topic Re: Need Help - In Escrow and Need Credit Card - Score of 645 in Credit Cards

Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:42:04 GMT

My husband passed away unexpectedly 4 years ago; I lost our house and my credit took a HUGE hit. I have worked so hard to raise my credit some and it's now at about 635-645 across all three bureaus.

I just qualified for a home loan and am in escrow, getting the keys next week.

The house needs a washer/dryer, a refrigerator, and I need a bed and living room furniture. Getting the house essentially drained my savings (for the down payment) and I would like to get a credit card to get these items. I applied to Lowes this a.m., but got a message that I would hear from them in 7-10 days, which I took as a decline. I would love to get a Sears card, but am not sure of my chances and want to limit inquiries.

Other option would be to get a higher CL (around $5k) visa or mastercard, but again, I'm leery of qpplying and getting turned down.

Does anyone know what my odds are getting a good credit limit at Sears, Home Depot, or on a higher CL visa/MC? Any help is very appreciated!

ETA: My lender said okay to apply for the card...all earnest money is in on the loan. He just asked me to hold off on making charges until keys in hand.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Creditaddict — Thu, 07 Jan 2016 17:38:00 GMT

@Anonymous wrote:
My husband passed away unexpectedly 4 years ago; I lost our house and my credit took a HUGE hit. I have worked so hard to raise my credit some and it's now at about 635-635 across all three bureaus.

I just qualified for a home loan and am in escrow, getting the keys next week.

The house needs a washer/dryer, a refrigerator, and I need a bed and living room furniture. Getting the house essentially drained my savings (for the down payment) and I would like to get a credit card to get these items. I applied to Lowes this a.m., but got a message that I would hear from them in 7-10 days, which I took as a decline. I would love to get a Sears card, but am not sure of my chances and want to limit inquiries.

Other option would be to get a higher CL (around $5k) visa or mastercard, but again, I'm leery of qpplying and getting turned down.

Does anyone know what my odds are getting a good credit limit at Sears, Home Depot, or on a higher CL visa/MC? Any help is very appreciated!

DO NOT APPLY ANYMORE until you have the keys! they might pull credit 1 more time before you sign docs next week.

Call backdoor lowes and double check it's denied vs verification 866-519-6441

Re: Need Help - In Escrow and Need Credit Card - Score of 645

ojefferyo — Thu, 07 Jan 2016 17:38:28 GMT

@Anonymous wrote:
My husband passed away unexpectedly 4 years ago; I lost our house and my credit took a HUGE hit. I have worked so hard to raise my credit some and it's now at about 635-635 across all three bureaus.

I just qualified for a home loan and am in escrow, getting the keys next week.

The house needs a washer/dryer, a refrigerator, and I need a bed and living room furniture. Getting the house essentially drained my savings (for the down payment) and I would like to get a credit card to get these items. I applied to Lowes this a.m., but got a message that I would hear from them in 7-10 days, which I took as a decline. I would love to get a Sears card, but am not sure of my chances and want to limit inquiries.

Other option would be to get a higher CL (around $5k) visa or mastercard, but again, I'm leery of qpplying and getting turned down.

Does anyone know what my odds are getting a good credit limit at Sears, Home Depot, or on a higher CL visa/MC? Any help is very appreciated!

I'm not sure who backs Sears but HD is backed by Citi. Your scores are a bit on the low side for Citi. Check Cap1 for prequal and see if anything comes up.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

sccredit — Thu, 07 Jan 2016 17:39:37 GMT

As CA said STOP STOP STOP. At minimum they have a monitor on your credit report that will alert them of inquiries and new accounts. Wait until escrow is closed and them do it.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

sccredit — Thu, 07 Jan 2016 17:39:57 GMT

@ojefferyo wrote:
@Anonymous wrote:
My husband passed away unexpectedly 4 years ago; I lost our house and my credit took a HUGE hit. I have worked so hard to raise my credit some and it's now at about 635-635 across all three bureaus.

