topic Re: Help! Should I APP for a new card? in Credit Cards

Help! Should I APP for a new card?

Anonymous — Sat, 26 Mar 2011 14:48:55 GMT

Hi everyone.

Quick question. I just closed on a house early this month. It is not reporting yet. I figured that I will need a few cards to help furnish the place, but I will not carry a balance on any of them for a long period of time because I know how it kills my FICO score.

I am looking for a Home Depot or Lowes Card, plus a Barclays card because my TU FICO is 776, and I know Barclays pulls TU most of the time.

I don't need any credit, however I do have a balance that is sitting at 30 UTIL and is the only card with a balance. Overall UTIL is less then 15%. It has a balance because I needed a plane ticket to close on my house, and buy things before I moved, but will pay it off shortly.

I am searching for credit because my mortgage will not report for another 45 days or so, is it a good idea to app and to let the cc and the mortgage age at the same time or should I just wait 6 months after my mortgage hits?

Thanks for the help.

Yesme

Re: Help! Should I APP for a new card?

MarineVietVet — Sat, 26 Mar 2011 15:19:28 GMT

@Anonymous wrote:
Hi everyone.

Quick question. I just closed on a house early this month. It is not reporting yet. I figured that I will need a few cards to help furnish the place, but I will not carry a balance on any of them for a long period of time because I know how it kills my FICO score.

I am looking for a Home Depot or Lowes Card, plus a Barclays card because my TU FICO is 776, and I know Barclays pulls TU most of the time.

I don't need any credit, however I do have a balance that is sitting at 30 UTIL and is the only card with a balance. Overall UTIL is less then 15%. It has a balance because I needed a plane ticket to close on my house, and buy things before I moved, but will pay it off shortly.

I am searching for credit because my mortgage will not report for another 45 days or so, is it a good idea to app and to let the cc and the mortgage age at the same time or should I just wait 6 months after my mortgage hits?

Thanks for the help.

Yesme

You said yourself you don't need credit so don't apply for it. That's one of the ways to get and keep high scores.

And when you pay off that balance your scores will recover.

JMO.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Help! Should I APP for a new card?

Anonymous — Sat, 26 Mar 2011 15:40:20 GMT

I would only apply for store cards if they offer a good deal with the purchase. Like discount or 0% interest for a period.

Re: Help! Should I APP for a new card?

haulingthescoreup — Sat, 26 Mar 2011 15:49:21 GMT

Sounds like you only have one CC, and you're mainly looking for two additional cards to dilute your revolving util, yes?

For most people (certainly not all), Home Depot gives higher CL's than Lowe's. But supposedly Citi is selling off its affiliate card portfolio to GEMB, which manages Lowes, so who knows. I just know that when I've had contractors working on my house, they hated the Lowes card (although they prefered the store) because its limits were low, and they were slow to post payments.

The HD store card hasn't given me much in the way of goodies in the past, although I think they've started offering 6 months at 0% etc for big purchases.

Another store card option, if you need appliances and big electronics, is Best Buy from HSBC. They don't pull TU, but they have good CL's for those with high scores, and they allow pretty frequent CLI's.

If you need to furnish your new home library , Barclays backs the Barnes and Noble MC, which can be a great card. I got a puny limit, but I think that's because I already had plenty of credit. If you don't have a lot of total credit already, you might do well with them.

Re: Help! Should I APP for a new card?

MarineVietVet — Sat, 26 Mar 2011 15:53:30 GMT

Well so far it looks like my opinion is in the minority.

(I must confess I completely overlooked the part about having only one CC).

Could I get a moderator to delete my posts??

Re: Help! Should I APP for a new card?

haulingthescoreup — Sat, 26 Mar 2011 16:27:29 GMT

lol

That's alright, we need to have these cool-your-jets posts. I've made plenty of them myself!

Re: Help! Should I APP for a new card?

veracious — Sat, 26 Mar 2011 16:36:09 GMT

@Anonymous wrote:
Hi everyone.

Quick question. I just closed on a house early this month. It is not reporting yet. I figured that I will need a few cards to help furnish the place, but I will not carry a balance on any of them for a long period of time because I know how it kills my FICO score.

I am looking for a Home Depot or Lowes Card, plus a Barclays card because my TU FICO is 776, and I know Barclays pulls TU most of the time.

I don't need any credit, however I do have a balance that is sitting at 30 UTIL and is the only card with a balance. Overall UTIL is less then 15%. It has a balance because I needed a plane ticket to close on my house, and buy things before I moved, but will pay it off shortly.

I am searching for credit because my mortgage will not report for another 45 days or so, is it a good idea to app and to let the cc and the mortgage age at the same time or should I just wait 6 months after my mortgage hits?

Thanks for the help.

Yesme

marienvietvet,

Don't feel bad. I think you read it the same way I do.

Re: Help! Should I APP for a new card?

haulingthescoreup — Sat, 26 Mar 2011 18:52:56 GMT

I think that you two read it AFTER having your coffee!

Re: Help! Should I APP for a new card?

MarineVietVet — Sat, 26 Mar 2011 20:41:12 GMT

@haulingthescoreup wrote:
I think that you two read it AFTER having your coffee!

And here's another confession. There are days that I catch myself hurrying through a post and not giving it the attention it deserves because I've already read several hundred posts before that.

You remember those days don't you HTSU??

Ooooooopppsss I realize we are jacking this thread. My apologizes to the OP.

BACK ON TOPIC EVERYONE! Enough of the chit chat.

Re: Help! Should I APP for a new card?

DI — Sat, 26 Mar 2011 21:03:08 GMT

With a new mortgage and 30 utilization on current credit cards....DENIED as what Suze Orman would say. Don't invite murphy in as what Dave Ramsey would say.

Re: Help! Should I APP for a new card?

Anonymous — Tue, 12 Apr 2011 15:33:31 GMT

To All,

Thank you for your replies. I now have internet so I can catch up.

Against my better judgment I went ahead and applied for HD and Barclay's itunes because I needed to offset the utilization on my other credit card. I was approved for 3k instantly with HD and called backdoor number for Barcaly (declined at first because I locked my credit report) asked for only 2k and granted.

Currently I have 12 open revolving accounts to include 4 only being store cards the rest bank cards, all cards totaling 33k worth of credit now.

Additionally since I needed to buy things for my new house I applied for a personal loan and was granted 15k. I now can pay off the 2 revolving cards.

The personal loan has not reported yet, but the mortgage had. I got an alert a few days ago. My EQ FICO was 753 while in mortgage underwriting in Early March. It went down 9 points and then jumped to 791 after mortgage hit. I now have 2 auto loans that are still open 1 personal loan, 1 mortgage, 12 revolving lines oldest being almost 6 years old most recent 1 month. AAoA is around 3 years. 5 inquiries in the last year, no baddies. The personal loan still has not hit, and the revolving lines are not updated with a smaller balance of yet. I am hoping to break 800 very very soon. I am not opening anymore credit, unless I cannot pay cash, and really need more credit which is doubtful. I feel very accomplished for being in my early twenties.

Thanks for all of your replies.

Yesme