Timing the applications (Mortgage, Auto, CC)

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ScoreOnTheRise
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Timing the applications (Mortgage, Auto, CC)

Postby ScoreOnTheRise » Tue Feb 17, 2015 10:57 am

Next month I'll be applying for a mortgage (my first), but I also need a new (to me) car and I've been eyeballing the Amex BCE card (already an Amex member since 95, looking to this to help my AAC).

What do you recommend the timing should be on this?

I'm thinking:

Mortgage first (my CR needs to be in it's best shape for this one)
Amex BCE second
Auto last

Obviously, with each successive one the inquiries from the previous one will show up. Should I just apply for the next two right after mortgage is approved (or should I wait till I close). Do 2 and 3 at the same time?
American Express PRG [NPSL]
Chase Sapphire Preferred [$25K]
American Express BCE [$20K]
Discover it [$18.5K]
Barclaycard Arrival World MC [$6K]
Citi Diamond Preferred MC [$4K]
Citi Home Depot Consumer Credit Card [$3K]
Citi Best Buy Visa [$2K]


jcarte29
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Postby jcarte29 » Tue Feb 17, 2015 4:47 pm

Wait until you close on your home. Your mortgage company might very well check your credit prior to it specifically to see if you have applied for anything else, and that can change or mess up your approval on your home.


After you close on your house (within minutes), I encourage you to come see me for a new vehicle ;) I'm an Internet Sales Manager for a Chevy dealership lol.
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thom02099
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Postby thom02099 » Tue Feb 17, 2015 6:04 pm

Looks like you've got a good plan, and that is the order I would do it, if I were in your shoes. Wait until after closing on your house, all the paperwork is signed and you have keys in hand. Most mortgage companies will pull your report at the beginning, and right before closing, to make sure there are no surprises on your report; in my case with my mortgage, they literally pulled the report right at the closing table, before I started signing paperwork. THEN apply for what you want!
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ScoreOnTheRise
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Re: Timing the applications (Mortgage, Auto, CC)

Postby ScoreOnTheRise » Wed Aug 19, 2015 5:48 pm

ScoreOnTheRise wrote:Next month I'll be applying for a mortgage (my first), but I also need a new (to me) car and I've been eyeballing the Amex BCE card (already an Amex member since 95, looking to this to help my AAC).

What do you recommend the timing should be on this?

I'm thinking:

Mortgage first (my CR needs to be in it's best shape for this one)
Amex BCE second
Auto last

Obviously, with each successive one the inquiries from the previous one will show up. Should I just apply for the next two right after mortgage is approved (or should I wait till I close). Do 2 and 3 at the same time?


I ended up following this exact schedule. I closed on my house end of June, then immediately applied for and got a CSP at $25K, a Amex BCE at $10K (backdated to my original Amex membership) and then a week later got an auto loan from Chase for $27K. The timing worked and everything fell into place. Of course all those inquiries and new accounts really hit my credit scores. The past couple of months I've been ScoreOnTheFall, but I know in about 6 to 12 months my score will even be higher than before with the greater diversity of accounts paid as agreed.
American Express PRG [NPSL]
Chase Sapphire Preferred [$25K]
American Express BCE [$20K]
Discover it [$18.5K]
Barclaycard Arrival World MC [$6K]
Citi Diamond Preferred MC [$4K]
Citi Home Depot Consumer Credit Card [$3K]
Citi Best Buy Visa [$2K]

takeshi
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Re: Timing the applications (Mortgage, Auto, CC)

Postby takeshi » Thu Aug 20, 2015 8:06 am

You were able to get it backdated after AmEx changed their policy? Are you sure the date is showing on your reports and not just on the card?

rockyrock
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Re: Timing the applications (Mortgage, Auto, CC)

Postby rockyrock » Fri Aug 21, 2015 8:41 am

ScoreOnTheRise wrote:
I ended up following this exact schedule. I closed on my house end of June, then immediately applied for and got a CSP at $25K, a Amex BCE at $10K (backdated to my original Amex membership) and then a week later got an auto loan from Chase for $27K. The timing worked and everything fell into place. Of course all those inquiries and new accounts really hit my credit scores. The past couple of months I've been ScoreOnTheFall, but I know in about 6 to 12 months my score will even be higher than before with the greater diversity of accounts paid as agreed.



You're fine, you have a new home, car and two new cards--your score shouldn't be an issue for a while.

What kind of car did you get btw?
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ScoreOnTheRise
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Re: Timing the applications (Mortgage, Auto, CC)

Postby ScoreOnTheRise » Fri Aug 21, 2015 4:02 pm

rockyrock wrote:
ScoreOnTheRise wrote:
I ended up following this exact schedule. I closed on my house end of June, then immediately applied for and got a CSP at $25K, a Amex BCE at $10K (backdated to my original Amex membership) and then a week later got an auto loan from Chase for $27K. The timing worked and everything fell into place. Of course all those inquiries and new accounts really hit my credit scores. The past couple of months I've been ScoreOnTheFall, but I know in about 6 to 12 months my score will even be higher than before with the greater diversity of accounts paid as agreed.



You're fine, you have a new home, car and two new cards--your score shouldn't be an issue for a while.

What kind of car did you get btw?


A WRX... vrooom!
American Express PRG [NPSL]
Chase Sapphire Preferred [$25K]
American Express BCE [$20K]
Discover it [$18.5K]
Barclaycard Arrival World MC [$6K]
Citi Diamond Preferred MC [$4K]
Citi Home Depot Consumer Credit Card [$3K]
Citi Best Buy Visa [$2K]



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