Apply for New Card or Request CLI?

[queen_britt2003]

Hi Everyone,

I am currently in escrow on my first home.  I expect to close in early March.  My new home will not need much work but I would like to paint, buy a new dishwasher (possibly refrigerator) and few other minor items.  Total I don't expect to have more than $3K in initial costs....would I be better off applying for a home depot card before the mortgage loan hits my report or should I try to get a CLI on one of my existing cards?  Currently, I have a Discover It card w/ CL of $1500, Walmart MC w/ CL of $6K & Bank of America Cash Rewards w/ CL of $2500.  My scores are in the mid-700s (currently 748 - TU, 742-EQ on Credit Karma). 

Any thoughts or suggestions?

[OmarGB9]

Do you have actual FICO scores? Because CK uses Vantage scores which are pretty much useless and can vary as much as 100 points from your actual FICOs. And, whatever you do, DO NOT apply for anything until your loan has been funded and you have your keys in hand!

That said, Lowes seems to be a good card that grows VERY quickly.

[queen_britt2003]

I do not have my scores handy.  I do know that my middle score was 717 when I applied for the mortgage.  Home Depot is much closer to me than Lowe's which is why I initially considered it.  Do you think applying for that card would be wiser than requesting a CLI?

[Anonymous]

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@queen_britt2003 wrote:

I do not have my scores handy.  I do know that my middle score was 717 when I applied for the mortgage.  Home Depot is much closer to me than Lowe's which is why I initially considered it.  Do you think applying for that card would be wiser than requesting a CLI?

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NO. DO NOT APPLY for any new cards until you have keys in hand (You could loose your mortgage).

It would also be wise to NOT do a CLI either. You do not want your credit report to change during escrow. (Unless it is favorable ie. debt payoff).

[Anonymous]

A CLI would be better than a new acct but as others have said its best to wait for new credit, increase, or otherwise. I did receive a CLI after my preapproval but my scores were around 800 and had no debt, otherwise I would not have done it.

[core]

It's gas quarter for the Discover.  Gas stations often times sell Home Depot cards.  If you are signed up for Discover's double cash back deal for the year you can get 10% back that way, and avoid a hard pull too.  That covers half of it at least.  The only way I'd apply for a Home Depot card is in-store, and only if I was purchasing the whole $3k at once and if they were going to offer me 10% off my purchase.  Relying upon them matching Lowes' 5% off on subsequent purchases is too dicey IMHO for the hard pull.  Plus that doesn't gain you anything over a 5% gas card anyway.

[Anonymous]

In escrow is not the time to be charging for gift cards. Wait for the keys. You want the least amount of debt possible.

[Anonymous]

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@Anonymous wrote:

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@queen_britt2003 wrote:

I do not have my scores handy.  I do know that my middle score was 717 when I applied for the mortgage.  Home Depot is much closer to me than Lowe's which is why I initially considered it.  Do you think applying for that card would be wiser than requesting a CLI?

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NO. DO NOT APPLY for any new cards until you have keys in hand (You could loose your mortgage).

It would also be wise to NOT do a CLI either. You do not want your credit report to change during escrow. (Unless it is favorable ie. debt payoff).

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It makes sense not to apply as the wait time is small, but rarely would applying for a new card make you lose your mortgage!   

Re scores:  the middle score for mortgages is nearly always based on the 04 model, whereas many issuers now using FICO 08.   After closing, get the real scores, e.g. from here to get a good picture.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@queen_britt2003 wrote:

I do not have my scores handy.  I do know that my middle score was 717 when I applied for the mortgage.  Home Depot is much closer to me than Lowe's which is why I initially considered it.  Do you think applying for that card would be wiser than requesting a CLI?

---

NO. DO NOT APPLY for any new cards until you have keys in hand (You could loose your mortgage).

It would also be wise to NOT do a CLI either. You do not want your credit report to change during escrow. (Unless it is favorable ie. debt payoff).

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It makes sense not to apply as the wait time is small, but rarely would applying for a new card make you lose your mortgage!   

Re scores:  the middle score for mortgages is nearly always based on the 04 model, whereas many issuers now using FICO 08.   After closing, get the real scores, e.g. from here to get a good picture.

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Well it was meant to be a bit of a "scare tatic" but the general rule is to not do any credit seeking and the statement is technically correct lol (It could happen). The actual affects of which could span a wide range of things including nothing. But to be safe........