We just settled on the new house and the mortgage rate has already been locked and finalized. Therefore, I was just wondering is it now safe to apply for the two excellent pre-approved credit card applications that I recently received. Or should I wait for a couple more months before applying for any new cards? Any advice would be deeply appreciated as credit best practices are still relatively new to me.
Hi George -- yes we have the keys. We signed all the docs today and the house is now ours. However, the check we gave to the seller is still waiting to clear. So it would be best to wait until the check clears? Thanks for your advice!
Oops sorry George...yes it was a cashier's check, not a reg. check. (It was actually the first cashier's check I've ever written so how they work is still a little new to me.) Thanks again for your helpful suggestion!
CASHIERS CHECK is 100% guaranteed~~~IT CAN'T BOUNCE!!! Go ahead and apply tomorrow if it is a good deal... What cards and what rates??? Of course you know "PRE-APPROVED" means "PRE-APPROVED" to apply... GOOD LUCK.
My EQ score is currently 696, but my TU and EX are mid-600s. Theoretically, taking another inquiry would drop me 12 points max to 684 EQ.
I think I may have mentioned the offers in an earlier post, so sorry if there are any repeats here (I have held back on applying sooner b/c of waiting for the house settlement): (1) AMEX Blue (Pre-appov., Ongoing APR: 9.99% Fixed) (2) First National Bank of Omaha (Pre-approv., Ongoing APR: 9.99% Fixed) The reason I was really excited about applying is b/c although my current cards have low rates, they are all variable, and prime rate could go up at any time. Current card var. rates in ascending order are 6.40%, 7.99%, 8.74%, and 15.99% These were the first two offers I've received for fixed rates this low. I guess I'm just kind of nervous that my mortgage loan lender might not like the extra credit apps.
There seems to be 2 magic numbers with these people. One is 680 and seems to put you into another bracket where the underwriting may not be as tight, or many of their computers just trigger an approval. The second is 720 where you enter prime territory. If you apply can you do so with those that pull your 696 score? And can you be sure? I think so. I haven't had to apply but when I do I'm simply going to ask the creditor what reports they will pull. There's also another way to do this to avoid the inqs.. Look up "tentative offer", (http://consumers.creditnet.com/stra...236180&highlight="tentative+offer"#post236180) and see what you think of that.
You said that the mortgage is a DONE DEAL!!! They WON'T and CAN'T back out!!! They can sell the loan like every so often...BUT that has NOTHING to do with your credit because they WON'T EVER PULL A CREDIT REPORT AGAIN...they won't even do an AR...
I went from 0 to 1 inquiry and lost only 1 point on EQ, but I went from 0 to 1 on EX and lost 12, go figure. Enjoy the house. Charlie
Yes, the mortgage is done and everything -- but I had been operating under the assumption they could still pull CRs. Thanks George for the clarification there!
Great news -- I followed everyone's advice and applied for the AMEX Blue pre-approved offer and was accepted! The rep I spoke with said I had to wait for them to determine further info based on what I provided. However, when I later called the AMEX card application status phone no., the computer said I was approved and that the card and welcome package would arrive in 3-10 business days! Again thanks so much to George, Butch, Charlie, and Dogman for their excellent advice!
Great - now you got the BEST card - you will get the First Omaha if you accept as well. NOW the offres should start rolling in caramon. You BLUE EYED AMEX cardholder aarrff - dogman
