dragon6473 Posted December 2, 2004 Report Share Posted December 2, 2004 We plan to buy a house in 30 days or so with 80/20 loan since my middle score is like 722. I also plan to write to Citibank and BofA directly and asked them for a re-evaluation with my EQ report and score without adding an inquiry on my credit report, and hopefully I'll get approved this time so I could transfer my high interest personal loan. So my dilemma is should I apply for the mortgage loan first before I ask the CC for a credit card? Will it look bad on me when I apply for a mortgage and they see that I have another CC open before applying for mortgage and vice versa?Thanks.EQ-725EX-722TU-709 Link to comment Share on other sites More sharing options...
c m chase Posted December 2, 2004 Report Share Posted December 2, 2004 With your scores, I don't think it would hurt you that much, but I've always heard to WAIT until you get the mortgage. I think it may look like you're taking on too much new debt for the mortgage people.Where the cc is concerned, though, I don't think a new mortgage hurts.Nice scores, by the way. Good luck!! Link to comment Share on other sites More sharing options...
dragon6473 Posted December 2, 2004 Author Report Share Posted December 2, 2004 Thanks! I heard the same thing too so I'm concern. Well, had been repairing and re-building credit for the past 2 1/2 years. Last collection account dropped off EQ last month! No more baddies. I'll get the mortgage first, then ask the CC for re-evaluation. It won't hurt me if the BofA and Citibank agrees not to have an inquiry if I supply my report and score for their consideration. Link to comment Share on other sites More sharing options...
DocDon Posted December 2, 2004 Report Share Posted December 2, 2004 Of course after you get the mortgage your score has dropped 30 points from all the inquiries they pulled during the underwriting process....There should be a prime time to do what you're looking to do.... say, in the middle of the process. There'll be an overlap in the reporting and your score will be relatively high....maybe..... Link to comment Share on other sites More sharing options...
dragon6473 Posted December 2, 2004 Author Report Share Posted December 2, 2004 So I should get a mortgage first then before asking the CC company for credit cards?I thought if I get approved for a CC first, and have an added tradeline on my credit report, it might look better?I do only have one credit card and 1 gas card only though. Link to comment Share on other sites More sharing options...
DocDon Posted December 3, 2004 Report Share Posted December 3, 2004 You have to factor in DTI also....I was thinking there may be a perfect time where there is an overlap in reporting, so one doesn't know about the other... Link to comment Share on other sites More sharing options...
dragon6473 Posted December 3, 2004 Author Report Share Posted December 3, 2004 Doc,What is a DTI? Link to comment Share on other sites More sharing options...
DocDon Posted December 3, 2004 Report Share Posted December 3, 2004 It's your Debt to Income ratio. Link to comment Share on other sites More sharing options...
dragon6473 Posted December 3, 2004 Author Report Share Posted December 3, 2004 Oh, my DTI is 7% only. Does that help? Link to comment Share on other sites More sharing options...
DocDon Posted December 3, 2004 Report Share Posted December 3, 2004 Then you have to factor in the total "potential" debt too. If you have $60k in available credit, but low credit balances, they look at the potential for you to default on 60k.This is what Chase was referring to (I believe). That's why I wondered if there was a window during the mortgage process that would be the right time to do what you're looking to do.... Link to comment Share on other sites More sharing options...
dragon6473 Posted December 3, 2004 Author Report Share Posted December 3, 2004 I don't know either..but thanks for helping again! I wish there's a way to find out.BTW, I still haven't heard back from Asset on the inquiry on my TU, it's been 14 days now. I am testing to see if pulling my PG daily will drop it like some lucky people. At least I know that they cannot put a collection account on my report anymore. Link to comment Share on other sites More sharing options...
edubb007 Posted December 3, 2004 Report Share Posted December 3, 2004 I just settled Last week on my mortgage and they only pulled my credit during the initial mortgage set up. Basically the first 2 weeks of looking. I thoughthat they would pull it the day or 2 before settlement to make sure nothing has changed but they didn't. I wwould be cautious though. Link to comment Share on other sites More sharing options...
DocDon Posted December 4, 2004 Report Share Posted December 4, 2004 You got lucky. I've seen 5th 3rd pull almost 12 times in a month. In fact, they did it the day before and then the day after Christmas. Figure that one out.... maybe they thought Santa was going to bring a new collection or something....? Link to comment Share on other sites More sharing options...
edubb007 Posted December 6, 2004 Report Share Posted December 6, 2004 Doc... Now that was good! Maybe because we refinanced and added my name. We have paid on time for a year prior so I had a few pulss between the mortgage broker and the banks but they were all around each other. Link to comment Share on other sites More sharing options...
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