I got 2

Amazon emailed my on Thursday telling me I could add my newly approved CC to my amazon account before it arrives! But I didn’t. They also gave me $70 (amazon) gift credit. Yesterday in the mail I got a CC from Alaska Air with a $5,000 credit limit.

I must’ve crossed some threshold. I applied for a couple cards a year ago and I got turned down for both – despite “good” approval ratings from credit karma.

3 thoughts on “I got 2

  1. This is very good news, congratulations! Getting a positive credit rating, and establishing some good use patterns will go a long way to getting a mortgage. At some point, depending upon your housing needs ( I have a memory that your current lease is 6 months?) I suggest you meet with a lending institution and discover how they evaluate you as a loan prospect, and at some point, get pre-approved for a mortgage. Kevin and Sarah got pre-approved for a stunning (to me) $400,000 mortgage, having $20,000 in hand (as do you!) for a down payment. (BTW, for tax reasons applicable to me, I want to give you at least $6,000 in 2017, but probably more- the gift tax exclusion is $14,000 per person per year, ie, I can give any person up to $14,000 per year and I don’t have to pay tax. Recipients don’t pay tax on gifts, just donors. So, practically, you will have $20,000 on January 2, 2018. The same issue doesn’t apply to the McNamaras as there are more of them). If you have a bill pay system available to you, I suggest using it to be sure you don’t miss a cc payment.

    I read an article recently that said banks are anxious to make mortgage loans right now, so your timing is propitious.

  2. My lease is up 10/17. The apt managers sent me a notice indicating that I can renew for 6 or 12 months with just $50 increase monthly, or month to month for $100 more. That’s why I’m looking at houses. I feel like a year is too long, and 6 months is too short, but month to month is too expensive.

    Just got credit cards – no history – does 6 months or even a year of credit card payments really make a difference in my credit rating / mortgage approval rate?

    The longer I rent the more I’m going to pay. I might get priced out in a few years.

    My skills, now, are tailored specifically to bank and GSA auctions. I don’t know that those skills are transferable, or even in demand, in other states. I’m not a good flat rate mechanic – I proved that in 2013. Working in a general repair shop would be a death sentence.

    • I think six months of history would matter (but I am not 100% sure) because I know ratings are re-run by the agencies every month, and I can see changes in my rating that reflect activity in the prior month, eg, I got an interest free for 18 months cc and transferred about $7000 onto it so I could pay it off and not have to pay the interest, and I got dinged because I was utilizing more than 50% of the credit line. As my balance falls each month, my credit score goes up a bit. Best advice: talk to a lender. It’s free, and they are looking for good credit risks, so ask them candidly what you need to do to be a good candidate for a mortgage. If Sarah and Kevin can get a $400,000 loan, you can get one for over $200,000 I would think.

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