Shopping cart trick question for SL

[Anonymous]

Hi Everyone, I'm in the process of buying a house and will not apply or do anything until well after the close. I was looking at pottery barn and added some furniture pieces to my shopping cart.  The total was close to $4,000. I wanted to know what the total would be and continued as a guest. When I got to the end, withought entering any payment information, it said I was preapproved for the pottery barn credit card that would give me 12 months no interest if paid in full. My question is, would the credit limit cover the total in my shopping cart? Is it usually more or less? thank you. I know my AAOA will take a hit, but I'm glad I wont get a HP.

[Bizambish]

If you are at all concerned about the risk of getting a hard pull from the shopping cart trick approval I would not do it. I got the same message for overstock and Wayfair but I did incur a hard pull upon opening the accounts. And there are a lot of other DP’s stating the same thing. As far as the starting limit goes it’s difficult to say what it will be but with a good profile you could get that much as a SL. Also with commenity cards you can generally call the robolady and do a double dip credit limit increase immediately upon opening the card so it’s likely that you could get your SL up to that if it’s not immediately. But like I say there’s no guarantee

[Anonymous]

Why would you do this during a mortgage process? The concern is not just whether you get an HP, it's just as bad if not worse for adding a new trade line.

Edit: Never mind, I thought you said approved instead of pre-approved...my bad. 

[Anonymous]

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@Bizambish wrote:
... I got the same message for overstock and Wayfair but I did incur a hard pull upon opening the accounts ... there’s no guarantee

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Me too. 

[Anonymous]

I opened up 4 Comenity cards last summer and got hit with HPs for every one of them. I believe they only pulled Equifax in every case.

As others have said, I wouldn't go chasing any new credit until after closing.

[Anonymous]

I mentioned it in my original post and I want to reiterate that I am NOT going to do anything until after the close. I am fully aware and would not jeopardize my loan. With that said, I got one card several years ago on the shopping cart trick. I did not get a HP. My question was about the limit on the preapproval. Does it normally cover the contents of the shopping cart? I found it to be a high limit considering they supposedly don't pull your credit. In the event that they pull my credit, I won't stress it. My file can afford it. thank you all.