Contributor
kelli1970
Posts: 102
Registered: ‎05-06-2011
Re: Applying for new credit after buying a house??

dalebb wrote:

kelli1970 wrote:

I closed on my house last night & apped for both Lowes & Kohls online this morning within minutes of each other... both were approved.   These were calculated apps since almost everything else was paid off in preparation for getting a mortgage & my scores are the best they've ever been and I knew exactly which cards I wanted to add to my collection and why I wanted them (additional discounts at the register for both).  My logic was that there isn't time for the inq to hit & cause a ding doing it that way, and I also did it before the mortgage could hit my CR.


again? why store cards?


Lowes gives an extra 5% discount at the register when you use your Lowes card and Kohls often has sales that have an extra15 to 30% off at the register when you use your Kohls card.  So for me it's about the opportunity to save more on purchases.  Much better than 1% cash back, IMO.  So that's my reason.


Starting Score: TU 595 EQ 610 EX 601
Current Score: TU 683 EQ 661 EX 677
Goal Score: 710


Take the FICO Fitness Challenge
Contributor
kelli1970
Posts: 102
Registered: ‎05-06-2011
Re: Applying for new credit after buying a house??
[ Edited ]

tntexans72 wrote:

Just make sure you choose your cards wisely. App only what you need. The more you app, the next approval will be a lower CL imo. Choose 2 to maybe 3 prime cards and hit the submit. GL and congrats on your new house. Must be really exciting for you & family......


Thanks!  It is VERY exciting!

 

eta:  Oops!  Maybe you meant the congrats to the OP!  Yes, I'm sure they are very excited, as well!


Starting Score: TU 595 EQ 610 EX 601
Current Score: TU 683 EQ 661 EX 677
Goal Score: 710


Take the FICO Fitness Challenge
Frequent Contributor
RW771
Posts: 311
Registered: ‎08-16-2011
Re: Applying for new credit after buying a house??

Wow! Thank you all for the replies! I think that's the most replies I've ever received in such a short amount of time!  Of course I never really post on this board since I don't have any "real" credit cards yet, but hopefully I'll be here more often (for good reasons lol).

 

The reason I don't use the share secured cards I already have is because one only has a $200 CL and the other only has a $400 CL. I got both cards earlier this year for rebuilding purposes in order to help my credit and establish history since my credit is so limited. I do use them and pay them down each month, but even at the limit for both, I wouldn't be able to buy a washer and/or dryer lol.

 

I'm debating whether to apply for a regular CC instead of a department store card. The only reason I decided to go with a department store card initially was for the simple fact that I'll have it when we decide to tackle some of the other projects the house is desperately needing (tile, kitchen updates, etc.).

 

A regular CC would probably give me a higher CL, but I think I'll have better control with a department store card for now and not go shopping crazy like I've been known to do in the past lol. In all seriousness though, this forum has definitely helped me get my credit back and helped me get to where I'm at now! I think it takes being denied credit/mortgage loan, especially during times when you really need it, to really respect and learn the discipline that comes along with keeping up with credit cards.

 

Last question I have is if I do apply for more than one card, is it best to do it close around the same time and if done within a 24 hour period, would it only account for 1 inquiry?

 

Thanks again!

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Regular Contributor
MS00000000
Posts: 122
Registered: ‎03-01-2009
Re: Applying for new credit after buying a house??

RW771 wrote:

Wow! Thank you all for the replies! I think that's the most replies I've ever received in such a short amount of time!  Of course I never really post on this board since I don't have any "real" credit cards yet, but hopefully I'll be here more often (for good reasons lol).

 

The reason I don't use the share secured cards I already have is because one only has a $200 CL and the other only has a $400 CL. I got both cards earlier this year for rebuilding purposes in order to help my credit and establish history since my credit is so limited. I do use them and pay them down each month, but even at the limit for both, I wouldn't be able to buy a washer and/or dryer lol.

 

I'm debating whether to apply for a regular CC instead of a department store card. The only reason I decided to go with a department store card initially was for the simple fact that I'll have it when we decide to tackle some of the other projects the house is desperately needing (tile, kitchen updates, etc.).

 

A regular CC would probably give me a higher CL, but I think I'll have better control with a department store card for now and not go shopping crazy like I've been known to do in the past lol. In all seriousness though, this forum has definitely helped me get my credit back and helped me get to where I'm at now! I think it takes being denied credit/mortgage loan, especially during times when you really need it, to really respect and learn the discipline that comes along with keeping up with credit cards.

 

Last question I have is if I do apply for more than one card, is it best to do it close around the same time and if done within a 24 hour period, would it only account for 1 inquiry?

 

Thanks again!


Unless you're mortgage or car shopping, each counts as an inquiry. If it's only two you're looking at, I don't think it will matter if you do them the same day or a few days apart. Two inquiries shouldn't be a big red flag. Ten in the same day might be, but I wouldn't worry about two if it were me. 