I just qualified for a home loan and am in escrow, getting the keys next week.

The house needs a washer/dryer, a refrigerator, and I need a bed and living room furniture. Getting the house essentially drained my savings (for the down payment) and I would like to get a credit card to get these items. I applied to Lowes this a.m., but got a message that I would hear from them in 7-10 days, which I took as a decline. I would love to get a Sears card, but am not sure of my chances and want to limit inquiries.

Other option would be to get a higher CL (around $5k) visa or mastercard, but again, I'm leery of qpplying and getting turned down.

Does anyone know what my odds are getting a good credit limit at Sears, Home Depot, or on a higher CL visa/MC? Any help is very appreciated!
I'm not sure who backs Sears but HD is backed by Citi. Your scores are a bit on the low side for Citi. Check Cap1 for prequal and see if anything comes up.

Sears is also Citi.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:49:14 GMT

I'm sorry that you have had to deal with all of these difficult challenges. I'm sure it's been a struggle. I just worry about you digging yourself deeper into debt when you are telling us that at the moment you don't even have any funds or any cash to purchase a bed and that all of your cash is gone. Obtaining credit cards and charging a lot is really not the answer when finances are very seriously low. I just want to help you avoid digging into deeper trouble for yourself.

A 635 is a pretty low score, and I mention that just so you can be realistic. I'm sure you've done some really hard work to get to that point. I just worry about getting yourself into a house situation when you have zero cash and then wanting to get credit cards and charge them up a lot with major purchases. I don't want to see you derail the good work you've done thus far. I'd look more toward a second job, renting out a room in your new home to gain additional funds, or perhaps some family members would be willing to share some used items until you have the funds to purchase others. I just don't want to see you dig heavily into debt at a time when all of your cash is totally depleted starting out.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:40:49 GMT

My lender said okay to get a credit card now but said to wait to spend on it until I have keys. Does that make sense?

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Creditaddict — Thu, 07 Jan 2016 17:42:24 GMT

@Anonymous wrote:
My lender said okay to get a credit card now but said to wait to spend on it until I have keys. Does that make sense?

to be safe, i would keep it at this lowes app and wait for any further until next week... better safe then sorry!

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Imperfectfuture — Thu, 07 Jan 2016 17:46:23 GMT

Your best bet with those scores is a local credit union. If your husband was retired military, then NFCU is good. Credit unions offer better interest rates. DO NOT GO APPING FOR BUNCH OF CARDS RIGHT NOW. Makes you look desperate, and lenders do not like that.

Welcome to home ownership. You do not want to stretch yourself too thin, so try to fix what you can actually afford, and hold off on the rest. Hand wash and laundromat can take over for few months until get washer, dryer. You can sleep on floor, people with new homes have sat on floors, until can afford to pay for furniture.

Your first immediate need is refrigerator. So get card for that, pay off. Then get washer (can hang dry), pay off. Then get dryer, then get bed, etc. Your scores will climb.

My sis moved to Arizona, and went through this for one year, with scores 770+. Good luck.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Imperfectfuture — Thu, 07 Jan 2016 17:45:40 GMT

@Anonymous wrote:
I'm sorry that you have had to deal with all of these difficult challenges. I'm sure it's been a struggle. I just worry about you digging yourself deeper into debt when you are telling us that at the moment you don't even have any funds or cash to purchase a bed and that all of your cash is gone. Obtaining credit cards and charging a lot is really not the answer when finances are very seriously low. I just want to help you avoid digging into deeper trouble for yourself.

A 635 is a pretty low score, and I mention that just so you can be realistic. I'm sure you've done some really hard work to get to that point. I just worry about getting yourself into a house situation when you have zero cash and then wanting to get credit cards and charge them up a lot with major purchases. I don't want to see you derail the good work you've done thus far. I'd look more toward a second job, renting out a room in your new home to gain additional funds, or perhaps some family members would be willing to share some used items until you have the funds to purchase others. I just don't want to see you dig heavily into debt at a time when all of your cash is totally depleted starting out.

