First posted here around July 03 to clean up my reports and see if I'd qualify for a mortgage. Since then, my scores really haven't changed much from TU 710, Exp 660, EQ 670. I got approved via automated underwriting in November, even with a small CA that I didn't have to pay off at closing. And the CA doesn't show up on TU, thus the increased score. Anyway, on to the question. I got an 80/15/5 and the 15 is a HELOC, so now that I've closed on the house, is there any reason not to go ahead and apply for a Chase card before it reports to the CRAs as a 100% util revolving credit line? I'm thinking Chase since it tends to pull TU. Right now I've got Providian Gold with a high limit and an unsecured Cap1 with a low limit. About 45% util. I'd like to get Chase to BT the Prov credit line to a lower interest rate. One option would be to sell some stocks since they're high right now and drop the util a bit while probably increasing my credit scores. Only problem is that it'll probably take a month or 2 before that cascades down to the CRAs, and by then the HELOC may be reporting. I have quite a few inquiries with a car lease this year, car purchase last year, and I first applied for mortgages in June, the rates increased drastically so I got cold feet, then applied again in Nov once rates stabalized. Should I try now, since once the HELOC starts reporting, it'll probably be harder for any new credit line a while?
I applied for about 4 different cards just hours after closing on my new home. Once you sign, you're in. And if you would like to wait for utilization to come down, you've got plenty of time. I closed on my house in August and it's just now reported a couple day ago. And that's not uncommon from what I've read on these boards. You've got at least a 2 month period before anything is likely to show up from your mortgage...and that's at the earliest.
yea, try NOW before the loan reports. Once the mortgage closes, they tend to sell it off in the bond market bundles with other such securities. That's why they ask you to pay the first two months payment at the time of closing. Even assuming that the new owner of your mortgage note will start reporting to the credit bureaus as soon as they get it, you have 2 months time. HELOC is not sold, but it tends to report usually at the same time as the mortgage. YMMV of course.
Thanks guys! I applied and got an email tonight saying my application was processed. Went right away to the site and found out I was approved for a 5 digit credit limit! Woohoo! My first prime card in so long. I think I read it 10 times just to make sure it wasn't a mistake or if I misread it or something. I'd actually gotten to the point where being denied credit really wasn't a huge deal anymore! Now, more questions. Has anyone heard if anything will change with the upcoming merger? Also, it said "Congrats... you've been approved for _A_ Chase credit card." Now, I applied for the Ultimate Rewards Platinum. Does this mean I got that card, or is there a possibility that I'd get another card based on my credit? Anyway, thanks again for the advice!
Does WELLS FARGO still have credit cards are for CUSTOMERS ONLY??? You have to have a "CONNECTION" to them like a checking account...savings...CD...loan...SOMETHING???
Amex baby! Woohoo! Another approval. I'd been getting Amex Gold preapprovals about 9 months ago but dismissed them as not being "real" preapprovals. After a little more research here I found out they were. Except I hadn't gotten a preapproval letter in 9 months. Well, fresh from my success with Chase, I decided to apply for an Amex card tonight. Is it really as simple as "Congratulations your application is approved! You will receive your new card in 10 days."? I think I've got my fix now.
Re: Re: Closed on home yesterday, want CCs! yeah. "Wells Fargo is a bank, not a credit card company." It sucks, but I can't change it. If your new mortgage is through Wells Fargo (or will be sold to Wells Fargo), then you can apply for any card.
Re: Re: Closed on home yesterday, w David- Correct me if i'm wrong- I don't have a wf cc - but i remember once calling the 800 number on their web site to ask if i had to be a wells fargo client - and they said no - that's only if you apply on the web - but we can take an app over the phone for a cc - and u don't have to be a wf customer, In the end i decided not to apply (too many inquiries) but - has that changed?
Re: Re: Closed on home yesterday, w I DO know that you have to be a WF customer to be approved for the Wells Fargo Prime Rate Visa, and (I think) the Cash Back cards (special types of cards). The standard platinum, secured and student cards I don't think you have to have a Wells Fargo relationship, but I'm not entirely sure. I DO know that we cannot deny anyone an application to apply for credit (to me that assumes that we can GRANT credit to those who meet the requirements regardless of banking relationship). The wellsfargo.com website does NOT tell you if you have to be a customer or not to be approved for any cards.
Re: Re: Re: Closed on home yesterday, w IT MAY HAVE CHANGED...but I thought it said "Enter your account number you have with us or close the box" OR SOMETHING LIKE THAT
Okay, it's my last one I swear! Just got approved for Starwood Amex also! It's a tiny credit line (just enough for a week's stay at their better hotels), but I just got it so I can keep my Starwood account active with "stays." It's been a while since I traveled (swore it off this year so I can save for the house) and I don't really plan on traveling much this year for the same reason. Wish it gave you Gold Starwood status also (I had that in 2002/03 and man it was great! Upgraded regular rate rooms to corner suites, etc.) but I guess I'll have to wait for Platinum for that. Thanks all, I should stop reading these boards so I stop wanting to apply for more cards!