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
Re: Applying for new credit after buying a house??

Hi, RW.  As soon as my loan FUNDED  (not just closed), I got a walmart for the FICO score and two accounts w/ my credit union (Visa and OD protection), in the same day.  We refi'd the truck, a few weeks later, and then a week or so after that I bought a new/used car.  The only pointage I lost was when the truck hit (new loan) due to loss of AAoA (I think).

 

have fun!

 

Lowe's approved DH while Home Depot denied him.  His scores were 650+ at the time.  300 Lowes immediately upped to 1000.00.

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
Valued Member
Capn12
Posts: 47
Registered: ‎01-15-2009
Re: Applying for new credit after buying a house??

I kinda agree with dalebb...

 

I thought, for a while, I was going to do the HD/Lowes route when we close on a house (early 2012), but the more I think of it, the less likely that action is.

 

I opened a Citi card with $7,400 CL, and 18 months of 0% APR. That, IMO, is a WAY better option in the long run. But hey, more than one way to do such.

Citi Simplicity - $7400, 0% APR until April 2013, 13.99 afterwards
Chase Freedom - $5000, 11.99% APR
Barclays Priceline - $8500, 16.24% APR (This needs fixed!)
Discover More - $7500, 0% APR until March 2014
HSBC 'Platinum' - $1600, 19.99% APR (Only around for the age)
AmEx Zync - NPSL, He doesn't get much action these days
Valued Contributor
tntexans72
Posts: 1,071
Registered: ‎04-24-2008
Re: Applying for new credit after buying a house??

Capn12 wrote:

I kinda agree with dalebb...

 

I thought, for a while, I was going to do the HD/Lowes route when we close on a house (early 2012), but the more I think of it, the less likely that action is.

 

I opened a Citi card with $7,400 CL, and 18 months of 0% APR. That, IMO, is a WAY better option in the long run. But hey, more than one way to do such.


 

I agree, a hard iquiry is worth more than it's weight in gold. If you are going to use a hard iquiry, make sure it's worth it...in terms of apping for a prime credit card and getting a nice CL. That way, you can use the card any which way you want and 0% interest.

 

The 1st or 2nd or 3rd app will get a nice CL..once you starting hitting the submit button too much, you slaughter your AAoA - which can take over a yr to rebuild or longer, and you run the risk of getting a very low CL to start out with cause banks going to see that you are at risk due to the fact you are obtaining more credit and how they know that is by seeing you have a hard iquiry.

 

 

 


 

Valued Contributor
dalebb
Posts: 1,424
Registered: ‎08-28-2010
Re: Applying for new credit after buying a house??

Capn12 wrote:

I kinda agree with dalebb...

 

I thought, for a while, I was going to do the HD/Lowes route when we close on a house (early 2012), but the more I think of it, the less likely that action is.

 

I opened a Citi card with $7,400 CL, and 18 months of 0% APR. That, IMO, is a WAY better option in the long run. But hey, more than one way to do such.


ty capn

Valued Contributor
dalebb
Posts: 1,424
Registered: ‎08-28-2010
Re: Applying for new credit after buying a house??

dalebb wrote:

Capn12 wrote:

I kinda agree with dalebb...

 

I thought, for a while, I was going to do the HD/Lowes route when we close on a house (early 2012), but the more I think of it, the less likely that action is.

 

I opened a Citi card with $7,400 CL, and 18 months of 0% APR. That, IMO, is a WAY better option in the long run. But hey, more than one way to do such.


ty capn


that's 1 reason I like amex so much. They have gr8 cards and back date u

Valued Contributor
clocktick
Posts: 1,604
Registered: ‎12-07-2008
Re: Applying for new credit after buying a house??

I can't comment on the HD card but I can on the Lowes.  I really like my Lowes card because you automatically get 5% at the register, as stated above, or (if it's over a certain amount - I forget the amount, but it's not much) 6 months interest-free.  It's backed my GEMB so they seem to be generous with their CLIs.  I have Citi cards too but their 0% offers run out and owning a home...well, you will always have some sort of major expense:  siding/roof/windows/furnace/pipes/remodling/carpet/tile/porch, etc. etc.  :smileyvery-happy:

11/30/08 TU 648 EX 672 EQ 656 JUNE 2014 TU 779 EX 764 EQ 721
Amex BCP $24.1K/Clear $8.5- Sallie Mae $27.5 -Cap One QS $7.5 - Chase Freedom $7.5/United $5k/CSP $20k/Ink- Citi DP $9.5/Dividend $13k/HHHx2 $15k/16.4/Reserve $4.5k Best Buy $1940 HD $1701- Discover IT $15k - Elan $8k GEMB Lowes $20k - Macy's $2k - Kohl's $800




Starting Score: 648
Current Score: 736
Goal Score: 765


Take the FICO Fitness Challenge