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Written by: patrick12 on 2013-01-17

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patrick12's review: I received a pre-approval in the mail for this card about 2 weeks ago, before I get ready to apply for my mortgage loan in March I wanted one last card to add to my prime collection, this application wasnt instantly approved and took about 7 days for a decision, there is a verification process Elan Financial does before they can issue an approval, terms are as follows, $10,000 credit limit with a purchase APR of 12.99% plus prime and 0% interest for 12 months! They pull a TU Fico 04 Classic score, mine was 765! I have closed out so many of my starter and store charge cards, at this point I am basically setting good with most but not all prime cards now. I dont personally bank with Key Bank but since Elan is a division of US Bank who issues their card, I felt like with the promotional terms and interest rate it made sense to apply.

5 Comments

Comment 1 by akcredit
Re: Approved! on 2013-01-17

Congrats! Patrick12

I hope you build the dream house you wanted and have it your way. I am planning to buy a home in march too and just have to cut some balances down, and hope to get approved by then. Good CL and Fico scores.
Comment 2 by patrick12
Re: Approved! on 2013-01-17

I have all my revolving accounts paid down to almost 0! So my utilization is literally at 1%, I spoke with the underwriter who I am working with on my mortgage at the credit union I am working with, she said the biggest thing they look at is DTI ratios, job time, and LTV of the home, she said credit inquires are looked at, but as long as their older than 90 days and I can explain any new ones with in 90 days, I am more than fine! My scores are TU 765, Eq 744 and Exp 738, Im pretty sure on a conventional loan you need a score of 740 to get the best rate, which taking my midde score, I should be right there.
Comment 3 by wanderer
Re: Approved! on 2013-01-19

Awesome. Impressive credit lines with good scores! US Bank takes care of their own.
Comment 4 by wndblwn06
Re: Approved! on 2013-01-21

Congrats! I'm going to be going for a mortgage loan within the year hopefully, I have a sub prime (merrick bank) and prime cards (chase and discover). I always pay on on time but do you think I'd be better off showing lower balances on prime cards than paying off my other balance?
Comment 5 by patrick12
Re: Approved! on 2013-01-21

When they calculate in DTI ratios, they will factor in your minimum payments on each and every debt you have, your best bet would be to calculate all of your monthly debt payments and income, there is calculators on the internet for this type of calculation, I believe on a convential mortgage your front end payment for a home cant be more than 28% of your income and and 17% for backend payments, installment, Auto, credit cards ect.. which would be right at 45% DTI, its a Fannie and Freddie requirement now. FHA and USDA may have different calculations they use, but this will give you an idea of where you need to be to qualify for a mortgage.
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