I think I'm ready...finally!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

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@Anonymous wrote:

Sorry your right, 2 years. But once the house closes, that will dorp your score like a rock. Along with 5 point x 6 applications = another 30. You could be hitting the low 600's before you know it. The cards you chose dont seem that useful, granted I dont know where you live. Lowes, you need and will use. Cap1 QS is a good all around card. Then I would try to get the limits raised (which wont pull your credit) on the cards you already have. Give it a year and then start going for the more specialized cards (Travel etc). I always tell people to start with a simple cash back card. 

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In red - this is not necessarily a given.  When my mortgage closed, I applied for 5 cards and a home improvement loan the next day.  They ALL reported within 2 weeks and guess what, not ONE score dropped.......

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Thats becuase your scores (Absolutly no offence) are already at the bottom. If you take someone in the 700s and apply a huge debt to available ratio, the score will drop. I guarentee it. 

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Simmer down guys. Let's stay focused on OP's questions rather than judging/labeling the quality or conditions of another's scores. Each profile is different and will have differnet results. Someone with high scores and a high AAOA could get less of an impact than someone with high scores and short AAoA.  So many factors contriubute to each person's scenario.  Mr Crisp, if you didnt get pre-qualified offers, its not a clean sign that you'll be rejected for prime Cap 1 cards. I havent had a prime pre-qual from them yet, but I've had awesome progress with them. 3 months post discharge they approved me for a Ventureone that I PC'd to a Quicksilver a couple of months later. Just yesterday I was approved for a Barclay Arrival+.  Your scores are significantly better than mine so I'm lead to believe you'd have a better chance given your BK discharge is 2 years out. Mine is only 8 months out. Discover denied my it card app but counter offered me with the secured card just like the unsecured. Good luck and keep us posted.

[Anonymous]

Too bad you don't know my whole profile or score history before you chose to take a dig at my "at the bottom" scores.  There are a lot of banks/creditors who have given me credit with close to these "at the bottom" scores.  Too bad you have NO idea what is holding the scores down right now before you tried to make the dig in order to prove that you are right.

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I wasnt attempitng to "dig". I am not here to get in arguments with people. Simply explaining  that shooting your dept use ratio too high will drop your score. If your score is already low, the impacts are alot less. For example, someone with a high score misses a payment, score could drop 100pts. Someone in the 600's (regardless of the reason) score might drop 20. I really ment no offence by it. I want everyone to have good credit scores regardless of their finacial situation. But telling him that his house mortgage wont impact his score is wrong. That, in addition to going on a application spree, is really not something I would recommend. Nobody hear knows what he may need to apply for the in the future (car breaks down, damage to the house). You always want to be able to apply for a loan in an emergency or unforseen circumstance. 

[mrcrisp023]

Thanks. Its a lot to consider. I just have to make up my mind! ksb1 has helped me with practically every question I've posted over the past couple weeks, and I also appreciate samadkins29's input. At this point now, I need to just make a decision and go with it.

[Anonymous]

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@mrcrisp023 wrote:
Thanks. Its a lot to consider. I just have to make up my mind! ksb1 has helped me with practically every question I've posted over the past couple weeks, and I also appreciate samadkins29's input. At this point now, I need to just make a decision and go with it.

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Best of luck sir! I would call the 3 cards you have listed in your signature today and request a credit line increase. These softpulls will not hurt anything. 

[brewcrew87]

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@Anonymous wrote:

Too bad you don't know my whole profile or score history before you chose to take a dig at my "at the bottom" scores.  There are a lot of banks/creditors who have given me credit with close to these "at the bottom" scores.  Too bad you have NO idea what is holding the scores down right now before you tried to make the dig in order to prove that you are right.

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I wasnt attempitng to "dig". I am not here to get in arguments with people. Simply explaining  that shooting your dept use ratio too high will drop your score. If your score is already low, the impacts are alot less. For example, someone with a high score misses a payment, score could drop 100pts. Someone in the 600's (regardless of the reason) score might drop 20. I really ment no offence by it. I want everyone to have good credit scores regardless of their finacial situation. But telling him that his house mortgage wont impact his score is wrong. That, in addition to going on a application spree, is really not something I would recommend. Nobody hear knows what he may need to apply for the in the future (car breaks down, damage to the house). You always want to be able to apply for a loan in an emergency or unforseen circumstance. 

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Wow.  Sorry, but you are pretty much completely wrong.  And your prior post did appear to be a dig to the other MyFICO member.

Here is a stat to completely disprove your notion that a mortgage loan decreases your FICO scores (or doesn't hurt only for those with lower scores).  

We received a Mortgage in October and I then applied and received a personal loan, new auto refinance, and 5 new credit cards.  My scores are actually 5-10 pts HIGHER than before the Mortgage HPs.  While having MORE credit card debt, and a HIGHER debt to income ratio.  Scores are in my signature.  Upper 700's to around 800 throughout. 

