Probably too many cards

[Anonymous]

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@Anonymous wrote:

I closed on Friday !!

In fact, what I did actually helped tremendously. I had them repull my score on Jun 01 and it was a 701 middle score due to the 8+ new accounts I had acquired with over 13k available limit and 0 used. I had over 15+ inquiries AFTER I applied when my scores were first pulled.

I did have to write an explanation which I simply entered "Trying to build credit, No new debt acquired" (since my balances were 0). My DTI is around 40% and FHA allows up to 55% so It was considered an EASY file.

Anyways... All is well, have loads work to do now. Just wanted to share this with you all. I'm still using myFICO to track my activity. Currently I'm at 660 Equifax, 745 TU, 724 Exp (Fico 8 06/14/2016) . Mortgage is obviously not reporting yet but so far so good. I've put some usage :x on them so let's see what my scenario look like in few months.

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JD4EVA65 Congratulations ! I was praying for a happy ending... because this is definitely an anomaly to the rule.  

Please stay on the boards .. let us all help you stay on track.  

New Cards...  Now a New House... We hope that House has a Garden !  

As soon as you are unpacked ... get to gardening.   (Giggles) 

To help keep us in the garden ... its good 2 read some of the sad stories.  

Where someone got too brazen/bold and lost their home and everything and the struggle to come ashes.... 

The ramifications like being blacklisted etc.  

You have a lot of new credit.  Time to be a little stingey miser...  plan for a bigger and better tomorrow. 

I guess what I am saying is .. you went on an app spree... don't go out on a spending spree now .. while your ducks are sitting in a row. 

Congratulations... cant wait to read the rest of your accomplishments over the months and years. 

Love it when things work out... 

Ciao for now. 

[lord_kinbote]

What you did prior to closing, did not help. I can assure your behavior was not considered a positive action by any lender. Congratulations on being approved. With that said, your lender is nuts, lol.

[Anonymous]

I didn't cancel them. I just didn't put any balance on them. Once the balance is reported, it also reports a minimum payment which affects your DTI ratio which can throw off your qualification. The Lender/Underwriter didn't have any issues with it at all, all that is concerning is the DTI which I was well under the threshold.

I agree regarding the recon.

[Anonymous]

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@Anonymous wrote:

I closed on Friday !!

In fact, what I did actually helped tremendously. I had them repull my score on Jun 01 and it was a 701 middle score due to the 8+ new accounts I had acquired with over 13k available limit and 0 used. I had over 15+ inquiries AFTER I applied when my scores were first pulled.

I did have to write an explanation which I simply entered "Trying to build credit, No new debt acquired" (since my balances were 0). My DTI is around 40% and FHA allows up to 55% so It was considered an EASY file.

Anyways... All is well, have loads work to do now. Just wanted to share this with you all. I'm still using myFICO to track my activity. Currently I'm at 660 Equifax, 745 TU, 724 Exp (Fico 8 06/14/2016) . Mortgage is obviously not reporting yet but so far so good. I've put some usage :x on them so let's see what my scenario look like in few months.

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Congrats on your new home!! Please come to the garden and hang out for the next 6-12 months.

[Anonymous]

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@MyLoFICO wrote:

I am a chronic apper. I’ll apply for anything. I also have a mortgage and I agree with the others, STOP. Nothing is harder to swallow than a high mortgage payment. And make no mistake, they WILL pull your credit again. A mortgage is not like a car that you can just refinance or sell on a whim to get out of. Secure your home first, then app away if you want.

I don't think you have done too much damage with the new accounts. I will say you have done a lot of damage with all the inquiries. They are going to see you looking for credit and a lot of it and they might get spooked. I know this because I have done the same thing. The difference is, I have a house, a new truck and tons of new cards so I have nothing to lose but time for all the stuff to age and age off.

If you really value this board, follow these folks advice. I wish I had.  

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Nicely put. Good advice from you and all the other posters. I don't have a mortgage and am too old to buy a house now but if I had to the process would scare the s _ _t out of me.  I couldn't stand the stress.  I have also heard of folks getting to closing (in the room) and not being able to close so I hope the OP reads and follow all the good advice here.

[Anonymous]

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@takeshi74 wrote:

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@Anonymous wrote:

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.  

