Getting cards after buying a house

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bigredball90
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Getting cards after buying a house

Postby bigredball90 » Sat Sep 27, 2014 10:58 am

My wife and I are getting ready to buy our first house and will need to make some purchases immediately after. Our scores are in the 700s and the purchase price of the house is under our means so we are not stretched financially. I have two cards Amex BCE at 10k and Barclay Arrival world elite at 5k. My wife is an AU on both cards but does not have any cards of her own. The card I would like her to get would be the Amex BCP for the bonus and cash back. If she cant get it I can just product change mine hopefully. Any other cards that might be good for her? Works 28 hrs a week only pulling in mid 20s right now. Will it be harder to get approved after buying the house?

We need fridge, carpet, paint, blinds and a few other small things to get the house to the basic move in point and will buy other stuff later but this would be a good opportunity for us to get a bunch of rewards.

Any other ideas or words of advice?

Thanks


MemberSince99
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Postby MemberSince99 » Sat Sep 27, 2014 6:55 pm

Odds are it will take months for your mortgage to even show on your reports, but as far as it being harder to get approved - it shouldn't be as you are not stretched financially you mentioned.


Depends on the rewards you want. If you just want cash back the cards you have and want to add will work.

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djrez4
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Postby djrez4 » Sat Sep 27, 2014 9:14 pm

Mortgage took 3-4 months to appear for us. Most mortgages get sold at least once after funding and the account won't report until it gets to the final creditor.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]
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CarefulBuilder14
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Postby CarefulBuilder14 » Sun Sep 28, 2014 11:14 pm

djrez4 wrote:Mortgage took 3-4 months to appear for us. Most mortgages get sold at least once after funding and the account won't report until it gets to the final creditor.


Did your travel hacking make it more expensive to get a mortgage? I assume your AAoA is significantly lower than your oldest open account. Did the mortgage come before the travel hacking?

Or is it the case that once you have a few 'keeper' cards with a few years of clean history, a low AAoA doesn't really hurt you?
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

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djrez4
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Postby djrez4 » Mon Sep 29, 2014 10:35 am

CarefulBuilder14 wrote:Did your travel hacking make it more expensive to get a mortgage?


Not at all. I had a few inquiries to explain, but the bank seemed comfortable with everything. Oddly enough, they asked my wife to close her only credit card because it had a balance and the minimum payment threw off our DTI. (I have a post somewhere about our mortgage experience that explains things.) But, my 20 cards were fine because I didn't have any balances. I was just barely "second tier" when we applied, so we lost about an eighth on the rate, but that was due to an old, paid derogatory that has since fallen off, not due to churning.

CarefulBuilder14 wrote:I assume your AAoA is significantly lower than your oldest open account. Did the mortgage come before the travel hacking?


2.1 years vs. 9 years. Mortgage came right in the middle of hacking. I pulled a Member. I had six new accounts within six months of applying for the mortgage, mainly because the mortgage was unexpected. Wife found a new job, we applied for pre-approval less than a month later and closed less than a month after that.

CarefulBuilder14 wrote:Or is it the case that once you have a few 'keeper' cards with a few years of clean history, a low AAoA doesn't really hurt you?


That is also true. I have a Freedom, a Discover IT, and an REI Visa that sit around accumulating age. The CSP is pretty well seasoned, too. Amex backdating also helps.

I've reached the point where I don't need to constantly churn anymore. I have a decent stash of AA miles built up (330k once the latest bonus spend is done) and get about 5,000 MR and UR points a month just from normal spending thanks to Ink's 5x and the Everyday Preferred 4.5x on groceries. Side effect - I'm perfectly positioned to take advantage of the next big bonus offer.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]

[/RIGHT]

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CarefulBuilder14
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Postby CarefulBuilder14 » Mon Sep 29, 2014 11:49 am

Good to know!

I may explore churning a bit once I'm set with my core cards (Sallie, BCE, IT, Freedom, and adding Arrival+) and they get a little age. It's still well beyond my current travel hacking competence to coordinate a trip anywhere close to yours. I'll get there eventually, though!

I'll check out your mortgage thread for further details on that.
Love: IHG, Platinum, Sallie Mae, AA Plat, CSP
Like: Discover, ED, BCE, Hyatt, Arrival, Freedom
Might drop: BrooksBros, Prestige (Costco PC?)
Might add: Proper business card, CSR, Ritz, Delta Gold
Letting new accounts cool off since May
Really not sure what I'll add next or when

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djrez4
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Postby djrez4 » Mon Sep 29, 2014 12:30 pm

It's much easier than it sounds. Just takes time and some flexibility with your scheduling.

For the last trip, I used a combo of United and ANA award calendars to find available flights. Then I called US Airways, booked it leg by leg, and asked them to hold the award while I purchased the miles. There were three things I had to know in order to make the award happen: 1) US Airways books awards manually; 2) it had merged with US West not too long ago; and 3) you were allowed two layovers (24 hours or under) and one stopover (more than 24 hours). Most of the award desk reps were from US West, which was a domestic airline. They didn't have a very good grasp of geography, so you could get away with some off-the-wall routing. As far as US Airways was concerned, I was booking a round trip to North Asia which was 90k per person. It just so happened that I had no choice but to layover in Seoul and Frankfurt and stop in Istanbul on the return flight. Unfortunately, with the merger, it's no longer possible to pull that off.

If you just want to do a simple out-and-back, it's super easy.
[RIGHT][size=100]- Sapphire Preferred - Freedom - Ink - Platinum - Everyday Preferred -[/size]

[/RIGHT]



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