topic Re: Applying for Credit Card(s) after house closing in Credit Cards

Applying for Credit Card(s) after house closing

mrcrisp023 — Wed, 30 Mar 2016 17:28:40 GMT

Hey everyone, first time poster. I need a little guidance.

I am closing on my house scheduled for April 22nd, just over 3 weeks away. While my credit score is as high as it's ever been and before the house hits my credit, I want to apply for a few cards after my house closes. Does anyone have any suggestions on what cards to apply for? We have some renovations that we are going to want to do to the house and with this being my first home, I will need a lot of tools for the long run, plus stuff for now like carpet, paint, stain, etc. I am considering getting a Lowe's card, mainly because I know I'll be there often and from what I've heard they give pretty good sized limits, but I also know store cards don't do much to help my credit. I know Home Depot is cheaper but I haven't heard much success with their card.

My questions are:

How soon after closing can I apply?
How many cards should I apply for and should I apply for them all at the same time?
What cards should I apply for that will give me the highest limits?
Should I get a Lowe's card?

Here is a little background:

FICO8: EQ 686. TU 703, EX 702. Bank Card Score 8 EQ 670, TU 697, EX 693.
ch7 BK discharged 12/2013,
2 collections from 2011 both only showing on TU, one paid, the other not paid (medical only $130). Other than those, totally clean besides the inquiries.
Currently have a First Premier Card (secured) with $300 CL, opened July 2015, no lates, util under 10%
Currently have a Cap One (secured) with $500 CL. Opened May 2015 with $200, raised to $500 after 6 months. No lates, util under 10%

Cards I'm considering: Cap One Quicksilver, Cap One QuicksilverONE, Chase Freedom, Barclaycard Rewards (they send me pre-qual stuff every few weeks), Lowe's. I heard I should apply for Cap One last because they pull from all 3 bureaus. I'm not overly concerned about rewards and such, I moreso want the highest CL's I can get.

I know this is a lengthy post, but any help is truly appreciated! Thanks!

Re: Applying for Credit Card(s) after house closing

Ragelog — Wed, 30 Mar 2016 17:22:54 GMT

As soon as you are 100% closed keys in hand etc you can apply.

I feel like most of the rest of your questions depend on what you need from Credit Cards? Intro APR, specific rewards, financing offers for certain items etc.

If you plan to make regular purchases at Lowe's it is a good card to apply for.

Whatever you decide I would apply in the order of priority to you. I would also research their requirements as much as possible to not waste time applying for something you likely won't be approved for.

Congrats on the home and good luck.

I just closed on my first home on March 4th. No lowes or home depot card yet but I see one or the other in my eventual future.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Wed, 30 Mar 2016 17:32:27 GMT

Thanks for the reply. I'm not too concerned about rewards or financing offers, I know whichever card I get will offer one or the other, or both. I'm moreso concerned about getting the highest possible CL's.

Re: Applying for Credit Card(s) after house closing

Anonymous — Wed, 30 Mar 2016 23:44:47 GMT

What credit cards do you have now?

EDIT: I just saw this - Currently have a Cap One (secured) with $500 CL. Opened May 2015 with $200, raised to $500 after 6 months. No lates, util under 10%

Unfortunately, if these are your current cards, you won't be getting high limits after closing on your home. What do you consider a high limit? Is it $5,000, $10,000? As what one considers high limit varies.

Once you close on your house, try to get 2-3 more card and don't worry about the limit. Use them and build on them for a while then re-assess your situation.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Wed, 30 Mar 2016 23:52:57 GMT

Thanks. High to me with where I am now is $3000, and any higher than that is just an added plus. If I can get a few cards that together add to about $10,000, that would, be ideal. I'm mainly at this point also unsure of which cards to get and what order to apply for them in. Any suggestions?

Re: Applying for Credit Card(s) after house closing

Anonymous — Thu, 31 Mar 2016 00:11:05 GMT

@mrcrisp023 wrote:
Thanks. High to me with where I am now is $3000, and any higher than that is just an added plus. If I can get a few cards that together add to about $10,000, that would, be ideal. I'm mainly at this point also unsure of which cards to get and what order to apply for them in. Any suggestions?

Ok. In your initial post, you said [WE]. So I am assuming it is your other half? What about their credit? What cards does he /she have and how does their credit look like? The reason I asked is, if $3,000 is what you consider a high limit and considering your list of things to do after closing, you will practically be maxing out the card which I'd wouldn't do if I were in your shoes.

So depending on your other halfs credit, the both of you can sit and see who should apply for what to get a decent limit on a card.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Thu, 31 Mar 2016 00:19:00 GMT

I say we because I am married, but the house and the cards are so let in my name. Sorry for the confusion. We have plenty of cash to use towards home improvements, but I want a couple cards to assist with little stuff that comes up. I have no plans of exceeding 20-30% util. That's why I would like to get more than one card.

