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Need a lil advice on applying for loan

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nupey10
Regular Contributor

Need a lil advice on applying for loan

All

So I want/need to apply soon for a loan.  House being sold next week.  

Don't have another house in mind yet. Why? divorcing.

I was trying to wait and have 3 of my 5 cards at zero which should happen by May 10th.  One 1 is currently reporting $0

Currently FICO 2, 5, and the other one are 700, 750, 765.

I wanted to see if waiting would move the 750 up to 760 maybe.

Regardless I will be applying no later than the 10th.

My questions to you is do/should I apply to several different lenders all at the same time? 

If so would 5 be too many?

If I apply at like Lending Tree is that 1 credit hit or as many as I get a response from.

My other apps would go to NFCU, Delta Comm CU, and Digital CU.

Thanks all!!

Best forum and people EVER MyFico and community!!

Message 1 of 7
6 REPLIES 6
me12345
Frequent Contributor

Re: Need a lil advice on applying for loan

I don't know if I would "Apply" at all those places....I would however talk to all of them, and ask questions too see who you feel comfortable with, and who is knowledgeable about what options are available to you, someone who is a "Teacher" to you, that has your best interests in mind, so that your not just a "Number" and so that you understand what your doing and why your doing it.

 

Thanks,

VA & FHA down to 550...
Licensed Senior Mortgage Loan Officer in the states of Arizona & California
Specializing in VA, FHA, USDA & Conventional loans. My company is also licensed in 12 states, Arizona, Colorado, Nevada, California, Oregon, Washington, Utah,
Alaska, New Mexico, Texas, Illinois and Florida
Message 2 of 7
SomewhereIn505
Valued Contributor

Re: Need a lil advice on applying for loan


@nupey10 wrote:

All

So I want/need to apply soon for a loan.  House being sold next week.  

Don't have another house in mind yet. Why? divorcing.

I was trying to wait and have 3 of my 5 cards at zero which should happen by May 10th.  One 1 is currently reporting $0

Currently FICO 2, 5, and the other one are 700, 750, 765.

I wanted to see if waiting would move the 750 up to 760 maybe.

Regardless I will be applying no later than the 10th.

My questions to you is do/should I apply to several different lenders all at the same time? 

If so would 5 be too many?

If I apply at like Lending Tree is that 1 credit hit or as many as I get a response from.

My other apps would go to NFCU, Delta Comm CU, and Digital CU.

Thanks all!!

Best forum and people EVER MyFico and community!!


What cards do you have? Chase will report once you hit $0 from a large balance. Discover will report mid-cycle if you request. Capital One will not. I didn't bother asking AmEx. Once they hit zero, I would expect your scores to go up. Mine did when I paid off my cards anticipating I would be looking for a mortgage.

 

I've been told not to app for anything and use cc spending sparingling. Frankly I'm even scared to try for SP CLI.

 

If you app, yous score could drop a few points. That's why you don't want to do it now. Especially when your 10 points away from your preferred score.


3/16/18 FICO9 TU-700 EQ-669 EX-716
6/26/18 FICO9 TU-750, EQ-672, EX-789

Message 3 of 7
JVille
Valued Contributor

Re: Need a lil advice on applying for loan

Is your Divorce final or have you even filed? What state are you in? Will there be spousal and/or child support? All considerations as to how fast to get this done!
Message 4 of 7
nupey10
Regular Contributor

Re: Need a lil advice on applying for loan

Jville, not final yet but I expect it to be very shortly, waiting on court. No spousal or child support.  Pretty much a clean break.  

Message 5 of 7
nupey10
Regular Contributor

Re: Need a lil advice on applying for loan

Somewhere

my cards are

2 Amex 1 reports 0

NFCU visa 46% of total balance 

Citi mc 1.5% of balance

delta comm CU visa less than 1% of balance reported

 

Amex will stay at zero

citi and Delta will be zero in a couple days

Message 6 of 7
Anonymous
Not applicable

Re: Need a lil advice on applying for loan

I would bring your NFCU card down quite a bit if you want to see a good increase. That is if youre able to swing that ( not sure how much 46% is for you ) 

Message 7 of 7
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