Re: After Closing Mortgage, Credit Card Applicatio... - myFICO® Forums

azpro · ‎08-17-2021

Closing on 1st Home Purchase soon and planning a Card Application spree, on or the day after closing day. I anyways have to spend this money on Furniture and Appliances, why not get some free rewards? Budgeted $10,500 to be spend on Furniture and $5,500 on appliance. Total planned spend is $16,000

Some info about the Credit Profile

About 753 credit score per the Mortgage lender (Did 3 Hard Inquiries in last 3 months)
High Income & enough money in bank to fund above purchases
Rebuilt credit, No negative items or collection, No BK, oldest account is over 6 yrs old
Credit age Avg is little over 4 years and Credit Utiliziation is 4%
AOD Sig Visa opened about 11 Months ago. No other new credit card or line besides that.
Highest Card Limit $15,000 AOD
7 Opens lines/Cards and 0/1 Closed lines/cards
Already have WF Propel Amex and Citi Doublecash
I currently have no AMEX, no Chase Card and no discover (Don't need Marriott card, AMEX Blue Cash Preferred, spouse has them)

I want to apply for good credit cards and maximize rewards.

#1 Chase Sappire Prefered or Reserve ($4000 Spend) ***Already have a mail Invitation for CS Reserve w/70K bonus point***

#2 IHG Chase ($3000 Spend)

#3 AMEX Hilton Honors Card or AMEX Hilton Surpass ($1000 or $2000 Spend)

#4 U.S. Bank Cash Plus ($500 Spend)

#5 Any suggestions

#6 Any more suggestions

That leaves me thinking where I should put other $6500 of spend to get rewards?

I was thinking to apply Costco Visa and get 4 Year warranty but the applicance options look limited. I don't prefer store branded Credit Card even if it comes with 0% financing for 24 months. If it's 4-5 Years financing at 0% then I may consider.

I don't plan to use the new home address on CC application because we aren't selling the previous one anytime soon (may move out within a week). I guess mail will be forwaded via USPS inlcuding New Credit Cards to new address?

How should I space out these applications? In what order should I apply to eliminate chance of denial? TIA

Michizane · ‎08-19-2021

Congrats on the new house! I was in a similar position as I had 3 inquiries for a mortgage within 7 days back in May, closed on our house on 7/9, and I waited almost 3 weeks to start applying. I have apped and gotten approved for 5 cards (Amazon Chase, Amex BCP, Synch PayPal CB MC, Wells Fargo Active Cash & Care Credit...and PC'ing my Citi DC to a Citi Costo Card). Focus on the banks that are sensitive to inquiries first...Chase being one and USBank I've heard can be conservative as well. Chase mostly follows the 5/24 rule, and I've heard that their mainline cards might even SP your credit between the first statement may cancel if you go too far with apps...I've seen a couple of topics on this. Amex, is not too sensitive to HP's and new accounts.

So my suggestion would be if you are getting Chase cards, it is probably best to get the two Chase cards and maybe another one then space it out a couple months after that. According to most approval trends I've seen on here, USBank can be more conservative with Chase especially if you don't bank with them (I've had my eye on the Cash + but currently waiting out my inquiries).

Besides, are you using your Citi Double Cash? You can convert it to a Citi Costo Card (it takes like a month to convert tho). I myself have had a Citi Double Cash for 6 years and never really used it due to the $25 redemption minimum. Since it looks like you don't have another 2% card, I'm assuming that's your "catch all".

azpro · ‎08-19-2021

@Michizane wrote:
Congrats on the new house! I was in a similar position as I had 3 inquiries for a mortgage within 7 days back in May, closed on our house on 7/9, and I waited almost 3 weeks to start applying. I have apped and gotten approved for 5 cards (Amazon Chase, Amex BCP, Synch PayPal CB MC, Wells Fargo Active Cash & Care Credit...and PC'ing my Citi DC to a Citi Costo Card). Focus on the banks that are sensitive to inquiries first...Chase being one and USBank I've heard can be conservative as well. Chase mostly follows the 5/24 rule, and I've heard that their mainline cards might even SP your credit between the first statement may cancel if you go too far with apps...I've seen a couple of topics on this. Amex, is not too sensitive to HP's and new accounts.

So my suggestion would be if you are getting Chase cards, it is probably best to get the two Chase cards and maybe another one then space it out a couple months after that. According to most approval trends I've seen on here, USBank can be more conservative with Chase especially if you don't bank with them (I've had my eye on the Cash + but currently waiting out my inquiries).

Besides, are you using your Citi Double Cash? You can convert it to a Citi Costo Card (it takes like a month to convert tho). I myself have had a Citi Double Cash for 6 years and never really used it due to the $25 redemption minimum. Since it looks like you don't have another 2% card, I'm assuming that's your "catch all".

@Michizane I'm planning to start applying the same day of closing. So, you're saying U.S. Bank may not approve if they see recent Chase bank inquires? Citi DC to Citi Costco conversion is an excellent suggestion. Thanks.

My use of Citi DC is minimal. However, Citi DC often have these Balance Xfer and Purchase APR at 1.99% promotion where it comes handy. I have 1.75% Capital and 3% AOD Sig. (You should look into AOD Sig 3% cash back, forums have a lots of info on it)

4sallypat · ‎08-19-2021

Same here, looking to app when escrow closes.

Since I already have travel cards and tons of premium cards, it will be for home stuff so I plan on apping for:

Appliance Central

Home Depot

Lowes

Cash back cards like WF Active Cash or Citibank's Custom Cash...