These are good suggestions as well.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:46:04 GMT

Thank you. I do have funds but am careful about using them. I'm in San Francisco. A down payment here was over $160k, so it wasn't easy to save that much, and I'm saving for my two small kids education. I can go get more out of savings, but at this point, I'm just wary bc I've had to pull sooo much for the down and closing costs. I'd like to just put these items on a card. I really appreciate your concern. It's been an uphill battle. Husband died in car crash on way to work...life pretty much went downhill from there for me and our small boys...and it's taken A LOT of work to get to where I am today. The credit thing has been a toughie!

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Imperfectfuture — Thu, 07 Jan 2016 17:49:13 GMT

@Anonymous wrote:
Thank you. I do have funds but am careful about using them. I'm in San Francisco. A down payment here was over $160k, so it wasn't easy to save that much, and I'm saving for my two small kids education. I can go get more out of savings, but at this point, I'm just wary bc I've had to pull sooo much for the down and closing costs. I'd like to just put these items on a card. I really appreciate your concern. It's been an uphill battle. Husband died in car crash on way to work...life pretty much went downhill from there for me and our small boys...and it's taken A LOT of work to get to where I am today. The credit thing has been a toughie!

Stop saving for kids education until you have stable home (suze orman advice). No putting on card, your scores will not qualify for what you want. Sorry.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:49:43 GMT

Oh - and thanks to those who said to hold off on applying. I will. I think my mortgage broker was thinking that my credit will lower once the home loan funds, and so it'll be harder for me to get a store card. Still, I will wait. Good advice.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Creditaddict — Thu, 07 Jan 2016 17:51:12 GMT

@Anonymous wrote:
Oh - and thanks to those who said to hold off on applying. I will. I think my mortgage broker was thinking that my credit will lower once the home loan funds, and so it'll be harder for me to get a store card. Still, I will wait. Good advice.

I think you will actually see your score go up!

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:51:18 GMT

Thanks - that seems like good advice. I just ordered a Suze Orman book...excited to "meet" her!

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:55:15 GMT

Please look carefully at the advice provided by several people about not charging a bunch of new things on credit cards. It's good advice to follow, and they are not only saying that because the timing of closing on a mortgage. Your financial situation and credit score do not make it a wise move at this time to amass a lot of debt. If your funds are low or limited to the point where you can't pull from those funds to get a bed, then please consider following some of the suggestions provided and don't put yourself in a difficult situation financially by charging a lot for new home items. Living room sets are not necessities - and others provided valuable advice as well. Best of luck. I know it's not easy.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:55:35 GMT

^ +1

Look at Sears outlet for a refrigerator. You can get good prices on models that have dings or minor cosmetic issues. Same for the washer/dryer. Look on Craig's list for the w/d, garage sale season is coming soon and I always see them for sale.

Good luck on your closing!!!!

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 17:58:03 GMT

@Anonymous wrote:
^ +1

Look at Sears outlet for a refrigerator. You can get good prices on models that have dings or minor cosmetic issues. Same for the washer/dryer. Look on Craig's list for the w/d, garage sale season is coming soon and I always see them for sale.

Good luck on your closing!!!!

+1 also - good advice

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 18:00:13 GMT

I'm convinced :-) Thank you, all. I do have the option of buying the stager's furtniture for a deep discount and I'll likely do that. And, am combing craigslist for inexpensive w/D and fridge. Looks like I could probably get something near-new for a pretty good cash price.

Re: Need Help - In Escrow and Need Credit Card - Score of 645

Anonymous — Thu, 07 Jan 2016 18:14:06 GMT

I think that's the best option. Stove, fridge, and washer and dryer are often included in the sale of a home. I'm using some strangers stuff right now. Why settle now when you can save for something nice.