topic Re: Before I start to Garden in Credit Card Approvals

Before I start to Garden

Anonymous — Mon, 04 May 2015 22:11:56 GMT

I just did a little spree-

Got a Barclays Signature Visa with $5k Limit

Also got a Citi Double Cash Back with $4.5K Limit

Should I try for a third before I go to Garden for 4 months?

At the end of the 4 months I want to apply for a mortgage.

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:19:03 GMT

@Anonymous wrote:
I just did a little spree-

Got a Barclays Signature Visa with $5k Limit

Also got a Citi Double Cash Back with $4.5K Limit

Should I try for a third before I go to Garden for 4 months?

At the end of the 4 months I want to apply for a mortgage.

Honestly, you should have waited until after the mortgage to do your spree.

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:19:27 GMT

How did you come up with 4 months to garden before applying for mortgage?

Re: Before I start to Garden

Santi78342 — Mon, 04 May 2015 22:20:03 GMT

@Anonymous wrote:
@Anonymous wrote:
I just did a little spree-

Got a Barclays Signature Visa with $5k Limit

Also got a Citi Double Cash Back with $4.5K Limit

Should I try for a third before I go to Garden for 4 months?

At the end of the 4 months I want to apply for a mortgage.

Honestly, you should have waited until after the mortgage to do your spree.

+1 no more accounts until you close!

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:31:40 GMT

I am waiting for another 4 months as by then I will have the 20% down payment for the house-area I am looking to be in.

Also at the end of those 4 months the three collections, one repo, and paid federal tax lien will be off my reports.

Other than these new accounts, and inquiries my report will be clean.

I am also now going to make sure that all of my cards are paid before the statements cut instead of 2 days after except for one account that I will make sure has 5 to 9% utilization.

What else should I do? Would getting a car loan for 10k, and then paying down to 1.5k with the first payment help? I do have an old good car loan that I never missed a payment on that I finished paying off in 2011.

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:37:07 GMT

@Anonymous wrote:
I am waiting for another 4 months as by then I will have the 20% down payment for the house-area I am looking to be in.

Also at the end of those 4 months the three collections, one repo, and paid federal tax lien will be off my reports.

Other than these new accounts, and inquiries my report will be clean.

I am also now going to make sure that all of my cards are paid before the statements cut instead of 2 days after except for one account that I will make sure has 5 to 9% utilization.

What else should I do? Would getting a car loan for 10k, and then paying down to 1.5k with the first payment help? I do have an old good car loan that I never missed a payment on that I finished paying off in 2011.

NOOOO! Do not go buy a car right now. Most mortgage lenders prefer no new accounts when getting a mortgage. Remember, it is not just your score that matters, it is the entire picture. Going out and getting a bunch of new trade lines prior to applying for a mortgage can be a red flag.

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:37:38 GMT

Congrats on your approval..

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:42:30 GMT

@Anonymous wrote:
@Anonymous wrote:
I am waiting for another 4 months as by then I will have the 20% down payment for the house-area I am looking to be in.

Also at the end of those 4 months the three collections, one repo, and paid federal tax lien will be off my reports.

Other than these new accounts, and inquiries my report will be clean.

I am also now going to make sure that all of my cards are paid before the statements cut instead of 2 days after except for one account that I will make sure has 5 to 9% utilization.

What else should I do? Would getting a car loan for 10k, and then paying down to 1.5k with the first payment help? I do have an old good car loan that I never missed a payment on that I finished paying off in 2011.
NOOOO! Do not go buy a car right now. Most mortgage lenders prefer no new accounts when getting a mortgage. Remember, it is not just your score that matters, it is the entire picture. Going out and getting a bunch of new trade lines prior to applying for a mortgage can be a red flag.

+ 2 and no more CC until you close on your Mortgage

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:45:30 GMT

Ok- no more new lines.

What about CLI's that are SP?

I have a Discover that is 2 statements old that has a $1500 limit. Would trying to get that raised without a HP be a good thing?

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:48:50 GMT

Yes, no new anything that will report to your credit until after you close on the house. Look, congrats on the approvals but credit can be tricky at times. It not just about "what can I get approvd for". Everytime you apply for something there are effects and consequences, especially when applying for a mortgage. In most cases, and I am pretty sure that most people here will agree with me, no new trade lines within 12 months of wanting to get a mortgage. I am not saying that getting them will cause you to be declined, but it could and/or could cause you to get a higher apr. I know a lot of these little "tricks", I am good friends with the president on the bank I use, he's also my son's godfather. We are just trying to help.

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 22:49:32 GMT

@Anonymous wrote:
Ok- no more new lines.

What about CLI's that are SP?

