topic Re: I need a 12 step program!!!! in Credit Cards

I need a 12 step program!!!!

cracksmeup — Sun, 24 Jun 2012 22:55:23 GMT

Ok, so I said I wasn't going to apply for anything else for a while. Sadly, I lied I went to Boscov's to buy an air conditioner for my son's bedroom. They were on sale for $99.99. The cashier told me I could get 15% off if I applied for and used the store credit card today. I did, and was instantly approved with a $1300 CL!!!! My highest one yet. It's through Capital One. Going to seriously try to not app for ANYTHING else. I'm supposed to be applying for a mortgage in Nov/Dec. I hope the 3 recent apps isn't a deal breaker.

Re: I need a 12 step program!!!!

noobody — Sun, 24 Jun 2012 23:09:25 GMT

so you take a HP to get a $15 off, it's so not worth it imho.

If you do not shop there often, high CL doesn't mean much.

I bet most people here would glad to pay $100 to remove a HP from their CR, if they could.

Re: I need a 12 step program!!!!

nada9188 — Sun, 24 Jun 2012 23:12:49 GMT

+1. $15 for a hp??

Re: I need a 12 step program!!!!

webhopper — Sun, 24 Jun 2012 23:57:03 GMT

Not a good move considering that your scores are borderline for the mortgage anyways. I would say that this was a poor use of an inquiry

Re: I need a 12 step program!!!!

Repo-ed — Mon, 25 Jun 2012 00:12:03 GMT

I get people to apply for our store card to save $2-3 bucks all the time.

Don't feel bad about getting taken for $15.

Re: I need a 12 step program!!!!

android01 — Mon, 25 Jun 2012 00:22:48 GMT

@cracksmeup wrote:
Ok, so I said I wasn't going to apply for anything else for a while. Sadly, I lied I went to Boscov's to buy an air conditioner for my son's bedroom. They were on sale for $99.99. The cashier told me I could get 15% off if I applied for and used the store credit card today. I did, and was instantly approved with a $1300 CL!!!! My highest one yet. It's through Capital One. Going to seriously try to not app for ANYTHING else. I'm supposed to be applying for a mortgage in Nov/Dec. I hope the 3 recent apps isn't a deal breaker.

STOP! If you want that mortgage. As others have mentioned, a $15 savings is not worth jeopardizing something that is truly important.

Re: I need a 12 step program!!!!

android01 — Mon, 25 Jun 2012 00:25:00 GMT

@android01 wrote:
@cracksmeup wrote:
Ok, so I said I wasn't going to apply for anything else for a while. Sadly, I lied I went to Boscov's to buy an air conditioner for my son's bedroom. They were on sale for $99.99. The cashier told me I could get 15% off if I applied for and used the store credit card today. I did, and was instantly approved with a $1300 CL!!!! My highest one yet. It's through Capital One. Going to seriously try to not app for ANYTHING else. I'm supposed to be applying for a mortgage in Nov/Dec. I hope the 3 recent apps isn't a deal breaker.
STOP! If you want that mortgage. As others have mentioned, a $15 savings is not worth jeopardizing something that is truly important.

Walmart became what it is today because people would prefer to buy something there for $9.92 instead of $9.99 elsewhere.

Re: I need a 12 step program!!!!

cracksmeup — Mon, 25 Jun 2012 00:25:12 GMT

Actually, don't feel like I was taken at all. I'm going to need a new washer soon, and plan to buy it there. I also shop there quite frequently and having the card allows me to get additional savings offers in the mail. I'm fine with others opinions though, if not I wouldn't post on the boards. For me, the card was a good choice. Plus I was excited that I got a fairly good limit.

Re: I need a 12 step program!!!!

android01 — Mon, 25 Jun 2012 00:29:56 GMT

@cracksmeup wrote:
Actually, don't feel like I was taken at all. I'm going to need a new washer soon, and plan to buy it there. I also shop there quite frequently and having the card allows me to get additional savings offers in the mail. I'm fine with others opinions though, if not I wouldn't post on the boards. For me, the card was a good choice. Plus I was excited that I got a fairly good limit.