There is no such thing as a one size fits all in terms of credit scores.  Please don't provide incorrect information to the OP - as it does appear he has done his fair share of homework.  I actually think the OP is on the right track.  I feel like you want to get a healthy number of good credit accounts through an app spree at some point so that down the road you have a thicker file.  Oh well.  Rant over.  OP - do whatever you want.  I am sure you will get approved for most of the cards you mentioned, but I wouldn't be surprised for a denial or two.  But it would definitely be a good start to a brighter credit future.

[Anonymous]

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@uecker4life wrote:

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@Anonymous wrote:

Too bad you don't know my whole profile or score history before you chose to take a dig at my "at the bottom" scores.  There are a lot of banks/creditors who have given me credit with close to these "at the bottom" scores.  Too bad you have NO idea what is holding the scores down right now before you tried to make the dig in order to prove that you are right.

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I wasnt attempitng to "dig". I am not here to get in arguments with people. Simply explaining  that shooting your dept use ratio too high will drop your score. If your score is already low, the impacts are alot less. For example, someone with a high score misses a payment, score could drop 100pts. Someone in the 600's (regardless of the reason) score might drop 20. I really ment no offence by it. I want everyone to have good credit scores regardless of their finacial situation. But telling him that his house mortgage wont impact his score is wrong. That, in addition to going on a application spree, is really not something I would recommend. Nobody hear knows what he may need to apply for the in the future (car breaks down, damage to the house). You always want to be able to apply for a loan in an emergency or unforseen circumstance. 

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Wow.  Sorry, but you are pretty much completely wrong.  And your prior post did appear to be a dig to the other MyFICO member.

Here is a stat to completely disprove your notion that a mortgage loan decreases your FICO scores (or doesn't hurt only for those with lower scores).  

We received a Mortgage in October and I then applied and received a personal loan, new auto refinance, and 5 new credit cards.  My scores are actually 5-10 pts HIGHER than before the Mortgage HPs.  While having MORE credit card debt, and a HIGHER debt to income ratio.  Scores are in my signature.  Upper 700's to around 800 throughout. 

There is no such thing as a one size fits all in terms of credit scores.  Please don't provide incorrect information to the OP - as it does appear he has done his fair share of homework.  I actually think the OP is on the right track.  I feel like you want to get a healthy number of good credit accounts through an app spree at some point so that down the road you have a thicker file.  Oh well.  Rant over.  OP - do whatever you want.  I am sure you will get approved for most of the cards you mentioned, but I wouldn't be surprised for a denial or two.  But it would definitely be a good start to a brighter credit future.

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Im "completely wrong" haha ok..... Your example doesnt drisprove anything. It only gives an example that for whatever reason is the opposite of what pretty much every finicial site online says. I honestly cant figure out how you applied for all of that and did not have a score drop. But w/e, lets say I am completely wrong about the mortgage(Its not worth the argument). I still dont recommend application sprees.

My other post wasnt intended as a dig. But going back I can understand that it may look that way. My apologies (to him/her)

[mrcrisp023]

Neither of them do CLI's on secured cards.

[mrcrisp023]

All healthy dialogue, it helped me get through this boring conference call :-)

Thank you everyone for your feedback. You've only helped me even more as I get closer to spree day.

[Anonymous]

I think there is some good info on both sides of this argument and at the very least it gives something for OP to think about.  I personally hope Samadkins is wrong because I'm planning a few aps after I close. One other point I'd like to make is I feel like most sites that talk about scoring tend to generalize. IE a new inquiry isn't always 5 points. When I apped for my mortgage I lost 3 with one CB and  1 and 7 with others. Also, I have read posts on here where people who do sprees seem to stop losing points after so many apps. Rarely have I heard of someone loosing 30+ points from an App spree.  It could be that they just don't talk about it, though. 

[brewcrew87]

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@Anonymous wrote:

Im "completely wrong" haha ok..... Your example doesnt drisprove anything. It only gives an example that for whatever reason is the opposite of what pretty much every finicial site online says. I honestly cant figure out how you applied for all of that and did not have a score drop. But w/e, lets say I am completely wrong about the mortgage(Its not worth the argument). I still dont recommend application sprees.

My other post wasnt intended as a dig. But going back I can understand that it may look that way. My apologies (to him/her)

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There isn't an exact science to FICO scores.  You were basically telling the OP that if he does this or that he will have a score drop.  Sometimes opening a mortgage actually helps your credit score due to having a better mix of credit afterwords.

Are you in the financial industry?  Are you an underwriter?  It seems like you think you know an awful lot about this stuff.  

My post was just to make a point that what you said isn't 100% correct all the time.  Someone with a high-ish credit score will not always experience a FICO score drop due to opening a mortgage and/or a few new accounts.  Most of the time - sure.  But you mentioned possibliy losing up to 30 points?  Maybe in your FAKO on CK, but not a true FICO (I would think).  Depending on current UTL, opening new accounts can actually help you if it reduces your UTL from say 60%+ to under 30%.

Anyway - welcome to MyFICO.  Sorry for the hostility.