Regular Contributor
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.