Credit Cards

[nicholasyud]

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unless your EX file is a lot lower than your other 2, you should be good with Zync, if your income is low like below 30k you may have a higher chance of getting a hardlimit card, but you should still be able to get the card have your routing and bank account number handy for the worst case senario. 

All Zync takes in most cases is a 640+ FICO and 6+ month credit history and no recent lates or charge offs. 

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all my file da same....like i list below i had 2 charge off likely almost 5 years....i make aroun 40k .......i know they had 2 type which is automatic get deduct from your bank ? what about the other one ? because i plan to get a morgate soon at the end of the year or maybe sometime around April so i mean everytihng i do right now....i had to be very be careful......

[jamesdwi]

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nicholasyud wrote:

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unless your EX file is a lot lower than your other 2, you should be good with Zync, if your income is low like below 30k you may have a higher chance of getting a hardlimit card, but you should still be able to get the card have your routing and bank account number handy for the worst case senario. 

All Zync takes in most cases is a 640+ FICO and 6+ month credit history and no recent lates or charge offs. 

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all my file da same....like i list below i had 2 charge off likely almost 5 years....i make aroun 40k .......i know they had 2 type which is automatic get deduct from your bank ? what about the other one ? because i plan to get a morgate soon at the end of the year or maybe sometime around April so i mean everytihng i do right now....i had to be very be careful......

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if you don't get NPSL  they may offer you $250 Hard limit or $500 with auto-pay have to link your banking account to the card when the offer is made.  

[Revelate]

Mortage at end of this year = sit tight.

Backdating won't help you in that timeframe and a mortgage is the absolute most expensive financial decision anyone ever makes (other than maybe sending one's kids to Havard or similar two decades from now).

Close the mortgage, then app for whatever you want... and in your case, that might be straight into the revolver you actually want next year Nicholas.

[jamesdwi]

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Revelate wrote:

Mortage at end of this year = sit tight.

Backdating won't help you in that timeframe and a mortgage is the absolute most expensive financial decision anyone ever makes (other than maybe sending one's kids to Havard or similar two decades from now).

Close the mortgage, then app for whatever you want... and in your case, that might be straight into the revolver you actually want next year Nicholas.

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+1  couldn't agree more, you don't want to screw up a morgage AP to get a charge card now

[TNTransplant]

Congrats, Revelate! 

I know you've been talking (writing) about this for some time - glad you got it!

Look at me - didn't log on today and here's what I miss... 

[nicholasyud]

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Revelate wrote:

Mortage at end of this year = sit tight.

Backdating won't help you in that timeframe and a mortgage is the absolute most expensive financial decision anyone ever makes (other than maybe sending one's kids to Havard or similar two decades from now).

Close the mortgage, then app for whatever you want... and in your case, that might be straight into the revolver you actually want next year Nicholas.

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thank revelate i know its hard man......but one side in me wanna to apps for some prime card so bad....i might put like 50% down payment so i sure they would approved me .........hmmmmm im kinda in da middle of wanna hit the button and DON'T........hate this situation ;-(

[Revelate]

Problem is that one's FICO pretty much determines your interest rate unless you are going the FHA route. I may have to do that but it would be a lot easier if I can get a conventional mortgage at similar rates.

Right or wrong lenders look at credit card apps as financial instability. You want to look as stable and predictable as possible on a mortgage app.

Look at it this way, a better credit card might save you an extra 1-2% on your monthly purchases. Let's say you have 1000 in qualifying spending so you get back $20 per month. Not a bad idea but compare to this:

$100000 mortgage and the difference between call it 3 and 4%. That is an extra 1k per year in interest (sloppy math I know) or ~80 per month. Might lose 60 / month on that credit card if it drops you into a lower tier. That's just an example but it is applicable.

Get the best rate you can on your mortgage, then after it closes reward yourself with a new credit card if you choose. Don't do anything to jeopardize the mortgage process, it's hugely more important than any credit card.

[RockinRay]

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Revelate wrote:
Problem is that one's FICO pretty much determines your interest rate unless you are going the FHA route. I may have to do that but it would be a lot easier if I can get a conventional mortgage at similar rates.

Right or wrong lenders look at credit card apps as financial instability. You want to look as stable and predictable as possible on a mortgage app.

Look at it this way, a better credit card might save you an extra 1-2% on your monthly purchases. Let's say you have 1000 in qualifying spending so you get back $20 per month. Not a bad idea but compare to this:

$100000 mortgage and the difference between call it 3 and 4%. That is an extra 1k per year in interest (sloppy math I know) or ~80 per month. Might lose 60 / month on that credit card if it drops you into a lower tier. That's just an example but it is applicable.

Get the best rate you can on your mortgage, then after it closes reward yourself with a new credit card if you choose. Don't do anything to jeopardize the mortgage process, it's hugely more important than any credit card.

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Very well stated!

And congrats on the Zync.

[nicholasyud]

yeah i know......thanks a lot......i think i should stop log in this forum because everyday i see ppl with successful apps make me hittttttttttttttttttt that button lol..................