Applying for credit?

[Yoli14]

Is it a good idea to apply for a gas card while in the process of trying to get a mortgage loan?

Thanks.

[p-]

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@Yoli14 wrote:

Is it a good idea to apply for a gas card while in the process of trying to get a mortgage loan?

 Thanks.

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Usually not.  Inquiries and new accounts hurt you in the short term.

What are your scores, and do you have any other credit cards?  How far along in the mortgage process are you?

[Yoli14]

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@p- wrote:

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@Yoli14 wrote:

Is it a good idea to apply for a gas card while in the process of trying to get a mortgage loan?

 Thanks.

---

Usually not.  Inquiries and new accounts hurt you in the short term.

What are your scores, and do you have any other credit cards?  How far along in the mortgage process are you?

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Lender Pulled 04/16/13 almost all three around 650. I have three CapOne low balances and we've just got pre-approved in the mrtg process.

[p-]

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@Yoli14 wrote:

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@p- wrote:

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@Yoli14 wrote:

Is it a good idea to apply for a gas card while in the process of trying to get a mortgage loan?

 Thanks.

---

Usually not.  Inquiries and new accounts hurt you in the short term.

What are your scores, and do you have any other credit cards?  How far along in the mortgage process are you?

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Lender Pulled 04/16/13 almost all three around 650. I have three CapOne low balances and we've just got pre-approved in the mrtg process.

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DEFINITELY do not apply for any new cards.  Pay off all of your Cap1 cards except one, and keep it at a very low balance, less that 9%, preferably 3 to 5 to get teh best score possible.  Also, if you haven't already, look at PFD or GW options to remove derogatory items from your report.  What is it that's pulling you down to 650?

[Yoli14]

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@p- wrote:

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@Yoli14 wrote:

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@p- wrote:

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@Yoli14 wrote:

Is it a good idea to apply for a gas card while in the process of trying to get a mortgage loan?

 Thanks.

---

Usually not.  Inquiries and new accounts hurt you in the short term.

What are your scores, and do you have any other credit cards?  How far along in the mortgage process are you?

---

Lender Pulled 04/16/13 almost all three around 650. I have three CapOne low balances and we've just got pre-approved in the mrtg process.

---

DEFINITELY do not apply for any new cards.  Pay off all of your Cap1 cards except one, and keep it at a very low balance, less that 9%, preferably 3 to 5 to get teh best score possible.  Also, if you haven't already, look at PFD or GW options to remove derogatory items from your report.  What is it that's pulling you down to 650?

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Medical, but I don't want to dispute anything on my reports. I am affraid it will bring my scores lower while in the process of disputing. I have a negative TL falling this month and a few baddies in Jan.2014.

[DaBears]

Depending on the lender. They might make you pay off the unpaid debt listed on your credit reports when they pull them. 

[Yoli14]

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@DaBears wrote:

Depending on the lender. They might make you pay off the unpaid debt listed on your credit reports when they pull them. 

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my scores were already pulled last month.

[p-]

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@Yoli14 wrote:

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p- wrote:  DEFINITELY do not apply for any new cards.  Pay off all of your Cap1 cards except one, and keep it at a very low balance, less that 9%, preferably 3 to 5 to get teh best score possible.  Also, if you haven't already, look at PFD or GW options to remove derogatory items from your report.  What is it that's pulling you down to 650?

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Medical, but I don't want to dispute anything on my reports. I am affraid it will bring my scores lower while in the process of disputing. I have a negative TL falling this month and a few baddies in Jan.2014.

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Definitely don't dispute anything.  But sometimes you can get the Original Creditor, i.e. hospital or doc to take payment.  Then it no longer belongs to the CA.  After that you contact the CA via DV and ask them to remove.  If that is unsuccessful, you can direct dispute with the CA.  That is a dispute to them, not the CRA.

[Kae_Aye]

I agree that you should not app for anything now as you are only in the pre-approval process.   Based on what I learned from reading the Mortgage Forum here, you should wait to app for anything after you close on your house and your loan has been cleared and funded. Your credit may be pulled multiple times during the process and it may not look good that you are seeking new credit.

[Yoli14]

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@Kae_Aye wrote:

I agree that you should not app for anything now as you are only in the pre-approval process.   Based on what I learned from reading the Mortgage Forum here, you should wait to app for anything after you close on your house and your loan has been cleared and funded. Your credit may be pulled multiple times during the process and it may not look good that you are seeking new credit.

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Thank you!