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What are the best credit cards to get before my score plunges
Posted on 12/27/10 at 2:16 am
Posted on 12/27/10 at 2:16 am
My credit score is going to plunge in the next couple weeks because of a short sale on one of my homes. My credit score is 780. I just applied for 5 new Credit Cards this past week and was approved for all of them for a total of $50,000. Since I have not been turned down yet and my credit will be bad for another 7 years I thought I would apply for a couple more. I just got approved for an American Express for $20K, Citi Bank MC, Discover, Nordstrom Visa and RC Wiley Home furnishings. Any other recommendations before my credit score plunges?
This post was edited on 12/27/10 at 2:17 am
4
Posted on 12/27/10 at 3:03 am to Utah Tiger
Maybe one connected to frequent flyer miles?
Posted on 12/27/10 at 3:35 am to lynxcat
Thanks! I just got a Delta American Express and a Discover Miles Card. I am thinking about applying for Costco American Express and also a Sears Card.
Posted on 12/27/10 at 3:39 am to Utah Tiger
Are you doing this so that you can try to build your credit back up or do you have some other purpose in mind?
ETA: Chase has the Sapphire which I just looked up:
ETA: Chase has the Sapphire which I just looked up:
quote:
CHASE SAPPHIRESM
Earn $150 in rewards - that's 15,000 bonus points after you spend $500 in 3 months!
Redeem points for travel, gift cards, merchandise, cash back and more
2X points earned on airfare & hotel accomodations booked through Ultimate Rewards & 1 point for every dollar spent on all other purchases
Points never expire and there are no limits on how many points you can earn
24/7 Dedicated service advisors (No voice recording)
Premier travel and purchase protection benefits
No annual fee!
This post was edited on 12/27/10 at 3:41 am
Posted on 12/27/10 at 4:07 am to lynxcat
If I get 7 new credit cards now....then when the short sell falls off my credit report in 7 years I will at least have 7 cards with 7 years of credit on them. Plus my limits are over $100,000 now so my credit utilization will be very good. By that time my score should shoot back up close to 800 hopefully. I have not missed a payment in over 7 years. It sux that I have to do the short sell but my CPA recommends it very strongly. I have three houses but can only keep two of them. I am not very good with money so I will just stash the credit cards in my closet drawer and then just use them a little every three months so they are not closed.
Thanks for the info.
Thanks for the info.
Posted on 12/27/10 at 6:50 am to Utah Tiger
quote:
I am not very good with money so I will just stash the credit cards in my closet drawer and then just use them a little every three months so they are not closed
Good luck!
I use American Express Blue Cash.....about 6-8k/month.....every year, they will send you a check on your anniversary (or apply it to your bill). It usually knocks out a month of my payments......best deal i have found yet. Cash is better than miles, to me.
Posted on 12/27/10 at 9:41 am to Utah Tiger
Often times a short sale won't stay on your credit near as long as a foreclosure which is one of the reasons people do it...did your CPA give you this 7 year information?
Posted on 12/27/10 at 10:16 am to Utah Tiger
quote:
I have three houses but can only keep two of them.
this thread should be on the OT
Posted on 12/27/10 at 10:16 am to Utah Tiger
If you are at 780 now. Then a short sell wont make your credit BAD. You would still be likely 680-700 with most CRA's not including any delq as a result though. Short Sell is generally a 80-100 point ding. But more dammage may be done due to being delq.
I thought a short sell only stayed on your report for 3 years though. You will already have 24 months of seasoning required.
I thought a short sell only stayed on your report for 3 years though. You will already have 24 months of seasoning required.
Posted on 12/27/10 at 11:53 am to Catman88
See this is more similar to what I thought, which is why I was curious as to what his CPA told him who may have better information at his disposal....
Posted on 12/27/10 at 11:59 am to Shankopotomus
Be prepared for your rate to rise and LOC to get cut if your score plunges. I would not put to much on it. CC Companies are watching credit scores frequently now. If they think you look like a risk later you will pay for it.
Posted on 12/27/10 at 10:36 pm to Utah Tiger
Bank will not talk to me about short sell until I become delinquent. So the delinquent payments will be on my credit report for 7 full year.
Also if "universal default" applies on credit cards then I guess they can all lower my limit and raise my interest rates. No biggy since I will not be using them. I don't think they can do anything until after 1 year on any promotions though. Who knows? I think with the new legislation on credit cards that they can't close the account if I keep it current........unless it is for inactivity.
Also if "universal default" applies on credit cards then I guess they can all lower my limit and raise my interest rates. No biggy since I will not be using them. I don't think they can do anything until after 1 year on any promotions though. Who knows? I think with the new legislation on credit cards that they can't close the account if I keep it current........unless it is for inactivity.
Posted on 12/28/10 at 11:12 am to Utah Tiger
So make sure you only do 1 30 day dlq
Posted on 12/28/10 at 11:16 am to Catman88
Catch 22
If I start paying the mortgage after one delinquency then they will not be motivated to accept an offer on the short sell. I am a done for the next 7 years. Bye Bye good credit. See ya in 7 years.
If I start paying the mortgage after one delinquency then they will not be motivated to accept an offer on the short sell. I am a done for the next 7 years. Bye Bye good credit. See ya in 7 years.
Posted on 12/30/10 at 11:57 am to Utah Tiger
quote:
Any other recommendations before my credit score plunges?
Why apply for more credit cards? It's almost always a really bad idea to use them for financing, and the limits will drop pretty dramatically anyway once your credit report is updated.
If you have to have extra money you could go with a personal loan. Make sure they can't change the rate if they review your credit later.
Posted on 12/30/10 at 1:04 pm to Utah Tiger
quote:
Bank will not talk to me about short sell until I become delinquent. So the delinquent payments will be on my credit report for 7 full year.
Yeah, but those shouldn't be that bad. My understanding is a short sale is a moderate-sized ding for only 2-3 years. Nowhere near the black hole of foreclosure. I mean, at the end of the day, you will be paying all of your debts as agreed.
Posted on 12/30/10 at 2:04 pm to Tiger JJ
If he has to be dlq on it though its a bit more.. The short sell itself is a moderate ding you are correct. However he will have the dlq on his report for 7 years and if they need him to be really dlq before they allow the short sell then he will have a bad hit for the short sell plus the serious dlq. It was my understanding when I first read this that the short sell was approved. But still after 3 years the short sell should be removed which will give you a bump and your dlq's will be 3 years old as well and not weighed as bad.
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