topic Re: Mortgage lender said I needed more cards in Credit Card Approvals

Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 17:02:54 GMT

I am getting close to my target scores and have had all but 1 baddie removed. I am trying to buy a house and discussing the ways to get my credit to the pre approval score. He recommended trying to get some pre-approvals on cards and open some more available credit. I have been on this forum a long time but never actually posted because I never got approved because I was stupid with credit when I was younger. The score is getting better but not there yet.

Approvals today:

My 2nd Capital 1 card with $800 limit

Shopping Cart Trick

Victoria's Secret $350 - The wife loves that store

Express - $250

I know these are all very low, but it is a star for me. Never had anything like this happen.

BTW - All Fico scores hovering around 610

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 17:15:49 GMT

@Anonymous wrote:
I am getting close to my target scores and have had all but 1 baddie removed. I am trying to buy a house and discussing the ways to get my credit to the pre approval score. He recommended trying to get some pre-approvals on cards and open some more available credit. I have been on this forum a long time but never actually posted because I never got approved because I was stupid with credit when I was younger. The score is getting better but not there yet.

Approvals today:
My 2nd Capital 1 card with $800 limit
Shopping Cart Trick
Victoria's Secret $350 - The wife loves that store
Express - $250

I know these are all very low, but it is a star for me. Never had anything like this happen.

BTW - All Fico scores hovering around 610

Congrats on the approvals. Good luck with the mortgage.

Re: Mortgage lender said I needed more cards

joedtx — Tue, 21 Apr 2015 17:17:17 GMT

Be careful with this don't go after store cards that ultimately will provide no long term purpose. Your lender is needing your to reach a certain CS in order to qualify you for purchase. Honestly your score is not too far off look closely at your needs and focus on those. If you need suggestions just ask.

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 17:27:03 GMT

@joedtx wrote:
Be careful with this don't go after store cards that ultimately will provide no long term purpose. Your lender is needing your to reach a certain CS in order to qualify you for purchase. Honestly your score is not too far off look closely at your needs and focus on those. If you need suggestions just ask.

Both of these cards can be used by my wife so I think they may help in the long term. I cannot get any pre-approvals on the major credit cards except capital 1 so I thought this was my next bet without getting inquiries added.

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 17:33:06 GMT

Congrats..

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 17:35:58 GMT

I actually just looked at my reports again and the last baddie has not come off yet apparently. I have the letter from the original creditor stating that the account was sent to collections by mistake and there was a 0 balance. I also have the letter from the CA saying that the file was removed and the emails from the CRAs saying it had been deleted but it is still showing. Can't wait to see what that actually does.

Re: Mortgage lender said I needed more cards

uswala — Tue, 21 Apr 2015 17:42:00 GMT

Congrats on the approvals!

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 17:44:56 GMT

I have a question for those of you viewing. I also got a pre-approved mailer from finger hut and I was wondering if this would also be a good one to take? I see that many have it on their profile.

Re: Mortgage lender said I needed more cards

joedtx — Tue, 21 Apr 2015 17:51:56 GMT

@Anonymous wrote:
I have a question for those of you viewing. I also got a pre-approved mailer from finger hut and I was wondering if this would also be a good one to take? I see that many have it on their profile.

Unless Fingerhut will serve a purpose in otherwords if its something you would use prior to this issue. Your scores will start climbing with the recent lines you've added give it's hard to say where exactly it will put you scorewise but i'd suggest doing to a couple things. Check the prequal websites to see if you are prequalified for a card like chase it's a soft pull so no danger in it. Also, if you scores go up a bit you might want to consider a Barclay rewards its also an entry level card. I"m sure others might have suggestions on a card. When you applied for the Capone card did you check their prequal page?

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 17:58:15 GMT

I have tried the prequal sites you have mentioned. I did try the prequal site with Capital One before applying because I knew about their 3 HP not matter what when you apply. I have the Capital One Platinum ($800) with them already but I figured I would try their prequal anyways and they gave me the Quicksilver ($800).

@joedtx wrote:
@Anonymous wrote:
I have a question for those of you viewing. I also got a pre-approved mailer from finger hut and I was wondering if this would also be a good one to take? I see that many have it on their profile.
Unless Fingerhut will serve a purpose in otherwords if its something you would use prior to this issue. Your scores will start climbing with the recent lines you've added give it's hard to say where exactly it will put you scorewise but i'd suggest doing to a couple things. Check the prequal websites to see if you are prequalified for a card like chase it's a soft pull so no danger in it. Also, if you scores go up a bit you might want to consider a Barclay rewards its also an entry level card. I"m sure others might have suggestions on a card. When you applied for the Capone card did you check their prequal page?