I don't think anyone is jamming you for your decision. Your goal of a mortgage is far more important as a lifetime decision and commitment than $15, or a washer. I think the lesson is to think strategically rather than tactically. It's not an easy thing to do!

Re: I need a 12 step program!!!!

bettercreditguy1 — Mon, 25 Jun 2012 00:42:45 GMT

It was once said by a major department store, "if you have a store branded cc you spend about 27% more per visit" than if you use cash. Simple, emotions rule, not true needs.

Speaking guy talk, they knew if you purchased a business shirt and tie for cash. With credit they may sell you an extra shirt and more ties.

Re: I need a 12 step program!!!!

webhopper — Mon, 25 Jun 2012 02:18:19 GMT

I'm hoping that the inquiry plus the decrease in your AAoA doesn't drop you below the 640 that is needed for FHA. Your mid score is borderline, and the mortgage company will probably have to pull credit at least twice. Once for pre-approval and once for closing. If your score drops below 640 you won't be able to close.

I just went through this nightmare in january.... For me the target was 680 and the mortgage companies pulled credit so many times it dropped my score by 25 points.

Seriously the mortgage is nothing to play around with. If you're under contract and you can't close, you may lose your earnest money, plus the sellers may choose another buyer, who has stronger chances of closing.

Then you have to start the process over again... ie. more mortgage HPs, decreasing score... good news is that once you get past 14 inquiries, they no longer hurt your score...

I know that from experience haha! I had 14 inqs from mortgage. dont ask me how, because it was a nightmare! my closing took 4.5 months and caused a lot of tears...

Don't put yourself in that position please. for you and your wifes sake... a dryer or a $15 discount isn't worth it

Re: I need a 12 step program!!!!

JusdoNit — Mon, 25 Jun 2012 02:26:17 GMT

3 inquiries is not a deal breaker, but a middle score of under 680 could be. Yes, there are those who have been approved with lower scores, but do you want all the stress that comes with that score vs knowing your 680 plus score makes for smoother sailing and more options?

Hope this helps, but if not toss. Just my cent in a half:smileywink:

btw....congrats on your highest limit so far

Re: I need a 12 step program!!!!

webhopper — Mon, 25 Jun 2012 02:46:40 GMT

Sorry to be such a debbie downer, but that mortgage was probably the most stressful experince I'd ever been through and I wanted to share my experience in the hopes that you will consider it, unfortunately there's no 12 step program for appaholics.

I feel the itch myself sometimes... Join us in the Garden Club, we'll be glad to have you! Also congrats on the nice CL. That should set you up in the future for nice CLs on future apps... that occur after the mortgage. I went on my app spree exactly 30 days after I closed, and it was nice getting all of those approvals

Re: I need a 12 step program!!!!

cracksmeup — Mon, 25 Jun 2012 02:54:26 GMT

When I apply for the mortgage, I will have 4 inquiries listed, including the 3 I just did. I was doing good with no apps, but lately it's been like a rush to see what I can get approved for, pathetic I know! Hoping my score goes up with my last two collections that are supposed to be deleted.

Re: I need a 12 step program!!!!

webhopper — Mon, 25 Jun 2012 03:00:25 GMT

Hopefully that will work out! Collections are aweful. I have to wait another yr before my reports are clean.

Re: I need a 12 step program!!!!

Anonymous — Mon, 25 Jun 2012 13:37:19 GMT

Would have been better off doing that while buying the washer. But what is done is done.

At least you have a higher CL.

Re: I need a 12 step program!!!!

Anonymous — Mon, 25 Jun 2012 22:12:06 GMT

When its time to apply for a mortgage, I don't want any concerns with score, inquiries, or anything but where to put our stuff. Score is OK but I need to to the rice and beans thing while finishing school, LOL!

Re: I need a 12 step program!!!!

ssp — Mon, 25 Jun 2012 23:34:34 GMT

Exactly!