Curious about what information to put down on credit app post-closing

[oDrew]

Hello, beautiful people! I have a question that I am not sure exactly the best place to put it and hopefully it makes sense but I am curious about what information I am putting down when applying for a new card post-closing. See below for some background details:

I am set to close this afternoon on my first home and I've been in the garden for roughly 14 months. I know of two cards I want to open tomorrow once the keys are in my hand and I am unsure what exactly I should be putting down on the credit apps when applying. I know folks time this to apply prior to the mortgage showing up on the report. We are also still under lease on our apartment through December, though that lease has been bought out by our relator so there is no finanicial obligation there. My main question is this - am I putting my apartment address and that rent monthly payment as my information when applying and pretending I do not yet own a home? Is it unethical to do so? I am not saying this is my intent. I am just genuinely not sure which housing payment to go with.

[pizzadude]

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@oDrew wrote:

Hello, beautiful people! I have a question that I am not sure exactly the best place to put it and hopefully it makes sense but I am curious about what information I am putting down when applying for a new card post-closing. See below for some background details:

I am set to close this afternoon on my first home and I've been in the garden for roughly 14 months. I know of two cards I want to open tomorrow once the keys are in my hand and I am unsure what exactly I should be putting down on the credit apps when applying. I know folks time this to apply prior to the mortgage showing up on the report. We are also still under lease on our apartment through December, though that lease has been bought out by our relator so there is no finanicial obligation there. My main question is this - am I putting my apartment address and that rent monthly payment as my information when applying and pretending I do not yet own a home? Is it unethical to do so? I am not saying this is my intent. I am just genuinely not sure which housing payment to go with.

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Congrats on closing on your new home !   I'd put your new morgage amount as your monthly housing obligation if you're planning to apply after you've signed everything and closed on the house.   Many CC applications will ask if you rent or own, so this is where you'd want to check the box to indicate that you now own your home. 

Also I'm moving this over to the credit card applications thread for better visibility.

[ChessChik47]

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@oDrew wrote:

Hello, beautiful people! I have a question that I am not sure exactly the best place to put it and hopefully it makes sense but I am curious about what information I am putting down when applying for a new card post-closing. See below for some background details:

I am set to close this afternoon on my first home and I've been in the garden for roughly 14 months. I know of two cards I want to open tomorrow once the keys are in my hand and I am unsure what exactly I should be putting down on the credit apps when applying. I know folks time this to apply prior to the mortgage showing up on the report. We are also still under lease on our apartment through December, though that lease has been bought out by our relator so there is no finanicial obligation there. My main question is this - am I putting my apartment address and that rent monthly payment as my information when applying and pretending I do not yet own a home? Is it unethical to do so? I am not saying this is my intent. I am just genuinely not sure which housing payment to go with.

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I'd definitely do the new address and mortgage amount.  If approved, you want the card to go to the correct address, not your old one.

Congratulations on your new home!

[txwallflower]

@oDrew 

Since you seem to be applying for a new credit card, I would use your new house address in the app since if you are approved it would be awkward to call them up and say "can you mail my new card to this address instead?:.

Also, and even more important, is that I have NEVER been asked for my monthly housing payment for any credit card or loan application.  All they want to know is my total income to qualify me.

Maybe I haven't applied for a credit card that requires knowing your housing cost as part of your approval. I still would think monthly or yearly income is more important.  

Bottom line, use your new house address.  Congrats on the new home.

[OmarGB9]

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@txwallflower wrote:

@oDrew 

Since you seem to be applying for a new credit card, I would use your new house address in the app since if you are approved it would be awkward to call them up and say "can you mail my new card to this address instead?:.

Also, and even more important, is that I have NEVER been asked for my monthly housing payment for any credit card or loan application.  All they want to know is my total income to qualify me.

Maybe I haven't applied for a credit card that requires knowing your housing cost as part of your approval. I still would think monthly or yearly income is more important.  

Bottom line, use your new house address.  Congrats on the new home.

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You've NEVER been asked for monthly rent/housing payment? I find that kind of hard to believe. I think every loan/credit app I've ever done has always asked for that, in addition to income.

[txwallflower]

@OmarGB9 

I haven't had to fill out an application for a new credit card in decades. My most recent credit cards I have are from 2015/2016 timeframe. They are Discover IT, Chase Amazon Visa, Citi Thank You Preferred MC and my local credit union (InTouch). 

For my Credit Union, I went to the drive-thru Teller to withdraw cash and Teller said "you qualify for our Master Card, do you want it?'

Chase Amazon Visa came via shopping cart trick. Discover IT and Citi Thank You Perferred were both from pre-approved mailers.

Except for my CU and Chase, I was just asked for my income to determine my credit limit.

I got a Prosper loan in Feb 2021.  Called them for a 10k loan.  Was literally only asked these 2 questions:  What is the loan for (I replied Furniture which they classified as large purchase loan, and what was my yearly income.  Didn't even request W2's.) Was approved and 2 days later loan was funded.

I guess I am an outlier if it is common to need to provide monthly rent/mortgage pymt.  FYI my Fico 8's hover between 685-690 so it's not like I had excellent scores that could have maybe been the reason I wasn't asked.

[SouthJamaica]

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@oDrew wrote:

Hello, beautiful people! I have a question that I am not sure exactly the best place to put it and hopefully it makes sense but I am curious about what information I am putting down when applying for a new card post-closing. See below for some background details:

I am set to close this afternoon on my first home and I've been in the garden for roughly 14 months. I know of two cards I want to open tomorrow once the keys are in my hand and I am unsure what exactly I should be putting down on the credit apps when applying. I know folks time this to apply prior to the mortgage showing up on the report. We are also still under lease on our apartment through December, though that lease has been bought out by our relator so there is no finanicial obligation there. My main question is this - am I putting my apartment address and that rent monthly payment as my information when applying and pretending I do not yet own a home? Is it unethical to do so? I am not saying this is my intent. I am just genuinely not sure which housing payment to go with.

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I agree with @pizzadude; you need to put down new address, "own", and monthly mortgage payment