topic Re: Target Debit Card...in Escrow in Mortgage Loans

Target Debit Card...in Escrow

Anonymous — Sun, 22 Feb 2015 19:30:15 GMT

May be a silly question...I'm currently in escrow and Target is having a sale on an item I've been dying to get but didn't want to pay full price. Anyhow, if i apply for the Target Debit Card (to save an additional 5%...its not the store credit card and the funds will auto deduct from my checkings) will it create a hard inquiry? I've googled and some say yes, some say no and their website says they only need a blank check. I personally haven't done it because I'm scared it will cause a hard inquiry and mess up whatever i have going on in escrow. Any help is appreciated. Thanks!

Re: Target Debit Card...in Escrow

StartingOver10 — Sun, 22 Feb 2015 20:20:17 GMT

Do not apply for any new credit, including a new debit card, during your mortgage approval process. Is the item you are looking to purchase worth losing the mortgage?

Re: Target Debit Card...in Escrow

Anonymous — Sun, 22 Feb 2015 20:34:39 GMT

I would not take the chance. Even if it is saving you 200 bucks, that is not worth risking your mortgage. Even if someone tells you 100 percent certain its a SP I would not risk that for a few bucks.

Re: Target Debit Card...in Escrow

Anonymous — Sun, 22 Feb 2015 20:35:48 GMT

So y'all not gonna let him buy a flat screen?

Re: Target Debit Card...in Escrow

Revelate — Sun, 22 Feb 2015 22:03:18 GMT

@Anonymous wrote:
So y'all not gonna let him buy a flat screen?

Mortgage > everything else financially; the 5% discount will be available after the loan is funded and keys are in hand... it's not going anywhere.

Re: Target Debit Card...in Escrow

Lemmus — Mon, 23 Feb 2015 01:15:22 GMT

@Anonymous wrote:
So y'all not gonna let him buy a flat screen?

...mortgage rates going up, flat screen prices coming down ...don't buy the flat screen until after you close ...it'll be cheaper by then anyway

Re: Target Debit Card...in Escrow

Anonymous — Mon, 23 Feb 2015 01:25:30 GMT

@Anonymous wrote:
May be a silly question...I'm currently in escrow and Target is having a sale on an item I've been dying to get but didn't want to pay full price. Anyhow, if i apply for the Target Debit Card (to save an additional 5%...its not the store credit card and the funds will auto deduct from my checkings) will it create a hard inquiry? I've googled and some say yes, some say no and their website says they only need a blank check. I personally haven't done it because I'm scared it will cause a hard inquiry and mess up whatever i have going on in escrow. Any help is appreciated. Thanks!

No, don't do it. That offer will always be there. If not, it will come back.

Re: Target Debit Card...in Escrow

skigirl916 — Mon, 23 Feb 2015 01:56:59 GMT

@Revelate wrote:
@Anonymous wrote:
So y'all not gonna let him buy a flat screen?

Mortgage > everything else financially; the 5% discount will be available after the loan is funded and keys are in hand... it's not going anywhere.

+a million times!

I could be missing out on all sorts of deals for my new house, but until the keys are in my little hands, there will be no shopping, no applying/signing up for stuff, none-a-that.

Re: Target Debit Card...in Escrow

frugalQ — Mon, 23 Feb 2015 04:47:57 GMT

I've been losing my mind wanting to shop. So, I just go into stores and play around with stuff I want to purchase and then leave!

It's torture, but our accounts are on lock until 3/19

Re: Target Debit Card...in Escrow

Revelate — Mon, 23 Feb 2015 16:02:57 GMT

@skigirl916 wrote:
@Revelate wrote:
@Anonymous wrote:
So y'all not gonna let him buy a flat screen?

Mortgage > everything else financially; the 5% discount will be available after the loan is funded and keys are in hand... it's not going anywhere.
+a million times!

I could be missing out on all sorts of deals for my new house, but until the keys are in my little hands, there will be no shopping, no applying/signing up for stuff, none-a-that.

Haha, well to laugh at myself a bit:

I've never really spent much but I've never really cared out much I spent either: when I needed (or to be fair, wanted) something I bought it... until starting this quest for a mortgage. When I needed a new pair of shoes as an example, I went out and got one; however, now stuck with an unrepairable casual work shoe I'm torn between replacing them and rationalizing nobody really cares in my office, shabby shoes are OK for now.

Figured I'd have all sorts of unintended consequences in my life from getting a mortgage, but I wasn't expecting this one .

Re: Target Debit Card...in Escrow

mynameainttracy — Mon, 23 Feb 2015 16:20:36 GMT

Not being able to shop has been a pain BUT...it has been a great excuse to get the furniture sales people to leave me alone and just let me look.

Re: Target Debit Card...in Escrow

Anonymous — Mon, 23 Feb 2015 18:17:18 GMT

thank you all...it was just a small table ($70) that i needed now but i went ahead and purchased it without the target debit card.

Re: Target Debit Card...in Escrow

skigirl916 — Mon, 23 Feb 2015 18:46:24 GMT

@mynameainttracy wrote:
Not being able to shop has been a pain BUT...it has been a great excuse to get the furniture sales people to leave me alone and just let me look.

Hahahaha! Soooo true!!

Re: Target Debit Card...in Escrow

skigirl916 — Mon, 23 Feb 2015 18:48:52 GMT

@Revelate wrote:
@skigirl916 wrote:
@Revelate wrote:
@Anonymous wrote:
So y'all not gonna let him buy a flat screen?

Mortgage > everything else financially; the 5% discount will be available after the loan is funded and keys are in hand... it's not going anywhere.
+a million times!

I could be missing out on all sorts of deals for my new house, but until the keys are in my little hands, there will be no shopping, no applying/signing up for stuff, none-a-that.
Haha, well to laugh at myself a bit:

I've never really spent much but I've never really cared out much I spent either: when I needed (or to be fair, wanted) something I bought it... until starting this quest for a mortgage. When I needed a new pair of shoes as an example, I went out and got one; however, now stuck with an unrepairable casual work shoe I'm torn between replacing them and rationalizing nobody really cares in my office, shabby shoes are OK for now.

Figured I'd have all sorts of unintended consequences in my life from getting a mortgage, but I wasn't expecting this one .

I'm finding the same! My willingness to spend money has changed, and what I look at spending my money on has changed as well. Gone are the days of shopping sprees at the Chanel counter or buying anything I liked at Nordstrom. Now I'm stalking online for backsplash and home decor, but still not willing to spend on it!

Re: Target Debit Card...in Escrow

Lemmus — Mon, 23 Feb 2015 19:11:30 GMT

@skigirl916 wrote:
I'm finding the same! My willingness to spend money has changed, and what I look at spending my money on has changed as well. Gone are the days of shopping sprees at the Chanel counter or buying anything I liked at Nordstrom. Now I'm stalking online for backsplash and home decor, but still not willing to spend on it!

•º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º••º°”˜˜”°º•

...Walmart had a special $648 for a new 65" Visio Smart LED HDTV! ...trust me, THAT took some willpower to resist!

Re: Target Debit Card...in Escrow

Zorasmiles — Fri, 27 Feb 2015 20:33:30 GMT

Late response but the Target Debit Card isn't a soft or hard pull. It isn't considered a new tradeline whatsoever!!! It is tied to your bank account after verification with a voided check. It allows you to use it as a debit card in Target Stores and receive the 5% discount but is in no way a new line of credit. It appears on your checking account as a Target transaction as if you used your banking debit card. It's great that you showed restraint, as one should NEVER APPLY FOR NEW CREDIT IN WHILE IN THE MORTGAGE PROCESS....just my honest opinion.