Michizane · ‎08-19-2021

@azpro wrote:
@Michizane wrote:
Congrats on the new house! I was in a similar position as I had 3 inquiries for a mortgage within 7 days back in May, closed on our house on 7/9, and I waited almost 3 weeks to start applying. I have apped and gotten approved for 5 cards (Amazon Chase, Amex BCP, Synch PayPal CB MC, Wells Fargo Active Cash & Care Credit...and PC'ing my Citi DC to a Citi Costo Card). Focus on the banks that are sensitive to inquiries first...Chase being one and USBank I've heard can be conservative as well. Chase mostly follows the 5/24 rule, and I've heard that their mainline cards might even SP your credit between the first statement may cancel if you go too far with apps...I've seen a couple of topics on this. Amex, is not too sensitive to HP's and new accounts.

So my suggestion would be if you are getting Chase cards, it is probably best to get the two Chase cards and maybe another one then space it out a couple months after that. According to most approval trends I've seen on here, USBank can be more conservative with Chase especially if you don't bank with them (I've had my eye on the Cash + but currently waiting out my inquiries).

Besides, are you using your Citi Double Cash? You can convert it to a Citi Costo Card (it takes like a month to convert tho). I myself have had a Citi Double Cash for 6 years and never really used it due to the $25 redemption minimum. Since it looks like you don't have another 2% card, I'm assuming that's your "catch all".
@Michizane I'm planning to start applying the same day of closing. So, you're saying U.S. Bank may not approve if they see recent Chase bank inquires? Citi DC to Citi Costco conversion is an excellent suggestion. Thanks.

My use of Citi DC is minimal. However, Citi DC often have these Balance Xfer and Purchase APR at 1.99% promotion where it comes handy. I have 1.75% Capital and 3% AOD Sig. (You should look into AOD Sig 3% cash back, forums have a lots of info on it)

@azproUS Bank may still approve you...but I've been looking at several threads and data points on the Cash + and they generally appear to be very sensitive to inquiries if you dont bank with them. So it will be a do it at your own risk kinda thing (like all credit anyway). And you might want to app for that before Chase and potentially sacrifice on the Chase cards.

And yes, I heard about the AOD 3% cashback after my app spree. So I'm gardening right now. I read several threads on it, and figured I might as well wait out my inquiries and see if their still offering 3% back...then I may get it.

WenW · ‎08-19-2021

Congrats on the new home!!
Im in a similar boat, I close next Monday. I agree you should do Chase first since they are very sensitive to pulls. Additionally, Ive seen on here, Chase is senstive to multiple accounts opening even after you open a new card. Evidently they still do soft pulls & can close card. That said I would do Chase & US bank then pause/ space out the rest maybe over 3 months.

In my case I am doing Chase Amazon first, already pre-qualified & saw APR%. I wanted Sapphire Preserve & was preapproved about 1 month ago....but I doubt I will make $4k purchases in 3 months for SUB - If I do it will be between Amazon & Lowes anyways & they offer no interest on stretching out larger purchases over 6 months which means more for my cash flow. (I wanna keep the extra cash I have post-closing)

My Plan:

Chase Amazon
Lowes
Rooms to Go
Citi Custom Cash - (I might wait for this one out for a month. But I was advised on my one of my posts to wait 7 days minimum between Chase & Citi)

Good luck!

azpro · ‎08-22-2021

@WenW wrote:
Congrats on the new home!!
Im in a similar boat, I close next Monday. I agree you should do Chase first since they are very sensitive to pulls. Additionally, Ive seen on here, Chase is senstive to multiple accounts opening even after you open a new card. Evidently they still do soft pulls & can close card. That said I would do Chase & US bank then pause/ space out the rest maybe over 3 months.
In my case I am doing Chase Amazon first, already pre-qualified & saw APR%. I wanted Sapphire Preserve & was preapproved about 1 month ago....but I doubt I will make $4k purchases in 3 months for SUB - If I do it will be between Amazon & Lowes anyways & they offer no interest on stretching out larger purchases over 6 months which means more for my cash flow. (I wanna keep the extra cash I have post-closing)
My Plan:
Chase Amazon
Lowes
Rooms to Go
Citi Custom Cash - (I might wait for this one out for a month. But I was advised on my one of my posts to wait 7 days minimum between Chase & Citi)
Good luck!

@WenW Congrats to you as well. Applying on same day as close?

I appreciate your comment; spouse (not on mortgage loan) applied and got approved Citi Custom Cash with 0% for 15 months. Received half the limit than existing Citi DC. It's still good enough to buy appliances. (Score was close to 800 and mature credit history). Does anyone know when to expect Citi Custom Cash in mail? It was applied on Saturday and already got an e-mail that it's on it's way.

I probably will go and apply in this order.

1. Chase SP or CR

2. Chase IHG

3. Amex Hilton Surpass

4. US Bank Cash+ (Maybe)

My scores are close to 750. Do that sound like a reasonable idea?

May need to buy a Car in 2-4 months, Not sure how the above would impact the car purchase loan rates?

FishingGuy · ‎08-23-2021

You may want to consider the car purchase before applying for all four cards.... that is a larger purchase, and an increase in the rate (if any)... would be more costly. Maybe apply for the car after the first two cards..... but others here may have better info on that.

WenW · ‎08-23-2021

Agreed with @FishingGuy . You already got Citi, so knock the Chase ones out & then check your Auto Scores & go for the car. If your score isnt high enough to get the best rates for your Bank/ Credit Union/ Manuafacturer Program give it time since with higher available credit I think your scores should increase once they hit your report, obviously as long as your balance isn't increasing your utilization %. My $0.02.

SoCalGardener · ‎08-23-2021

@azpro wrote:

I don't plan to use the new home address on CC application because we aren't selling the previous one anytime soon (may move out within a week). I guess mail will be forwaded via USPS inlcuding New Credit Cards to new address?

Yes, if you submit a forwarding order. Otherwise, they'll just sit in the old house's mailbox.