Apply for LOCs & CCs, or mortgage first?

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Mar 20th, 2022 9:29 pm

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Mar 19th, 2022 1:25 am

AmberD17 [OP]: Jr. Member; Mar 2, 2018; 128 posts; 98 upvotes

Mar 19th, 2022 1:25 am

Apply for LOCs & CCs, or mortgage first?

Planning to buy a house in a couple months, and also planning to apply for some credit cards, maybe 3 or so credit cards, and ULOCs at all the institutions.

In trying to get the best products, limits and rates, is it better I wait for the mortgage credit check to be completed first, or mortgage all signed first, or apply LOCs/CCs first?

Credit score transunion shows 818.

Don’t currently have a mortgage/own property and no debt servicing.

6 replies

Mar 19th, 2022 4:01 am

sokolov: Deal Addict; Dec 7, 2011; 3209 posts; 1593 upvotes; Whitehorse

Mar 19th, 2022 4:01 am

Why don't you get a combination of mortgage and HELOC in one package?

Mar 19th, 2022 2:07 pm

AmberD17 [OP]: Jr. Member; Mar 2, 2018; 128 posts; 98 upvotes

Mar 19th, 2022 2:07 pm

I will. But would also like some CCs for rewards and ULOCs to improve my credit utilization ratio.

Mar 19th, 2022 8:25 pm

sffpcgtx: Banned; Mar 3, 2021; 707 posts; 359 upvotes

Mar 19th, 2022 8:25 pm

To b safe....do it after the mortgage

AmberD17 wrote: ↑ I will. But would also like some CCs for rewards and ULOCs to improve my credit utilization ratio.

+1

Mar 19th, 2022 11:25 pm

n2d2: Member; Mar 2, 2010; 452 posts; 44 upvotes

Mar 19th, 2022 11:25 pm

Credit card points are generally not worth it. So get a credit card with good limit that you will use (if you have one already, don’t bother with few hundred dollar worth of rewards). Focus on house and mortgage, and not try to have a lot of credit hits now, just to get few hundred dollars worth of points.

Unsecured LOCs are difficult to get after mortgage, as many times ratios are stretched. So get one (as big as you can), prior to getting the house.

Finally, get mortgage + HELOC product.

Your credit score is excellent. No need to worry about getting all these products to increase your ratios etc. Many times, simplicity is good.

Neeraj Garg - Origin Homes Canada
Real Estate Sales Representative

Mar 20th, 2022 2:29 am

Rockdaddy22: Deal Addict; Nov 26, 2011; 3361 posts; 750 upvotes

Mar 20th, 2022 2:29 am

n2d2 wrote: ↑ Credit card points are generally not worth it. So get a credit card with good limit that you will use (if you have one already, don’t bother with few hundred dollar worth of rewards). Focus on house and mortgage, and not try to have a lot of credit hits now, just to get few hundred dollars worth of points.

Unsecured LOCs are difficult to get after mortgage, as many times ratios are stretched. So get one (as big as you can), prior to getting the house.

Finally, get mortgage + HELOC product.

Your credit score is excellent. No need to worry about getting all these products to increase your ratios etc. Many times, simplicity is good.

I’m sorry but that’s terrible advice about credit card rewards

+4

Mar 20th, 2022 9:29 pm

EPcjay: Deal Fanatic; Nov 11, 2008; 8812 posts; 2449 upvotes

Mar 20th, 2022 9:29 pm

n2d2 wrote: ↑ Credit card points are generally not worth it. So get a credit card with good limit that you will use (if you have one already, don’t bother with few hundred dollar worth of rewards). Focus on house and mortgage, and not try to have a lot of credit hits now, just to get few hundred dollars worth of points.

Unsecured LOCs are difficult to get after mortgage, as many times ratios are stretched. So get one (as big as you can), prior to getting the house.

Finally, get mortgage + HELOC product.

Your credit score is excellent. No need to worry about getting all these products to increase your ratios etc. Many times, simplicity is good.

Points are a bonus if you need to spend anyway. I don't understand the reasoning. It's not like you pay higher at the store because you have a rewards credit card. Gas, Groceries, Cell Phone, Internet, Home Insurance, Car Insurance are some of my set costs. Just that alone will net me 83$ (@ 1.66% average @ $5000) and im not even counting the splurge purchases yet.

+2

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