topic Re: When to apply after mortgage in Credit Cards

When to apply after mortgage

Horseshoez — Mon, 29 Apr 2024 16:52:01 GMT

Hey gang,

I'm 12 days shy of closing on our new home and have been holding NFCU off on applying for their More Rewards card, which they keep pestering me about. Is it best to apply the day of closing, the next day, the next week...? Any suggestions would be appreciated.

I've grown disenchanted with CapOne, yes, they were my first unsecured card and I appreciate them for that, and while I have no real complaint about their customer service or the usage of my two cards, my SavorOne is now two years old and has yet to get even a single CLI. Given the renovations we're going to do to our new home before we move in, the skinny CL on my two CapOne cards ain't gonna cut it, the Quicksilver is already in the sock drawer, replaced my my CFU, and I'm thinking the More Rewards will make a worthy replacement for the SavorOne, which will join its sibling in the sock drawer.

Re: When to apply after mortgage

xenon3030 — Tue, 30 Apr 2024 01:10:18 GMT

Fico8 score? How many new CC accounts in the past months or 2 years? Which cards do you prefer?

Some lenders do not like several recent inquiries, even for mortgage, and they may request to apply after a year.

Re: When to apply after mortgage

Horseshoez — Tue, 30 Apr 2024 11:45:32 GMT

@xenon3030 wrote:
Fico8 score? How many new CC accounts in the past months or 2 years? Which cards do you prefer?

Some lenders do not like several recent inquiries, even for mortgage, and they may request to apply after a year.

My FICO 8 scores are as follows (EQ, EX, TU):

777, 779, 792

In the last two years I have two new CCs, and one CC in the last year.

The cards I'm looking at are:

Delta SkyMiles Gold (I'll most likely be denied due to my 2015 Chapter 13 which burned AMEX for a tidy sum)
United Explorer MileagePlus (under the assumption I get denied by AMEX)
NFCU More Rewards

From there I can sock drawer both of my CapOne cards and won't need any additional cards for, well, maybe ever.

Re: When to apply after mortgage

Anonymous — Tue, 30 Apr 2024 13:19:18 GMT

@Horseshoez wrote:
Hey gang,

I'm 12 days shy of closing on our new home and have been holding NFCU off on applying for their More Rewards card, which they keep pestering me about. Is it best to apply the day of closing, the next day, the next week...? Any suggestions would be appreciated.

Obviously the most important thing is to do nothing to disrupt closing, so I certainly wouldn't apply the day of closing, just in case something gets delayed and your credit is rerun by the mortgage lender. But once you are well and truly closed, things should be fine from that point of view.

From the cc view, applying shortly after closing MAY allow the app before the mortage shows up on the credit report, which might be preferable (although inqs will show up). I personally don't see much advantage in delaying much after closing if you want the card.

Re: When to apply after mortgage

xenon3030 — Tue, 30 Apr 2024 14:38:03 GMT

@Horseshoez wrote:
@xenon3030 wrote:
Fico8 score? How many new CC accounts in the past months or 2 years? Which cards do you prefer?

Some lenders do not like several recent inquiries, even for mortgage, and they may request to apply after a year.
My FICO 8 scores are as follows (EQ, EX, TU):
777, 779, 792
In the last two years I have two new CCs, and one CC in the last year.

The cards I'm looking at are:
Delta SkyMiles Gold (I'll most likely be denied due to my 2015 Chapter 13 which burned AMEX for a tidy sum)
United Explorer MileagePlus (under the assumption I get denied by AMEX)
NFCU More Rewards
From there I can sock drawer both of my CapOne cards and won't need any additional cards for, well, maybe ever.

They should be good to go.