topic Re: Pulled the trigger on a few new cards.. in Credit Cards

Pulled the trigger on a few new cards..

raine22 — Sat, 12 Nov 2011 11:28:18 GMT

After rebuilding my credit over the past few years coming from scores in the 500's. I've managed with the help of this forum to turn that all around. I've been hesitant on seeking new credit even when my scores were going up in fear of the big "NO APPROVAL". We are building a home next year and I wanted to increase my overall credit picture so here are the new cards and CL's. Also, I'm in Ohio.

Chase Slate $7,000 CL (pulled Transunion)

Barclay's LL Bean $8,300 (pulled Transunion)

Lowe's $5,000 (pulled Experian) - *note, initial credit line givin was $300 so I asked for a CLI told them I needed $5,000 and was approved.

Pottery Barn $4,000 (pulled Equifax)

I also have these cards which I've had for a couple of years.

Discover $5,000 CL

US Bank $3,400 CL

Orchard Bank $1,500 CL

Best Buy $6,600

Best Buy Mastercard $950

My scores: Equifax FICO 711, Transunion 723, Experian PLUS 705

I'm done credit shopping,

Re: Pulled the trigger on a few new cards..

tennisfan78 — Sat, 12 Nov 2011 11:38:14 GMT

wow, congratulations!!! Thank you for sharing!

Re: Pulled the trigger on a few new cards..

CS800 — Sat, 12 Nov 2011 13:04:45 GMT

Nice on the approvals

wow on the LL Bean, shop there often? i have been eying this card for a while now

Re: Pulled the trigger on a few new cards..

mAndrew1980 — Sat, 12 Nov 2011 15:34:23 GMT

Wow! Really impressive credit portfolio you possess. Congrats on the successful accomplishment of fully rebuilding. I hope to follow your lead. I think the most impressive thing is an Orchard Bank card with a 1500CL. Didn't know that was possible!

Re: Pulled the trigger on a few new cards..

Anonymous — Sat, 12 Nov 2011 15:39:08 GMT

nice

Re: Pulled the trigger on a few new cards..

clocktick — Sat, 12 Nov 2011 16:12:09 GMT

Nice collection you have there.

Haha, that's funny - I was thinking the most impressive was the Discover with the $5000 from years ago (assuming OP's scores were lower then)!

Re: Pulled the trigger on a few new cards..

raine22 — Mon, 14 Nov 2011 14:19:46 GMT

Thanks all, I'm pretty proud what I've accomplished and where I am currently at today. I never wish to go back into the credit hole nightmare again!

I do shop L.L. Bean quite a bit. Their quality is superb and they back up their products 100% should something go wrong.

Orchard Bank was my first credit card in the rebuilding process and I paid them well and used it quite a bit to rebuild. I really don't use it now but will not cancel at least for now because of it being my oldest account.

Re: Pulled the trigger on a few new cards..

Walt_K — Mon, 14 Nov 2011 20:03:46 GMT

Congrats on the cards. Only thing I would caution though is you said that you are planning to build a home next year. I'd be careful about applying for new accounts if you're looking to get a mortgage next year. So, for example, if your spouse/significant other is also considering any applications, you may want to hold off on those.

Re: Pulled the trigger on a few new cards..

raine22 — Mon, 14 Nov 2011 20:46:50 GMT

Thank you for the advice Walt_K. I'm going to be applying for pre-approval around May of next year. I wanted to be at least 6 months out from any apps for credit for exactly that reason. After these apps, I have only have these inquiries showing on my credit report (1) Experian (1) Equifax and (2) Transunion. I don't plan on having any card balances at the time of applying for a mortgage so that my scores are well above the 720 range on all three credit bureaus. Scores need to be at least 653 for construction loan approval.

With that said, I hope I haven't made a mistake in hurting my chances for applying for a construction loan with these new cards., as you stated. I've always been told to give it at least 6 months. I will not be applying for any other credit until the construction loan.

Re: Pulled the trigger on a few new cards..

Walt_K — Mon, 14 Nov 2011 21:03:34 GMT

@raine22 wrote:
Thank you for the advice Walt_K. I'm going to be applying for pre-approval around May of next year. I wanted to be at least 6 months out from any apps for credit for exactly that reason. After these apps, I have only have these inquiries showing on my credit report (1) Experian (1) Equifax and (2) Transunion. I don't plan on having any card balances at the time of applying for a mortgage so that my scores are well above the 720 range on all three credit bureaus. Scores need to be at least 653 for construction loan approval.

With that said, I hope I haven't made a mistake in hurting my chances for applying for a construction loan with these new cards., as you stated. I've always been told to give it at least 6 months. I will not be applying for any other credit until the construction loan.

I wasn't trying to say that you made a mistake. You applied. It's done with and you have good scores, so I wouldn't fret about it. I have read variously that you shouldn't apply for anything from a year to two years before a mortgage app. But these are general guidelines. I can't imagine you'll have trouble with approval. You had already said you weren't applying for anything else, so my main point was to advise your partner to hold off on any apps if he/she will be on the loan as well.

Re: Pulled the trigger on a few new cards..

raine22 — Mon, 14 Nov 2011 21:17:38 GMT

haha, Oh point well taken. I just had a huge lump in my throat thinking .... Wow, I sure hope I haven't made a mistake after being so careful for so long not to do anything that would harm my chances at building my dream home!!!