Capital One Venture - 3K, Capital One Quicksilver - 10k, Wells Fargo - 6K, Lowe's - 10K,
Message 1 of 9
8 REPLIES
Valued Contributor

Re: Ready for my Mortgage to close so I can APP

Yeah I would be pulling my hair because the Discover luv button showed up! Its tempting, but you dont want to risk it. 


Last Pulled EQ: 809
Last Credit Card App: 02/05/2016
Last CLI: 02/06/2016
Find Me: Gardening
Message 2 of 9
Established Contributor

Re: Ready for my Mortgage to close so I can APP

Discover is usually EXCELLENT in letting you know in advance wether it will be a sp or hp for the cli. Id go for it unless they state it will be a Hp.


Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 Smiley Wink
Message 3 of 9
Valued Contributor

Re: Ready for my Mortgage to close so I can APP

Yep I know how you feel. I have a brand new Chase Freedom in my wallet that I can't use. Sucks! Hopefully I will still close by the end of the month...coming down to the wire.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 4 of 9
Frequent Contributor

Re: Ready for my Mortgage to close so I can APP

is it really that bad? I got a mortgage last year that closed in june and I remember i had a decent amount utlized on my credit cards and I had just recieved my chase slate in april. The broker asked me about my credit card I had just opened and I just told her that I did it to do a balance transfer but I hadnt been planning on buying this house and it came up so I went for it. I didnt use any of the credit line though because the stupid credit limit was a quarter of what I needed to transfer the balance. That was the only thing I heard about it and she never mentioned it again. 


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 5 of 9
Valued Contributor

Re: Ready for my Mortgage to close so I can APP

They don't want me to use the Chase Freedom because I got it after preapproval. One of my conditions by the underwriter was to provide my new account number, credit limit, and current balance.

The biggest issue is making sure you still qualify a month or two after preapproval as lenders pull your credit right before closing and if it is bad, you won't close and will have to say bye bye to mortgage. Luckily, my credit reports are better than at preapproval, as my UTIL went from 28% to 26%. I did that on purpose and yes that is micromanaging but I must close on this house!! LOL

I even got a letter from the lender advising me not to charge large purchases, or obtain any new credit but those guidelines are really credit score specific. If you barely qualify at preapproval, you definitely don't want to do those things. But my score is 43 pts above the min so my new car lease in Nov, and new Chase Freedom this month didn't ruffle any feathers but I don't want to press my luck! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 6 of 9
Frequent Contributor

Re: Ready for my Mortgage to close so I can APP

I see. Congrats on the houses guys.  or gals


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 7 of 9
Valued Contributor

Re: Ready for my Mortgage to close so I can APP

Thanks! :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 8 of 9
Highlighted
Contributor

Re: Ready for my Mortgage to close so I can APP

They just told me not to add any new accounts. Mine is a tricky situation as they are not allowing me to use my fiance's income due to her being a non purchasing party since we are not married and her score would have hurt my approval as she did not meet min qualifications. So any new accounts could throw my DTI off making me not qualify. I am told the underwriters look at every credit account as a what if he maxxed it out scenario. So no CLI or new apps till after the ink is on the contract then its open season. I have heard discover is very good with letting you know hp or sp but I am scared to chance it. 

Current Scores 738 EQ (FICO 02/15) 745 EX (Lender Pull FICO) 768 TU (FICO 02/15)

4% Utilization on 180k Total Available Creditlines

AMEX Platinum - NPSL, AMEX HH - 2.5k, BofA Travel Rewards - 25K, BofA 123 Cash Rewards - 15K, BofA Amex - 15K, Barclay Black Card - 10K, Chase United Club - 9.6K, Chase Sapphire Preferred - 14k, Discover More - 7.5K, Citi Presitge - 20K, Nationwide Bank - 7.5K, Dillard's - 5K, JCP MasterCard - 12K, Capital One Venture - 3K, Capital One Quicksilver - 10k, Wells Fargo - 6K, Lowe's - 10K,
Message 9 of 9