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Should I wait??

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Anonymous
Not applicable

Should I wait??

Hi guys,  well, my EX score jumped today from 638 to 677.  Eq is 645 and TU is 636.  I haven't applied for a new card since my score was 594.   I would like to get another one to help my util.  I have the basic sub 3  (orchard, first prem and cap 1 ) with a total limit of $1050.  I don't want to apply if I have to take a hit with an inquiry.  I am shopping for a new mortgage and have had several inquiries lately.  Should I wait til my score goes up or is there a company more likely to extend a card with a median of 645? 
 
PS.  My score has been climbing thanks to all of you and this amazing site.......thanks!!!!!!!!
Message 1 of 6
5 REPLIES 5
phumanr
Frequent Contributor

Re: Should I wait??

Hi,
 
With your scores, there are cards that would approve you, but I would NOT apply for anything if you are shopping for a mortgage...I would play it safe until you close on your home. Your scores could get dinged for inq., although when you are approved, the higher CL would help with your UTIL, but you will not know until they post to the bureaus.
 
Phumanr
Message 2 of 6
Anonymous
Not applicable

Re: Should I wait??



juliemgates wrote:
Hi guys,  well, my EX score jumped today from 638 to 677.  Eq is 645 and TU is 636.  I haven't applied for a new card since my score was 594.   I would like to get another one to help my util.  I have the basic sub 3  (orchard, first prem and cap 1 ) with a total limit of $1050.  I don't want to apply if I have to take a hit with an inquiry.  I am shopping for a new mortgage and have had several inquiries lately.  Should I wait til my score goes up or is there a company more likely to extend a card with a median of 645? 
 
PS.  My score has been climbing thanks to all of you and this amazing site.......thanks!!!!!!!!


 
How long ago did you app for your last card?  What is your overall utilization? The scores here are clasic FICO some banks use a credt card model score.  So those questions are very important.  Either way I say go for it.  You may want to wait for a pre-approval offer cause a lot of times they beat those offered to the general public.
 
PS The previous poster is right.  Wait til after you've moved into your new house.


Message Edited by Brammy on 09-09-2007 03:57 PM
Message 3 of 6
Anonymous
Not applicable

Re: Should I wait??

Hey Bram, ok well i have not applied for a card for about a year.  My util is at 22-26%.  I  am actually looking to refi but I think I should wait for another 6 mos.  The rates are absurd and I really want to see if I can get into the 700's first.  Is there a card that would be better than others based on my situation?
Message 4 of 6
Anonymous
Not applicable

Re: Should I wait??



juliemgates wrote:
Hey Bram, ok well i have not applied for a card for about a year.  My util is at 22-26%.  I  am actually looking to refi but I think I should wait for another 6 mos.  The rates are absurd and I really want to see if I can get into the 700's first.  Is there a card that would be better than others based on my situation?


 
I would apply if you are going to wait 6 mos. Try Wamu or even a credit union like CCCU JFCU or PenFed.  Much better with the limits

Message 5 of 6
Anonymous
Not applicable

Re: Should I wait??

I am in active househunter mode, so I ain't applying for ANYTHING.
 
You might try calling your CCCs and talking to them. Tell 'em you're starting to look for a house, and you're hoping they can help you out in your search with a CLI. Tell 'em you know that a low debt ratio will help, and you'd like to see about getting a CLI. Tell 'em you don't want to get any INQs on your CRs because you know the mortgage company will do several INQs and won't wanna see other new ones. Ask whether, under the circumstances, and with your positive history with the CCC, could they grant you a CLI without doing an INQ.
 
The subtle implication in the undercurrent of the conversation should be, "If you work with me, I'll get my home loan at your bank."
 
You don't wanna come right out and directly pimp yourself by offering to do your home loan with them if they'll do this for you. Johns get scared when hookers start talking specifics.
 
They wanna hear, "Heh, baby! How you doin'? Looking for a date 'cause you are so fine."
 
They don't wanna hear, "I'll have sex with you for money."
 
I'm not just the President of the Credit-Ho Club For Men. I'm also a client.
Message 6 of 6
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