Re: Applying for Credit Card(s) after house closing

Anonymous — Thu, 31 Mar 2016 00:27:14 GMT

@mrcrisp023 wrote:
I say we because I am married, but the house and the cards are so let in my name. Sorry for the confusion. We have plenty of cash to use towards home improvements, but I want a couple cards to assist with little stuff that comes up. I have no plans of exceeding 20-30% util. That's why I would like to get more than one card.

No need to apologize... Ok, got it. So let me ask you a question. Who did you burn in your BK? Does it include any of the lenders on your wishlist? I asked because depending on the amount included in the BK, it might be hard to get a decent limit even if approved.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Thu, 31 Mar 2016 00:29:43 GMT

No none of them were credit related. It was mainly for my car, the other lenders in their were school loan or utility bill related.

Re: Applying for Credit Card(s) after house closing

Anonymous — Thu, 31 Mar 2016 00:32:10 GMT

@mrcrisp023 wrote:
No none of them were credit related. It was mainly for my car, the other lenders in their were school loan or utility bill related.

Oh Ok. How many inquiries on each bureau? Can you list them?

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Thu, 31 Mar 2016 00:41:35 GMT

Only 3 on each bureau in the last 8 months, and those are from this past January for mortgage shopping. 1 equifax for PayPal in july, 1 equifax for first premier in june, 1 on all 3 for capital one from May and 1 on Equifax from last April for a new checking account. So total for the past 12 months 4 each on TU And EXP, 7 on EQ. The only ones in the past 8 months are from mortgage shopping 2 months ago.

Re: Applying for Credit Card(s) after house closing

Anonymous — Thu, 31 Mar 2016 00:52:08 GMT

@mrcrisp023 wrote:
Only 3 on each bureau in the last 8 months, and those are from this past January for mortgage shopping. 1 equifax for PayPal in july, 1 equifax for first premier in june, 1 on all 3 for capital one from May and 1 on Equifax from last April for a new checking account. So total for the past 12 months 4 each on TU And EXP, 7 on EQ. The only ones in the past 8 months are from mortgage shopping 2 months ago.

Ok, not bad. Have you checked the Chase and Capital One pre-qualify sites? If you have, what comes up for you? If you haven't checked, do so and report back with what it shows for your profile...

Since you are buying a new home, definately get the Lowe's card. If you are not approved initially for a bigger limit, call credit solutions to request a CLI and you should be able to get a high limit with it.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Thu, 31 Mar 2016 00:56:22 GMT

I thought about doing the pre qualifiers but I got,cold feet because I didn't know if it would hit my,credit in any way and I didn't want to chance it with the house closing in a couple weeks.

I've heard that lowes,is pretty generous with their limits, I'm just wondering if I should apply for that before or after the other card(s) I want to try for.

Re: Applying for Credit Card(s) after house closing

Anonymous — Thu, 31 Mar 2016 01:03:06 GMT

@mrcrisp023 wrote:
I thought about doing the pre qualifiers but I got,cold feet because I didn't know if it would hit my,credit in any way and I didn't want to chance it with the house closing in a couple weeks.

I've heard that lowes,is pretty generous with their limits, I'm just wondering if I should apply for that before or after the other card(s) I want to try for.

Checking the pre-qualify does not affect your credit as they are softpulls. So don't be afraid to check to help you in planning and relishing what you can get your hands on...

Good decision that --[ the decision to apply for Lowes first]. Whatever you do, Capital One should be last.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Thu, 31 Mar 2016 01:04:46 GMT

Awesome, I'll give it a try tonight.

Thanks!

Re: Applying for Credit Card(s) after house closing

Anonymous — Thu, 31 Mar 2016 01:08:42 GMT

@mrcrisp023 wrote:
Awesome, I'll give it a try tonight.

Thanks!

You are welcome and don't be afraid in checking. You have worked very hard on your credit to get a house and such. Check to see what else your hardwork in credit building gets you interms of credit cards to make the accomplishment sweeter.

Re: Applying for Credit Card(s) after house closing

Ragelog — Thu, 31 Mar 2016 01:12:21 GMT

Try the pre qualifies first Chase is almost guaranteed if you get one.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Thu, 31 Mar 2016 01:19:13 GMT

Will do.

Re: Applying for Credit Card(s) after house closing

mrcrisp023 — Thu, 31 Mar 2016 16:18:19 GMT

I got cold feet again. A family member that is extremely knowledgable on credit suggested I just wait until the house closes, even for a soft pull, just to be safe. SInce they will likely pull my credit again before or at closing, I don't want them to see even just a soft pull.

Based on my info, any suggestions on what card(s) I should go for other than Lowe's?

Re: Applying for Credit Card(s) after house closing

Ragelog — Thu, 31 Mar 2016 16:27:14 GMT

I thinking waiting to close is fine. When do you close?