Post-Mortgage Approvals

LindysMom · ‎12-15-2018

I just got my updated monthly credit report. I closed 12/5 on my home & am not surprised that my mortage isn't reporting just yet.

However, what is surprising is the amount of pre-approvals & approvals I've gotten over the last week or so. I haven't gone on an app-spree perse, but I have applied at a few places for a safety net (Lowe's, Costco, and a local furniture store on a whim) and have gotten signficant approvals from all three thus adding something about $16k to my open available credit.

I've had a long journey and I doubt I will really utilize the Lowes & furniture accounts, but they are nice to have. I will likely utilize the Costco Citibank card because it really is a good card to have.

Anyways, I just wanted to share that as I am doing some buying, namely with the intent to pay with cash, I keep getting pre-approvals at these stores. "Oh! My system popped up and you are preapproved for $1,900 credit limit.... blah blah blah". It truly just seems all of a sudden that these pre-approvals are coming in.

What is going to change once my mortgage reports? Will they stop or will it get worse? My temptation is not in having a credit line to spend on, but to go after these approvals to open up my available credit & drive down any UTI when I need to use them. What are everyones thoughts?

My FICO Scores:
9/17: EQ - 542 / TU - 535 / EX - 506 // Mortgage: 553, 545, 486
10/ 17: EQ - 558 / TU - 563 / EX - 586 // Mortgage: 554, 568, 536
11/17: EQ - 630 / TU - 589 / EX - 614 // Mortgage: 606, 606, 572
12/17: EQ - 630 / TU - 624 / EX - 619 // Mortgage: 584, 612, 671

9/18: EQ - 676 / TU - 676 / EX - 643 // Mortgage: 652, 628, 606

Journey Milestones: Completed Federal Student Loan Rehab in Sept 2017. Settled First Premier Bank CC in August 2017. Constant uphill battle with Navient incorrect reporting on seven (7!) private student loans. No TLs listed in delinquency. Obsessively keeping 2 CC UTI @ 7-9% monthly.

End Goal: Pre-Approval for FHA Spring/Summer 2018 (COMPLETED)
New End Goal: 700+ Spring 2019

AverageJoesCredit · ‎12-15-2018

Congrats on new home. Only apply for what you need and will work for your spend. No need to open 20 new accounts because you are getting 20 offers lol. Best of luck

stonedog23 · ‎12-15-2018

The credit that allowed you to obtain a mortgage is what you are experiencing with the pre approvals. I applied for Rooms To Go the day I closed because I needed furniture. When your mortgage hits in a couple of month, expect a nice dip in your score and all the preapprovals will be done for a while. So apply for what you need while your scores are up.

NFCU GoRewards Sig ($40,000), NFCU Cash Rewards ($40,000), PenFed Power Cash ($25,000), FNBO Evergreen Visa ($20,000), Bread Financial Rewards Amex ($21,150), PNC Cash Rewards ($18,400), PNC Cashbuilder ($18,700) , One Key Mastercard ($14,000), Citi Double Cash ($11,600), Discover It Cash ($9000), Capital One Quicksilver MC ($9000), Bank of America Unlimited Cash Rewards ($7500), Fifth Third Unlimited Cash Back Mastercard ($7500), Wells Fargo Active Cash Sig($7000), Apple Card ($6000), Amex BCE($6000), Amex ED($6600), X1 Card ($5000), PNC Points ($8000), Amex Cash Magnet($2000), Fifth Third Truly Simple ($4000), Truist Spectrum Cash Rewards($4500), Truist Bright Card($4500), CapOne Quicksilver(Bucketed @$1500 manually lowered to $500), US Bank Cash+ ($5,000), US Bank Cash+ ($1,000), WF mortgage 195K Fico 8: EQ 778, TU 765, EX 758 FICO 9:EQ 829, TU 812, EX 791, AAoA-97 months, AoOA-28 years