Which is easier to get and why?

[davidsawsparks]

A prime credit card like and AMEX Blue/Discover More or a low interest mortgage? Explain please...

[Anonymous]

---

@davidsawsparks wrote:

A prime credit card like and AMEX Blue/Discover More or a low interest mortgage? Explain please...

---

I think you need to explain the question a lot more for it to be meaningful.

[davidsawsparks]

Well I forgot where I read it(i think it was at Experian's website), but it says that a mortgage is a like a 4 star quality credit to have, a car loan/installment loan is 3 star, a major bank CC is 2 star and dept store is 1 star. That being said, it seems from what I'm reading about credit score, I'm going to have a pretty hard time trying to get a prime credit card like an AMEX Blue or Discover More... but I just got approved for a low interest rate mortgage. Seems a bit backwards that I'm able to get a mortgage but may face hardship trying to get those prime cards I want. So I was wondering if what I read was full of sh*t or if it's correct. I'm hoping someone could explain that for me.

[Anonymous]

---

@davidsawsparks wrote:

Well I forgot where I read it(i think it was at Experian's website), but it says that a mortgage is a like a 4 star quality credit to have, a car loan/installment loan is 3 star, a major bank CC is 2 star and dept store is 1 star. That being said, it seems from what I'm reading about credit score, I'm going to have a pretty hard time trying to get a prime credit card like an AMEX Blue or Discover More... but I just got approved for a low interest rate mortgage. Seems a bit backwards that I'm able to get a mortgage but may face hardship trying to get those prime cards I want. So I was wondering if what I read was full of sh*t or if it's correct. I'm hoping someone could explain that for me.

---

I believe in your other post you were wondering if you contacted the CCC and spoke with a CSR or Analyst would they be able to tell you your chances of approval based off your FICO score alone. Someone mentioned everything looked okay except for the fact that you closed all your revolving accounts. Unless you have your FICO score from the mortgage co you'll be shooting in the dark with your EX score anyways. With the info you provided I think you'll have a good shot at some of the prime cards with maybe the CL being affected because of history. This is all IMHO of course

[Anonymous]

---

@davidsawsparks wrote:

Well I forgot where I read it(i think it was at Experian's website), but it says that a mortgage is a like a 4 star quality credit to have, a car loan/installment loan is 3 star, a major bank CC is 2 star and dept store is 1 star. That being said, it seems from what I'm reading about credit score, I'm going to have a pretty hard time trying to get a prime credit card like an AMEX Blue or Discover More... but I just got approved for a low interest rate mortgage. Seems a bit backwards that I'm able to get a mortgage but may face hardship trying to get those prime cards I want. So I was wondering if what I read was full of sh*t or if it's correct. I'm hoping someone could explain that for me.

---

I think that explanation is so simplified as to be useless.

[davidsawsparks]

assume i know nothing... what were you going to say?

[davidsawsparks]

and my actual question without ties to any of my previous questions is still up for debate. Some people may have a harder time getting one over the other. I'm trying to get a logical explanation as which one is really easier to get and why. I haven't actually applied for those CC so I don't have something to compare to. I'm just wondering if others have had experience one way or the other.

[Creditaddict]

Some creditors like to see a mortgage and some don't. thats the simple answer

If you have no other credit except a store card that you have not used in 8 years and a new mortgage, credit card companies are going to look at you like a person that does not use credit and may have a hard time approving you with larger limits because you are not showing you can handle any limits because you are not paying on any debt except mortgage.

[Anonymous]

With a mortgage, the bank has a physical asset to take away from you to recoup losses.  Credit cards are unsecured and purely "voluntary" repayment (with some caveats, of course).  Your income, your past credit usage and payment history are the biggest factors.

You also put down a down payment on a house, you have it appraised to guarantee its value in case the bank has to take it back from you for non-payment, and you may have mortgage insurance.  The biggest factors are not only your past credit, but a full evaluation of your financial ability to repay without hardship, which credit cards really don't take into account (much).  Mortgage underwriters will evaluate your assets, your DTI, your employment stability, even your personal stability (though marriage, education, etc are not supposed to be considered legally, they really are).

Huge differences in the type of credit, so comparing credit card approvals and mortgage approvals is an exercise in futility.

[davidsawsparks]

That's fine, I understand I probably won't have a high credit limit... my goal is just to have the card period. I could worry about the CLI later once they trust me. My huge concern was that I wouldn't get accepted at all. I suppose I could go for subprime cards to start establishing credit usage there as I know I'll get approved for that... I guess I'm wanting to run before I can walk again. It's been such a long time since I had a prestigious card in my wallet that I'm missing it. C'est la vie.