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Good morning all,
My wife and I finally closed on our house this past Tuesday and have been diligent in curbing our spending the past year and getting our scores in order and our debt down. Here is our current financials:
Combined income: $150k
Me-Mid Score 690
Mortgage-$2200
Wells Fargo Card-$100 balance/$2700 limit
Wife-Mid Score 680
Mortgage-$2200
Gap Card- $0 balance/ $200 limit
Car 1- $225/month/ $7000 Balance
Car 2- $415/month/ $7000 Balance
Student Loan- $127/month $35,000 Balance
My question to all of you is, are we safe to start apping for a couple cards? I want to get a Lowe's card for some appliances, and I want my wife to get a major c.c. to add to her stable and that's it. Do you have any recommendations as to what cards to app for? Do you think we wil get approved? We both have 4 inquiries the past year, all mortgage related.
Any help you could provide would be appreciated!!
Thank you!
If you've closed, signed the papers and have the keys, app away.
Good luck with the new home.
@ccubedzx3 wrote:Good morning all,
My wife and I finally closed on our house this past Tuesday and have been diligent in curbing our spending the past year and getting our scores in order and our debt down. Here is our current financials:
Combined income: $150k
Me-Mid Score 690
Mortgage-$2200
Wells Fargo Card-$100 balance/$2700 limit
Wife-Mid Score 680
Mortgage-$2200
Gap Card- $0 balance/ $200 limit
Car 1- $225/month/ $7000 Balance
Car 2- $415/month/ $7000 Balance
Student Loan- $127/month $35,000 Balance
My question to all of you is, are we safe to start apping for a couple cards? I want to get a Lowe's card for some appliances, and I want my wife to get a major c.c. to add to her stable and that's it. Do you have any recommendations as to what cards to app for? Do you think we wil get approved? We both have 4 inquiries the past year, all mortgage related.
Any help you could provide would be appreciated!!
Thank you!
Congrats on the new home and you are cleared for takeoff (app)
Good Luck
Sure you can, the home buying process is over. Congrats on your new home !!!!!!!!!!!!
@Zahnrosen wrote:
Yup, you're in good shape to apply if your mortgage is done. But, if you're still carrying credit card debt, I hate to think you're going to buy new appliances, etc... The interest rates on those balances are usually pretty ugly unless you've got a 0% for XX months promotion.
I agree on the Interest Rates....Our plan is to do the 0% and pay the balance during the promotion period. We have the cash now, but we kind of like having a cushion at the moment.
I don't know why, but we are nervous
You should get approved for a Lowe's card with no problem and GE is pretty generous with their credit limits and increases.
@crunching_numbers wrote:
What is each of your income? I know you gave us HHI, but CC companies will be looking at each of you separately. What type of cards are you interested in? I would guess maybe a CU would be best, or Discover. Maybe Chase Freedom.
The problem for your wife might be that she has both car payments and the student loan, (will affect DTI) as well as the mortgage. She only has one CC, and it is a store card with a very low limit. To test things out for her I would try for a Walmart card. If she does not approve for the Discover version, she should for the store card. Being a GE card it will grow with her.
I make $80k and she makes $70k
I had a feeling she might have a tougher time than me getting approved. The good thing is, the mortgage hasn't reported yet. Would that play any factor in anything?
I hope I can get at least $4k from Lowe's. That would cover everything we need (Refrigerator, Washer, Dryer)
Thank you all for your help!