Application Advice

[Anonymous]

Hi All, 

I'm looking for some pretty quick advice if possible. I'm working on a home purchase, and my lender has told me that I need to apply for a credit card to boost my score a bit (Ficos range from 650-680).  I'm at about 38% utilization for CCs currently. I needs to be a major bank card, and I'd  like to go through NFCU to apply considering I have a strong realtionship with them, but I also have an open (credit approved) mortgage loan with NFCU while I'm waiting to find a property and I don't want to risk messing that approval up. NFCU is not the lender recommending the CC app.

Any recommendations for a card that I may get an easy approval with? Since I'm being told to apply, I'm hoping for something with a Balance Transfer SUB that I can use to my benefit for the after-closing purchases (furniture, appliances, etc.). 

[AllZero]

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@Anonymous wrote:

Hi All, 

I'm looking for some pretty quick advice if possible. I'm working on a home purchase, and my lender has told me that I need to apply for a credit card to boost my score a bit (Ficos range from 650-680).  I'm at about 38% utilization for CCs currently. I needs to be a major bank card, and I'd  like to go through NFCU to apply considering I have a strong realtionship with them, but I also have an open (credit approved) mortgage loan with NFCU while I'm waiting to find a property and I don't want to risk messing that approval up. NFCU is not the lender recommending the CC app.

Any recommendations for a card that I may get an easy approval with? Since I'm being told to apply, I'm hoping for something with a Balance Transfer SUB that I can use to my benefit for the after-closing purchases (furniture, appliances, etc.). 

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Are those your mortgage scores, EX2, TU4, EQ5?

Do you know your middle score?

If you are in a position to do so, I would recommend lowering your aggregate and individual utilization % for score increases.

[GApeachy]

...also, you can check certain lenders on this preapproval soft pull thread (ie. wells fargo) to see.

https://ficoforums.myfico.com/t5/General-Credit-Topics/Soft-pull-PREAPPROVALs-Updated-4-15-21/td-p/5...

Good Luck!!!!!!

[Anonymous]

Thanks for the advice. I'm definitely working on my utilization. The lender recommended the credit card app in addition as a suggestion from their Rapid Rescore software. 

My mortgage scores (he acutally just did an updated pull since I've crossed my 90-day mark) are: Exp: 668 TU:665 and EQF: 613 (one of my student loan companies recently reported a 30-day late to Equifax when the loan should have been reported as in Forebearance. 

According to MyFico, my current CC scores are: EQ: 642 TU: 650 and Experian 648

I'll be trying to find a card that uses either TU or Experian Primarily.

[Anonymous]

Thanks. Up until I started applying for mortgage loans, I was getting a pre-qualified AMEX offer, but when I check their site now, it says I dont' have any pre-qualifides. I was hoping to go with a Citi Card, but I'm nervous that they'll decline me and this is a 1-shot deal. If i get approved, great. If I don't - I hurt myself more in terms of the mortgage. 

[Ficoproblems247]

This can be a tricky question. Did your LO recommend you to apply solely to lower your aggregate utilization? What's the raw dollar amount we are talking here? With 650-680 scores I'm not saying you're in bad shape, but that doesn't necessarily sound like you're rock solid for a break out approval from a major bank card that is going to drastically lower you aggregate utilization. I know that NFCU can certainly be a big exception to the norm. If your total revolving balance is already on the lower side but you have a low total CL causing the higher utilization I could see where it could come into play. I understand the fundamental thinking behind it, but this just seems counterintuitive to me. 

[silver_idle]

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@Anonymous wrote:

Hi All, 

I'm looking for some pretty quick advice if possible. I'm working on a home purchase, and my lender has told me that I need to apply for a credit card to boost my score a bit (Ficos range from 650-680).  I'm at about 38% utilization for CCs currently. I needs to be a major bank card, and I'd  like to go through NFCU to apply considering I have a strong realtionship with them, but I also have an open (credit approved) mortgage loan with NFCU while I'm waiting to find a property and I don't want to risk messing that approval up. NFCU is not the lender recommending the CC app.

Any recommendations for a card that I may get an easy approval with? Since I'm being told to apply, I'm hoping for something with a Balance Transfer SUB that I can use to my benefit for the after-closing purchases (furniture, appliances, etc.). 

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Have you tried seeing if you can get a CLI instead of opening a new account. Many wont do a HP and CLI will lower your overall utilization and increase your scores without impacting unlike opening a new account which would likely require an HP, new account, which would also have an impact on your AAoA. On top of that, many accounts wont report for the first billing cycle (eg capital one, amex) so applying wont always see a instant improvement in scores.

[Ficoproblems247]

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@silver_idle wrote:

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@Anonymous wrote:

Hi All, 

I'm looking for some pretty quick advice if possible. I'm working on a home purchase, and my lender has told me that I need to apply for a credit card to boost my score a bit (Ficos range from 650-680).  I'm at about 38% utilization for CCs currently. I needs to be a major bank card, and I'd  like to go through NFCU to apply considering I have a strong realtionship with them, but I also have an open (credit approved) mortgage loan with NFCU while I'm waiting to find a property and I don't want to risk messing that approval up. NFCU is not the lender recommending the CC app.

Any recommendations for a card that I may get an easy approval with? Since I'm being told to apply, I'm hoping for something with a Balance Transfer SUB that I can use to my benefit for the after-closing purchases (furniture, appliances, etc.). 

---

Have you tried seeing if you can get a CLI instead of opening a new account. Many wont do a HP and CLI will lower your overall utilization and increase your scores without impacting unlike opening a new account which would likely require an HP, new account, which would also have an impact on your AAoA. On top of that, many accounts wont report for the first billing cycle (eg capital one, amex) so applying wont always see a instant improvement in scores.

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^^^Exactly. If you applied and were approved for an AMEX today it would not be on your reports for 2, possibly even 3 months from now. 

[GApeachy]

Applying and receiving a new tl hurts your scores by a few pts. short term.  Not all that sure about the affect on mortgage scores though.

How far out are you from apping with this LO/FI? 

When my bank hp'd me a couple of weeks ago Amex removed all of their pre-approvals from me. 

The only thing I can think of where you "might" save a hp is doing the Comenity SCT.   I've gotten some nice visa/mastercards that way but if you're close to apping for a mortgage, most of the time it's advised not to app within a one year timeframe. 

Btw, I lost my pre-approvals with citibank for home depot after my bank did that same hp. ...and that included mail offer that was after the hp.  I checked online pre-approval and it dried up. 

[Anonymous]

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@GApeachy wrote:

Applying and receiving a new tl hurts your scores by a few pts. short term.  Not all that sure about the affect on mortgage scores though.

How far out are you from apping with this LO/FI? 

When my bank hp'd me a couple of weeks ago Amex removed all of their pre-approvals from me. 

The only thing I can think of where you "might" save a hp is doing the Comenity SCT.   I've gotten some nice visa/mastercards that way but if you're close to apping for a mortgage, most of the time it's advised not to app within a one year timeframe. 

Btw, I lost my pre-approvals with citibank for home depot after my bank did that same hp. ...and that included mail offer that was after the hp.  I checked online pre-approval and it dried up. 

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I'm placing an offer tomorrow and if accepted, I'd basically start the hard app this week. I was familiar with the not apping within the one year time frame, but the lender says that it will likely help. I assume it's to pad my DTI. I've done CLIs across my cards, but they're still recommending I do the app.