Re: Mortgage lender said I needed more cards

joedtx — Tue, 21 Apr 2015 18:23:32 GMT

Ok, so now you have 2 Cap One cards Congrats I'd hold steady for now and pay good on those lines I think you're on your way give them a chance to report and see where your score ends up, and don't get discouraged if it goes down and then right up that's not unusal.

~All The Best

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 21 Apr 2015 18:38:38 GMT

Thank you. I have had the Capital One Platinum for over a year now. They have given me 2 automatic CLI so far to get to $800. But the quicksilver is new and I just got my email today saying that card has shipped. I will post an update once they hit the bureas.

I do have a question though. Do I have to use the cards for them to report or will they report without use?

@joedtx wrote:
Ok, so now you have 2 Cap One cards Congrats I'd hold steady for now and pay good on those lines I think you're on your way give them a chance to report and see where your score ends up, and don't get discouraged if it goes down and then right up that's not unusal.

~All The Best

Re: Mortgage lender said I needed more cards

gdale6 — Tue, 21 Apr 2015 20:57:16 GMT

Congrats on your new cards

Re: Mortgage lender said I needed more cards

joedtx — Wed, 22 Apr 2015 07:34:18 GMT

@Anonymous wrote:
Thank you. I have had the Capital One Platinum for over a year now. They have given me 2 automatic CLI so far to get to $800. But the quicksilver is new and I just got my email today saying that card has shipped. I will post an update once they hit the bureas.

I do have a question though. Do I have to use the cards for them to report or will they report without use?
@joedtx wrote:
Ok, so now you have 2 Cap One cards Congrats I'd hold steady for now and pay good on those lines I think you're on your way give them a chance to report and see where your score ends up, and don't get discouraged if it goes down and then right up that's not unusal.

~All The Best

One question is your second card in the Credit Steps program? Capitol One will automatically report all activity to all three bureaus.

Re: Mortgage lender said I needed more cards

Anonymous — Fri, 29 May 2015 14:41:21 GMT

@joedtx wrote:
@Anonymous wrote:
Thank you. I have had the Capital One Platinum for over a year now. They have given me 2 automatic CLI so far to get to $800. But the quicksilver is new and I just got my email today saying that card has shipped. I will post an update once they hit the bureas.

I do have a question though. Do I have to use the cards for them to report or will they report without use?
@joedtx wrote:
Ok, so now you have 2 Cap One cards Congrats I'd hold steady for now and pay good on those lines I think you're on your way give them a chance to report and see where your score ends up, and don't get discouraged if it goes down and then right up that's not unusal.

~All The Best

One question is your second card in the Credit Steps program? Capitol One will automatically report all activity to all three bureaus.

Yes, they are both in the steps program. The second card has not reported yet and it has been well over a month.

Re: Mortgage lender said I needed more cards

revjamesl — Fri, 29 May 2015 16:50:28 GMT

Congrats and good luck!

Re: Mortgage lender said I needed more cards

Anonymous — Fri, 29 May 2015 22:14:37 GMT

Submit an online dispute and upload those documents from the original creditor and collection agency. You can get a mortgage with 3 revolving TL's so don't over do it . 3 is good 5 is more than enough .

Re: Mortgage lender said I needed more cards

Anonymous — Fri, 29 May 2015 22:22:48 GMT

Nice Job, congrats on the approvals

Re: Mortgage lender said I needed more cards

Anonymous — Tue, 28 Jul 2015 15:12:22 GMT

I figured I would give an update after all of this hard work. My scores have jumped dramatically. EQ-629 TU-691 and EX-675. I have already recieved my loan pre-approval and it is supposed to be headed to underwiting today for the final approval. Please wish me luck and see that it can be done... Even starting in the 400s 2 years ago.

Re: Mortgage lender said I needed more cards

Anonymous — Wed, 29 Jul 2015 01:47:08 GMT

@Anonymous wrote:
I figured I would give an update after all of this hard work. My scores have jumped dramatically. EQ-629 TU-691 and EX-675. I have already recieved my loan pre-approval and it is supposed to be headed to underwiting today for the final approval. Please wish me luck and see that it can be done... Even starting in the 400s 2 years ago.

Hope all works out well