topic Re: App Spree Suggestions after mortgage closes? in Credit Cards

App Spree Suggestions after mortgage closes?

Anonymous — Wed, 30 Sep 2015 15:59:38 GMT

Hi! I would like some suggestions. We are very close to closing on our first home and I'd like to go on an app spree the day of. I didn't realize the impact that having more lines of available credit could have on my score, so I missed the opportunity to app (even if it was for secured cards) 6 months ago when I began rebuilding to qualify for the home. I only have a Home Depot card and a Capital One Qs. I've had both for about 10 years with modest limits. Other than that, I have no other revolving credit. I always PIF (or pretty close) every month.

So, to continue the rebuild before my credit takes another hit for the mortgage reporting, I plan to app for a Barclay Rewards. But that is honestly the only card I have any idea about. Considering my scores in my signature and our income of $147k, any suggestions. This is purely to take advantage of rewards and credit boost since I plan to continue to PIF every month. Not to get a bunch of credit and max it out. I've already learned my lesson there. I want to bump my score to refi my car in 6 months and we will also do a streamlined VA refi on the new house after 6 payments to qualify for lower APR.

So, if this were you and you were going on an app spree, what other cards would you apply for?

TIA!

Re: App Spree Suggestions after mortgage closes?

OmarGB9 — Wed, 30 Sep 2015 16:10:02 GMT

Your income is good, but honestly your scores are rather low. It's going to be hard to be approved for anything, even Barclays. They pull TU and I think they like to see at least 650-660 minimum. Most likely would have to recon to get approved.

Re: App Spree Suggestions after mortgage closes?

Pway — Wed, 30 Sep 2015 16:22:43 GMT

I have the Barclay's RMC and I was approved earlier this year with a 630 credit score. They pulled transunion when I applied. However, it varies from person to person.

Re: App Spree Suggestions after mortgage closes?

Anonymous — Wed, 30 Sep 2015 16:29:08 GMT

My bankcard TU is 655, so if Barclay's pulls that I should be approved. Yes, I understand that I am not going to be approved for major cards or limits. But I want to get my score up and I need more lines of credit to do that so I will try anyway .

So my original question was, considering my profile, what would you app for? I know my scores are not great yet and I'm working to remedy that so I honestly don't need to hear that they aren't great so don't even try.

Looking for positivity . I know that there are cards out there I would be approved for, so I am looking for those suggestions pretty please .

Re: App Spree Suggestions after mortgage closes?

OmarGB9 — Wed, 30 Sep 2015 16:43:06 GMT

Not trying to bring you down by any means. Sorry if it came off that way. Just being realistic. But yes some people have found luck with Barclays even with lower scores. What kind of card are you looking for though?

Re: App Spree Suggestions after mortgage closes?

mitchblue — Wed, 30 Sep 2015 16:47:22 GMT

I would wait until your morgage hit the CR. Could bring the scores up a bit.

Re: App Spree Suggestions after mortgage closes?

Anonymous — Wed, 30 Sep 2015 16:53:31 GMT

I know I want Barclay Rewards. I was also thinking Lowe's since i would use it with the new house and PIF. I was also thinking Target because I shop there a lot but I also have a Red Card debit and it offers the same benefits of 5% off and free shipping so I don't really see the advantage of that.

I no longer travel as much so travel rewards are not really an advantage anymore. I was looking for cards with cash back rewards (without limits if possible) that I could just use to pay the regular things I already pay for like groceries, gas, utilities, etc, but be able to put them on the card and PIF. In order to build my credit profile using funds I already spend and maybe getting a few rewards $ as well.

I am a Platinum Member with American Airlines and Diamond with Hilton so perhaps those types of cards would work as well if only to increase my points but I don't think I would qualify for them right now. I do agree that paying the mortgage on time for 6 months will likely have a very positive effect on my score. Just trying to not leave a bunch of points on the table, and also if I could get free reward $ for doing so, why not try?