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Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

When to app? Pre or post Mortgage Reporting?

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?
  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Frequent Contributor
Posts: 408
Registered: ‎07-31-2010
0

Re: When to app? Pre or post Mortgage Reporting?

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.

CARDS.jpg

Community Leader
Senior Contributor
Posts: 30,749
Registered: ‎02-07-2013
0

Re: When to app? Pre or post Mortgage Reporting?


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?

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 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: When to app? Pre or post Mortgage Reporting?

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.
  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: When to app? Pre or post Mortgage Reporting?

Chase is usually a HP for CLI. The Amex is also good for gas too, not just groceries.
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012
0

Re: When to app? Pre or post Mortgage Reporting?

I prefer the 5% two quarters a year with Freedom. During non 5% quarters maybe I'll find another gas card.
  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Valued Contributor
Posts: 1,577
Registered: ‎08-30-2011
0

Re: When to app? Pre or post Mortgage Reporting?

[ Edited ]

myjourney wrote:

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?

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 


+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 ! ! !   Smiley Happy  Congrats on your mortgage success !

EX = 828 EQ = 846 TU = 833 as of 02/2016
Retired and Retiring Cards!
Moderator Emerita
Posts: 27,204
Registered: ‎09-13-2012
0

Re: When to app? Pre or post Mortgage Reporting?

[ Edited ]
@thom02099 and myjourney

Are absolutely correct! My mortgage was with GMAC and I felt like they were faster than GE reporting! Smiley Sad
Valued Contributor
Posts: 1,367
Registered: ‎04-20-2012
0

Re: When to app? Pre or post Mortgage Reporting?

+1 for applying now.

TU FICO: 800 (2/1/14) | CK Score: 802 (2/1/14) | CS Score: 805 (2/1/14)

J.P. Morgan Palladium ($250k) | AmEx Platinum (NPSL) | AmEx SPG Personal/Business ($50k/$50k) | Citi Executive AAdvantage WEMC ($50k) | Citi Dividend WEMC ($50k) | Chase Sapphire Preferred VS ($50k) | Chase Ink Bold WEMC ($50k Flex) | Chase Ink Plus WEMC ($25k) | Chase Freedom VS ($25k) | Chase Freedom WMC ($25k) | Chase MileagePlus Explorer ($25k) | Chase Southwest RR Plus Business/Personal ($15k/$15k) | Barclays US Airways ($25k) | Barclays Hawaiian Airlines ($25k) | BofA Alaska Airlines ($10k) | Lexus Financial Services ($30k) | Mercedes-Benz Financial Services ($50k)
Frequent Contributor
Posts: 408
Registered: ‎07-31-2010
0

Re: When to app? Pre or post Mortgage Reporting?

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.

CARDS.jpg

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