Probably too many cards

[Anonymous]

Hello everyone,

Here is the interesting yet reckless situation at the moment;

Here is a rough idea:

Jan 2016  - 580 600 595

- then over past 2 months, paid 2 or 3 col accounts for deletion

Mar 2016 - 620 600 650

Trying to buy a house (FHA) which requires 580 but I'm trying to get something else with it and I need a 650, so I paid off 2 bad accts on the 620 bureau which brought me up to 712.

By early april I have/had 600 eq 650 tu 712 ex. Got the pre-approval on the home loan. (I have 90 days to close on something before they need to repull my credit)

Currently I am shopping.

In the meantime -- Made a mistake and found this forum. Went on a app binge over the past 2 weeks and now have gotten:

*Not in any chronological order*

Denials:

Citi - decl

Bank of America - decl

Wells - decl

Amex - decl (bl)

US Bank amex - decl

Few other cards were declined (2-3 more)

Approvals: 

Space Coast Credit Union - $1000 (EXP)

Discover IT - $500 (TU)

Chase -  $1000 (denied initially, recon'd to chk EXP)

Cap1 QuickSilver - $1000 (TU)

Barclayscard - $1400 (instant EXP)

Home Depot - $5000 (instant EXP, chose bureau over phone)

Amazon Store - $1700 (Instant, today)

Walmart Store - $1400 (had to call to verify, instant, today)

Amex decl due to being BL but this was about 7 years ago. Called for a recon and its been "In Progress" since last night and today, I doub't it going anywhere.

Refinanced from a 13% loan to a 6% loan through Space Coast Credit Union. So this will result in a paid off loan and a new loan with lower APR. (yay, lower payments!)

Most of this occured this past week and this week.

Now I know I hurt my scores really bad over the past 2 weeks and probably need to garden for the next 6 m - 1 yr.

My goal is to build my credit up but maybe not with 15-20 cards. Too much to keep up with.

Any suggestions or tips welcome. 

[RonM21]

I'd garden and grow the cards. Give your scores a chance to rise and stay steady to keep yourself from looking like too much of a risk. Your scores jumoed when paying the baddies off, so now you want to be able to capitalize on that, rather then slide back down. In no time things will look even better!

[Anonymous]

With all of the new account being listed at once, how badly did your score drop (or has it even had a chance yet...)? I have done some of what you are doing but nothing has been reported except the inquiries.

[NRB525]

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@Anonymous wrote:

Hello everyone,

Trying to buy a house (FHA) which requires 580 but I'm trying to get something else with it and I need a 650, so I paid off 2 bad accts on the 620 bureau which brought me up to 712.

By early april I have/had 600 eq 650 tu 712 ex. Got the pre-approval on the home loan. (I have 90 days to close on something before they need to repull my credit)

Currently I am shopping. For a house

Any suggestions or tips welcome. 

---

Write this on a 3x5 card and tape it to your bathroom mirror. Stay focused on this. It may take your mind off all the cards you apped. House Shopping, and then home closing, done right, takes up all your free time.

If you can close on the house while the preapproval is open, that's good.

Are they going to have to check your credit just prior to closing?

Congratulations on the new cards. Most are good cards to have, although it would have been better to not step in front of the firehose just now

[Anonymous]

The mortgage co. will ask if you have obtained new credit since pre approval... and will typically recheck your credit before closing. and they will definitely not like all the new accts.

[Anonymous]

Nothing hasn't really been reported. As of today, my EQ @ 639 according to MyFico v8. Others not updated. Alerts show -5 up to -7 but +10 up to +15 for the new accounts. 

[Anonymous]

According to the lender, they if we close within 90 days of the preapproval, they will not repull credit. Usually shopping for a home and the closing process 30-45 days can cause one to go past the 90 days which will warrant the recertification of credit. I've already have offers submitted and actively looking to close on something soon.  I'll let you all know how it goes over the next few weeks.

[UncleB]

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@NRB525 wrote:

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@Anonymous wrote:

Hello everyone,

Trying to buy a house (FHA) which requires 580 but I'm trying to get something else with it and I need a 650, so I paid off 2 bad accts on the 620 bureau which brought me up to 712.

By early april I have/had 600 eq 650 tu 712 ex. Got the pre-approval on the home loan. (I have 90 days to close on something before they need to repull my credit)

Currently I am shopping. For a house

Any suggestions or tips welcome. 

---

Write this on a 3x5 card and tape it to your bathroom mirror. Stay focused on this. It may take your mind off all the cards you apped. House Shopping, and then home closing, done right, takes up all your free time.

If you can close on the house while the preapproval is open, that's good.

Are they going to have to check your credit just prior to closing?

Congratulations on the new cards. Most are good cards to have, although it would have been better to not step in front of the firehose just now

---

+100

Keep in mind that if anything goes wrong and your lender has to change you from FHA to conventional, another credit pull (closer to closing) will likely be required. 

I've been through the process four times, both FHA and conventional, so trust me... sometimes things happen. 

That being said, congrats on your new cards.  I would definitely hold off on any other apps until after your closing, though. 

[Anonymous]

I think I am having a panic attack for you!  In July, we bought a home and went the FHA route.  We did our preapproval and were told the same thing and it wasn't a lie.  They didn't do another HP................. BUT they do a soft pull before closing just to make sure nothing has changed and that the credit score can still support the loan terms.    Our loan officer specifically told us, do NOT apply for any credit cards, do NOT acquire any loans, buy a car, NOTHING until you close.  I truly hope this hasn't caused any issues for you.

[UncleB]

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@Anonymous wrote:

I think I am having a panic attack for you!  In July, we bought a home and went the FHA route.  We did our preapproval and were told the same thing and it wasn't a lie.  They didn't do another HP................. BUT they do a soft pull before closing just to make sure nothing has changed and that the credit score can still support the loan terms.    Our loan officer specifically told us, do NOT apply for any credit cards, do NOT acquire any loans, buy a car, NOTHING until you close.  I truly hope this hasn't caused any issues for you.

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+1

Since you mention it, I'll share that my first mortgage actually fell-through a week before closing.  It was FHA, and the 'last minute' credit pull detected a 30-day late that previously wasn't there (it was a loan I had cosigned for). 

So, literally a week before the scheduled closing (we even already had the appointment set with the attorney), my broker had to re-do my loan as 'conventional', and my APR went up a full 1%, making my house payment go up nearly $200.  While I was thrilled to be able to still get my house, I was not pleased (at all) with the circumstances.

I'm not sure if it's my age or just past bad luck, but I'm extremely cautious now anytime I'm within sight of a new mortgage.