I have a Discover that is 2 statements old that has a $1500 limit. Would trying to get that raised without a HP be a good thing?

Soft Pull CLI's are great, if you can get them, do it. We are just saying this for "NEW" accounts.

Re: Before I start to Garden

Anonymous — Mon, 04 May 2015 23:02:47 GMT

Great advice here from everyone- it is most appreciated.

Would extending it out to 6 months (which would also take my down payment from 100k to 115K) be a better way to go at this?

Was just trying to get some decent cards and limits- and then stop using my Credit One $950 limit, First Savings CC $700.00 Limit, and First National CC $1250 limit.

Before these 2 approvals and with the 3 collections, 1 repo, and paid Fed Tax Lien my Mortgage Scores were EQ 699, TU 703, EX 701

Re: Before I start to Garden

gdale6 — Tue, 05 May 2015 00:24:31 GMT

@Anonymous wrote:
I just did a little spree-

Got a Barclays Signature Visa with $5k Limit

Also got a Citi Double Cash Back with $4.5K Limit

Should I try for a third before I go to Garden for 4 months?

At the end of the 4 months I want to apply for a mortgage.

Grats on your 2 new cards

I would not app for anything more, you really should have no new credit 6 months prior to a mortgage app.

Re: Before I start to Garden

Anonymous — Tue, 05 May 2015 00:28:51 GMT

@Anonymous wrote:
Great advice here from everyone- it is most appreciated.

Would extending it out to 6 months (which would also take my down payment from 100k to 115K) be a better way to go at this?

Was just trying to get some decent cards and limits- and then stop using my Credit One $950 limit, First Savings CC $700.00 Limit, and First National CC $1250 limit.

Before these 2 approvals and with the 3 collections, 1 repo, and paid Fed Tax Lien my Mortgage Scores were EQ 699, TU 703, EX 701

Yes, at this point, extending it out a little will help. How much, it just depends on your CR.

Questions - How old are the collections and repo? Also, is the tax lein paid or unpaid? The scores that you stated, are they from MyFico, Credit Karma, or where?

Re: Before I start to Garden

CreditCuriosity — Tue, 05 May 2015 00:35:00 GMT

Congrats on the approval and concur on the 6 month rule before applying for a mortgage for best outcome.

Re: Before I start to Garden

padme — Tue, 05 May 2015 00:43:54 GMT

might as well wait a little longer, maybe til next spring.. it'll be better...

Re: Before I start to Garden

Existentialist — Tue, 05 May 2015 01:05:18 GMT

I'd seriously make use of the 'very' good advice you've received here.

Re: Before I start to Garden

Anonymous — Tue, 05 May 2015 01:15:15 GMT

The collections are being early erased for 2 of them- the 3rd I disputed as it wasnt on my report 12 months ago when I pulled it.

The tax lien was for 151k and was paid off 14 months ago- I requested it to be withdrawn and then submitted the withdrawal from the IRS to all 3 CRA's

My scores posted are from myFico "All Industry Version (Used in Mortgage Lending) section of scores from my 3 Report View.

The voluntary surrender of my boat (repo after they refused to work with me) was 7 years ago this coming August and only shows on EX, and TU.

They both agreed to remove it early.

I have disabled pre-approved offers.

Re: Before I start to Garden

Anonymous — Tue, 05 May 2015 01:52:53 GMT

Agreed with everyone. Simply put: just be patient and do not app for anything for at least 6months, preferably more! You have enough to work with. You do not want to risk screwing up your mortgage and lose $$$.

Re: Before I start to Garden

Anonymous — Tue, 05 May 2015 01:59:10 GMT

@Anonymous wrote:
The collections are being early erased for 2 of them- the 3rd I disputed as it wasnt on my report 12 months ago when I pulled it.

The tax lien was for 151k and was paid off 14 months ago- I requested it to be withdrawn and then submitted the withdrawal from the IRS to all 3 CRA's

My scores posted are from myFico "All Industry Version (Used in Mortgage Lending) section of scores from my 3 Report View.

The voluntary surrender of my boat (repo after they refused to work with me) was 7 years ago this coming August and only shows on EX, and TU.

They both agreed to remove it early.

I have disabled pre-approved offers.

Ok good, well to a point. It is a good thing that they are all coming off relatively soon. Once those all come off, your score will greatly improve. Do not do anything with your mortgage until all of those are removed. Keep working on this and you will get into your house. For instance, once those fall off and you continue to make your payments on your current trade lines, you should hope that your score is around 750. This should allow you to get the lowest APR possible on your mortgage.

Once you close on the house, then, and only then should you go on an app spree. That is, if you feel that it is needed. At that time, you should also be able to get approved for some good cards with good limits.