Lowes Card - New Home purchase

[Anonymous]

agree with everyone else. You should be good to get a low limit lowes account. My account grew to $30k limit in three years just by calling the backdoor UW number, however, I would suggest you apply for the card in the store, because if approved the associates have the ability to call in and request a higher limit based on what type of work you are trying to get done. Hope this helps.

[Anonymous]

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@Anonymous wrote:

I close on my house July 12th 2019, a large part to the help I have received in this forum. Congrats!  Biggest ticket item you'll ever finance.

EQ - 678

TU - 654

EX - 662

AAoA - (on MyFico - 4y 0m) (On CK - 1y 1m)

BK7 - 2y 1m --- this is going to be the biggesr hurdle to oevrcome until it hits about 5 years

Util @ 17% (will be less by closing and applying for card)

CAPITAL ONE Quicksilver $280/$500

CAPITAL ONE BANK USA NA$197/$500

CREDIT ONE BANK $161/$800 (will be paid off next billing statement)

MERRICK BANK   $15/$550 (Netflix & HBO Now subscriptions)Got rid of cable

FIRST PREMIER BANK  $10/$600 (Monthly Fee, Oldest Card)

FIRST PREMIER BANK  $8/$700 (Monthly Fee, 2nd Oldes card)

CB INDIGO $0/$300

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Ok, so looking things over the big thing to try to do is get out of toy land.  You don't want Toy R Us limits w/ a house to take care of.  You already mentioned killing off the Red items above.  The BK is going to be an issue with most of the major lenders due to it being 2 years old at this point.  Some recon calls can overturn the computer decision like the auto denials w/ Chase when they see a BK.  Amex kind of flip flops around 5 years post discharge.  I don't recall how bad Barclay's is with it but, the Uber might be a way in the door with your TU.  Of course hit all of the pre-approval sites and see what pops up.

https://doctorofcredit.com/view-personalized-credit-card-offers/

The mortgage typically takes 2-6 months before it will report which is why most have a little spree before it does.  I personally think the mortgage shows lenders you're more stable than w/o.  Of course there's a small dip in scores when it reports as a new account but the points are minimal.

If you can scrub some dirt off your file in the meantime that would probably help improve your chances further.

[Anonymous]

Thank you Obscure-Expert.

I will work on scrubbing dirt, and all the red cards will be gone shortly after I close, I just looked, and it will not affect my AAoA by much, only one of the reds has more age then the cap ones, by 1 month, so deleting those reds will be a good thing for sure.

So I am understanding I should do the little spree after close but before mortgage hits reports?

[chiefone4u]

My scores were close to yours when I closed on our house in February 2019 (charge off credit card, no bk though).

I applied and was approved for $500 limit with Home Depot card about 3 hours after receiving the keys.

Three weeks later US Bank reported the loan and I applied for Lowe's card (hoping a mortgage reporting would result in higher limit), instant approval $1,000. In April I hit the luv button and asked for $25k, countered (and accepted) $12k (new limit $13k).

Congratulations on your home and best of luck on your future app with Lowe's!

[Anonymous]

@chiefone4u

Thank you for the information

That gives me some kind of hope, I was thinking of HD, but I am a vet, and they require all kinds of hoops to jump through to get the 10% military discount, so since I found that out, I am 100% Lowes, that discount is even better then the everyday 5% they give.

So I will wait for mortgage to hit reports (Financing with American Financing out of Denver not sure how fast they report it) then app Lowes and if approved look for the love button in august-september area, new house did not come with a fridge, and the DW really wants a gas range, house came with electric flat top, so I figured a just get the trifecta ($3500 which includes everything I need to run gas to the kitchen) and replace fridge, range, dishwasher with matching brands and color, she deserves it for sure!!

[Anonymous]

I think it's a 90/10 split on before/after it reports.  It doesn't really make a difference other than the stability factor w/ a manual review.  You don't lose many points when it starts reporting anyway. 

It comes down to need/preference.

Picking up a package of 3 big ticket items like that and running a gas line sounds like a project.  Matching appliances are nice for resale too.

[Anonymous]

I am very comfortable with the gas line, lol

Will make the DW very happy, and the resale note is nice.... we bought the house for 10k under appraisal, so we have a little equity from the start.

After appliances fully finishing the basement will be the next project (Hence the Lowes card) it is currently about 80% finished, still needs carpet and another bedroom, because the main room is entirely too big, unless I made it a theatre lol

[Anonymous]

Basement.... I think hockey rink would be more appropriate

Down in the south we call those parking garages.

[Anonymous]

Just have to wait until Novemberish here and Hockey rinks happen naturally in your driveway lol

Where at in the south? I lived (stationed in) Savannah, GA for about 7 years, been here in colorado for about 5 now, northern colorado that is

[Anonymous]

TX.... we fit many states in our foot print.