Should i apply?

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Hi im Bob
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Should i apply?

Postby Hi im Bob » Sat Mar 01, 2014 2:21 am

I got the 250 cash back offer from American express for the BCE. I have had this card in my sights for a while now and would like to go head and apply.

I plan on applying for a mortgage in July or August of this year, so I am thinking maybe I should just wait.

I only have 1 hard pull on EQ at the moment and a EQ score of around 770. What do you guys think?
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MemberSince99
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Postby MemberSince99 » Sat Mar 01, 2014 8:14 am

I'm going for a mortgage around June, and I got a couple of new cards just recently with scores in the range of yours. I mentioned that to the Loan Officer and she did not seem taken aback like it's a big issue.


But after that, no matter how tempting things are, you'd better lay low for a bit.

thom02099
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Postby thom02099 » Sat Mar 01, 2014 9:13 am

Hi im Bob wrote:I got the 250 cash back offer from American express for the BCE. I have had this card in my sights for a while now and would like to go head and apply.

I plan on applying for a mortgage in July or August of this year, so I am thinking maybe I should just wait.

I only have 1 hard pull on EQ at the moment and a EQ score of around 770. What do you guys think?


If you have a mortgage lender already in mind, or are working with one already, check with that person. See what their position is. Some mortgage brokers are perfectly fine with this type scenario, others will want you to close all credit cards (extreme, I know). Personally I think you should be just fine, it's one card and your 770 score will likely only take a small hit, maybe down 10 points, still good enough for the best mortgage terms. If you really want to be safe, apply for it after you get the mortgage.
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EQ = 846 EX=828 TU = 836 as of 02/2016

MemberSince99
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Postby MemberSince99 » Sat Mar 01, 2014 10:07 am

If they told me to close all my cards, I'd tell them to go pound sand, and find another (more reasonable) lender.

thom02099
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Postby thom02099 » Sat Mar 01, 2014 5:19 pm

MemberSince99 wrote:If they told me to close all my cards, I'd tell them to go pound sand, and find another (more reasonable) lender.


Same here...and I did! Broker said the credit cards were "hurting" my credit report. Mind you, there weren't many at the time, and it's been a while back. Needless to say that Broker didn't get my business.
Retired, and in the process of retiring cards!
EQ = 846 EX=828 TU = 836 as of 02/2016

takeshi
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Postby takeshi » Sat Mar 01, 2014 10:39 pm

Hi im Bob wrote:What do you guys think?

Doesn't really matter what we think as we're not underwriting your mortgage. We can offer you the generic "don't apply within 6 months prior" but I'd suggest verifying if that's specifically relevant to you or not versus relying on broad generalizations. +1 to the recommendations above.

JoDa
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Postby JoDa » Sun Mar 02, 2014 2:04 am

Go check out my home buying thread in the lounge. The lenders only cared to the extent that I had to report new lines to them. With a 770, one pull shouldn't mean anything. If it does to one, check with another(s).
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