topic Re: App Spree Need Advice in Credit Cards

App Spree Need Advice

Anonymous — Tue, 28 Aug 2012 20:15:23 GMT

I am planning to go on an app spree and have a few question you pros here.

I am planning to buy a home around Jan-Feb 2013. I have been receiving pre-approval from Chase, Discover and Amex. As of right now I currently hold 2 CapOne, Chase Ink and Amex Green and a Chase Freedom(i am an AU with wife). Total CL is 17K and Ult. is around 60%.

I have a clean CR except for a collection that is going to drop off this December. If I do go on an app spree now will it effect my chance of getting a mortgage when the time comes? How much will this effect me credit score?

My last EQ FICO score was 680 back on 11/2011. I am thinking since I have not app for anything since my score now would be in the 700's. Might be a little lower since my ult. was 15% back in 11/2011.

All comments, suggestions and advice welcome. Thank you.

Re: App Spree Need Advice

Razeus — Tue, 28 Aug 2012 20:27:32 GMT

Don't do it until after a mortgage.

Re: App Spree Need Advice

Revelate — Tue, 28 Aug 2012 20:34:02 GMT

@Razeus wrote:
Don't do it until after a mortgage.

Quoted for truth .

Assuming you can manage your utilization pre-mortgage additional cards do absolutely nothing good for you FICO wise right now, and may wind up costing you points on the mortgage. Not where you want to be, at all. If you were six months out pre-mortgage app the story would be a little different, but the time window is just too short in this case, and you'll be able to get approvals next year just fine post-mortgage as well short of an implosion in our economy which doesn't seem likely in the near term.

Re: App Spree Need Advice

jamesdwi — Tue, 28 Aug 2012 20:35:42 GMT

Get yoiur UTL down to sub 10% and you will get a much better APR and a much easier process during underwriting. A new card may make you feel good now, but it could cost you 1000's in interest over the next 30 years.

Re: App Spree Need Advice

webhopper — Tue, 28 Aug 2012 20:59:12 GMT

@Anonymous wrote:
I am planning to go on an app spree and have a few question you pros here.

I am planning to buy a home around Jan-Feb 2013. I have been receiving pre-approval from Chase, Discover and Amex. As of right now I currently hold 2 CapOne, Chase Ink and Amex Green and a Chase Freedom(i am an AU with wife). Total CL is 17K and Ult. is around 60%.

I have a clean CR except for a collection that is going to drop off this December. If I do go on an app spree now will it effect my chance of getting a mortgage when the time comes? How much will this effect me credit score?

My last EQ FICO score was 680 back on 11/2011. I am thinking since I have not app for anything since my score now would be in the 700's. Might be a little lower since my ult. was 15% back in 11/2011.

All comments, suggestions and advice welcome. Thank you.

Yes, it will affect your mortgage changes. You need to pay down your utilization before applying. You should see a nice score bump from that. Best advice... Apply for the cards AFTER you close on the house.