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It's too late at this point and others have already said it multiple times, however:  If you're in the process of buying a home then that is your top priority.  The general advice is no new credit 6 months to 1 year prior to a mortgage.  Mortgage lenders can be very sensitive to any new credit during the process and you've gone out and binged on apps.  Whatever happens will happen at this point.  It may be a painful learning experience but worst case you'll have to delay your home buying plans a bit and deal with a hit from all the credit seeking activity.

If you want to app for cards and you're buying a home then app for the cards after everything is finalized for your mortgage.  However, even then you don't want to app for 16 (or however many) cards with the credit profile that you have.

If 15-20 cards is too much for you to manage then definitely don't app for 15-20 cards.  Consider this sort of thing in addition to the above before applying -- not after.  Do not apply for a card unless you have carefully considered the card and exactly what purpose it serves in your strategy.  Make sure your strategy considers all the cards you have and all the cards you intend to apply for.  Don't just consider a single card on its own or you can end up like this.  Certainly close out whatever you need to.  I'm not sure what else you're looking for.  This all seems pretty striaghtforward to me.  It may be a blessing if you don't get approved for the mortgage as that will give you some time to learn more and sort out your priorities.  Not criticizing or judging here -- just pointing out the reality of the situation.  The fallout will teach you better than any of us could.   

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@Anonymous wrote:

Made a mistake and found this forum.

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The forum isn't the problem.  Take responsibility for your actions or you won't be able to make progress -- not just with credit but anything in life.  

Good luck with it however it ends up working out.

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Well said +1.

[Anonymous]

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@Anonymous wrote:

I closed on Friday !!

In fact, what I did actually helped tremendously. I had them repull my score on Jun 01 and it was a 701 middle score due to the 8+ new accounts I had acquired with over 13k available limit and 0 used. I had over 15+ inquiries AFTER I applied when my scores were first pulled.

I did have to write an explanation which I simply entered "Trying to build credit, No new debt acquired" (since my balances were 0). My DTI is around 40% and FHA allows up to 55% so It was considered an EASY file.

Anyways... All is well, have loads work to do now. Just wanted to share this with you all. I'm still using myFICO to track my activity. Currently I'm at 660 Equifax, 745 TU, 724 Exp (Fico 8 06/14/2016) . Mortgage is obviously not reporting yet but so far so good. I've put some usage :x on them so let's see what my scenario look like in few months.

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Congratulations and I am happy it worked out for you.  It was kind of too close for comfort but all is well that ends well.  Enjoy your new home.

[Anonymous]

until you get the email saying your loan is funded, the mortgage is not yet finished.  There is a lot of variables on closing a mortgage, sometimes it goes smooth, sometimes it's not.  Acquiring more cards while you're in the process of getting a mortgage is like the other says "nuts"  haha, but hey that's just my opinion.  I went through the mortgage process last August and didnt do an app spree until we move in the house.  Having a mortgage report in your credit file helps a lot on getting prime cards.Goodluck to you sir

[Imperfectfuture]

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@Anonymous wrote:

I didn't cancel them. I just didn't put any balance on them. Once the balance is reported, it also reports a minimum payment which affects your DTI ratio which can throw off your qualification. The Lender/Underwriter didn't have any issues with it at all, all that is concerning is the DTI which I was well under the threshold.

I agree regarding the recon.

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That is not accurate.  If the balance is 0, the minimum payment is not calculated in DTI.  Just an FYI.  So, if I zero out AARP, minimum payment 25, but have 400 on sallie Mae, minimum payment 25, my total DTI minimums is 25, not 50.

[longtimelurker]

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@Imperfectfuture wrote:

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@Anonymous wrote:

I didn't cancel them. I just didn't put any balance on them. Once the balance is reported, it also reports a minimum payment which affects your DTI ratio which can throw off your qualification. The Lender/Underwriter didn't have any issues with it at all, all that is concerning is the DTI which I was well under the threshold.

I agree regarding the recon.

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That is not accurate.  If the balance is 0, the minimum payment is not calculated in DTI.  Just an FYI.  So, if I zero out AARP, minimum payment 25, but have 400 on sallie Mae, minimum payment 25, my total DTI minimums is 25, not 50.

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I think you are saying the same thing, assuming "balance reported" means non-zero.  OP didn't use the cards to aviod having a non-zero balance report.