Woowooo just went on an app spree!

[Anonymous]

Here's my credit card story in recent years:

I had two Merricks from a slightly more responsible time in my past, Both about 8 years old.

January of last year I applied for Walmart. Got it with a $400 limit, ultimately raised to $7000.

May, got an Amex. Started at $1000 limit, raised to $3000.

September, got a Chase. Started with $5000, raised to $6000.

Sat tight planinng to purchase a house. Am closing in a few weeks and could not resist an app spree.

I now have:

Discover $12000 limit

USAA $7000 limit

Wells Fargo $7000 limit

Amazon $5000 limit

Lowe's $1500 limit

Not bad for having 29 collections (mostly small, mostly medical) and 4 written off Citi cards a few years ago! And I will never get in that position again. I've kept my balances very modest the past year and aim to keep it that way. If I can get from there to here, anyone can! As I have said before, you just move the mountain one stone at a time. 

[Indycoltsfan]

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@Anonymous wrote:

Here's my credit card story in recent years:

I had two Merricks from a slightly more responsible time in my past, Both about 8 years old.

January of last year I applied for Walmart. Got it with a $400 limit, ultimately raised to $7000.

May, got an Amex. Started at $1000 limit, raised to $3000.

September, got a Chase. Started with $5000, raised to $6000.

Sat tight planinng to purchase a house. Am closing in a few weeks and could not resist an app spree.

I now have:

Discover $12000 limit

USAA $7000 limit

Wells Fargo $7000 limit

Amazon $5000 limit

Lowe's $1500 limit

Not bad for having 29 collections (mostly small, mostly medical) and 4 written off Citi cards a few years ago! And I will never get in that position again. I've kept my balances very modest the past year and aim to keep it that way. If I can get from there to here, anyone can! As I have said before, you just move the mountain one stone at a time. 

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Congratulations on your approvals - great SLs.    Did your loan officer or real estate agent give you the advice not to apply for credit while you are in the mortgage process? This can cause problems when the mortgage company pulls your credit again before closing because the applications will decrease your credit scores temporarily.  Hopefully, it won't impact it but you should be prepared.    Good Luck!!  

[pipeguy]

Good job, those are good cards !

Now, time to chill for a year and watch them grow 

[Aduke1122]

Nice approvals Op congrats but aren't you supposed to wait until after you close on your home to app for anything ? Could that potentially hurt the loan process ?

[Anonymous]

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@Aduke1122 wrote:
Nice approvals Op congrats but aren't you supposed to wait until after you close on your home to app for anything ? Could that potentially hurt the loan process ?

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That is what I am wondering, if anybody has done this before, please let us know. Thanks you

[sarge12]

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@Anonymous wrote:

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@Aduke1122 wrote:
Nice approvals Op congrats but aren't you supposed to wait until after you close on your home to app for anything ? Could that potentially hurt the loan process ?

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That is what I am wondering, if anybody has done this before, please let us know. Thanks you

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I have seen many comments on those seeking mortgages of 3B pulls right before closing, so this is a valid question. Wish the OP a trouble free closing, but I would have waited.

[Anonymous]

I was also under the impression that you should not have any signaficanf changes to your file while in the process of closing.

[sarge12]

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@Anonymous wrote:
I was also under the impression that you should not have any signaficanf changes to your file while in the process of closing.

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OP seems to have abandoned the thread for now...It is not our place to judge, but I think without any further info, most here would question this course of action. I hope there are facts we are unaware of that will prevent the outcome that this kind of action might cause.

[Anonymous]

For those wondering about the responses ........ When buying a house, it is never a good idea to apply for new credit before closing.  Why?   1.  The possibility of a score drop for the inquiries.  2.   The increased credit line risk can affect the credit/debt ratio resulting in a lower approval amount.  Both of these can also increase the interest rate of the loan. 3. The closing date can be delayed if the file is sent back to underwriting for review.  They may just over look one new cc app/account but an app spree can definitely raise red flags.

FHA loans will do a hard pull upon application and a soft pull before closing.   Conventional loans may only do one pull if closing occurs within a 30-45 day period from application date, dependent on the strength of the credit file.  I have seen one pull and two pulls.  Bottom line, it just isn't worth the risk.

We don't know captain's circumstances and hopefully all bases were covered before the app spree.  Congrats on the new credit.   I hope you have a quick closing without any issues and enjoy your new home!

[Anonymous]

Good luck closing on that house. Your lender is going to freak out