When to app? Pre or post Mortgage Reporting?

[Jutz]

Hey guys, wondering what your personal opinions might be. Closed on my mortgage a couple weeks ago and it hasn't reported yet, I assume it won't until after I make my first payment (Aug 1). I want to grab an everyday rewards card that I currently lack before hitting the garden for at least a year. If initial CL is my main concern, should I wait until after the mortgage reports, or prior?

While I'm asking for advice, I'm leaning towards Freedom because of the $100 sign on bonus, but is there a reason I should lean towards IT or BCE if my main motive is a high CL? I know I will get 2010 backdating with BCE. Is Chase always hard pull for CLI? What about AMEX/Discover?

[OptimalCS]

If your util and inquires are low go for it!

I went crazy too prior to my mortgage reporting. I know I would take a 10 point hit so I got 2 cards before it happened and I was right! 11 point hit 4 months after closing Wells Fargo reported.

[myjourney]

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@Jutz wrote:
Hey guys, wondering what your personal opinions might be. Closed on my mortgage a couple weeks ago and it hasn't reported yet, I assume it won't until after I make my first payment (Aug 1). I want to grab an everyday rewards card that I currently lack before hitting the garden for at least a year. If initial CL is my main concern, should I wait until after the mortgage reports, or prior?

While I'm asking for advice, I'm leaning towards Freedom because of the $100 sign on bonus, but is there a reason I should lean towards IT or BCE if my main motive is a high CL? I know I will get 2010 backdating with BCE. Is Chase always hard pull for CLI? What about AMEX/Discover?

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Your best time is now before the ding from the new mortgage hits your CR and congrats on the new home as well...GO FOR IT AND GOOD LUCK 

[Jutz]

Cool, thanks guys. To answer the question in the first response, my inquiries aren't terrible considering just finishing the mortgage process. My Util is just whatever my AMEX charge reports, which is like 400-500 total depending on the month.

Part of me thought having a mortgage might show "responsibility" but I guess in reality it's just more new debt. Any thoughts on the Chase CLI process? I think I've ruled out BCE even though backdating would be great, and the 61 day Amex policy is pretty awesome. I just don't buy enough groceries to be pumped about the bonuses.

[09Lexie]

Chase is usually a HP for CLI. The Amex is also good for gas too, not just groceries.

[Jutz]

I prefer the 5% two quarters a year with Freedom. During non 5% quarters maybe I'll find another gas card.

[thom02099]

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@myjourney wrote:

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@Jutz wrote:
Hey guys, wondering what your personal opinions might be. Closed on my mortgage a couple weeks ago and it hasn't reported yet, I assume it won't until after I make my first payment (Aug 1). I want to grab an everyday rewards card that I currently lack before hitting the garden for at least a year. If initial CL is my main concern, should I wait until after the mortgage reports, or prior?

While I'm asking for advice, I'm leaning towards Freedom because of the $100 sign on bonus, but is there a reason I should lean towards IT or BCE if my main motive is a high CL? I know I will get 2010 backdating with BCE. Is Chase always hard pull for CLI? What about AMEX/Discover?

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Your best time is now before the ding from the new mortgage hits your CR and congrats on the new home as well...GO FOR IT AND GOOD LUCK 

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+1 ! 

And depending on the mortgage lender, it could be several months before the mortgage reports to the credit bureaus.  Factors that can affect that are, if you went through a broker and the mortgage is not with a major player (Wells Fargo, BofA, etc), then the mortgage could be sold to one of the big players, or to another smaller player.  OR if it's with a major player like BofA, it still could take a few months to report.  When I had a BofA mortgage, it took 3 months before it hit all 3 CB, with EX being the last to report it.  And with my Wells Fargo refi a few years back, it still took 2 months before it reported to all 3. 

So....YES!  Now is the time to strike while the iron is hot ! ! !     Congrats on your mortgage success !

[09Lexie]

@thom02099 and myjourney

Are absolutely correct! My mortgage was with GMAC and I felt like they were faster than GE reporting!

[bribro]

+1 for applying now.

[OptimalCS]

Even though I saw an 11point ding across the board, my scores climbed to new highs several months later.

I found my scores soaring into the high 700. A place I had never been before.

My mortgage did more good than harm in the long run.