@iCoop wrote:I would like to know where the info about waiting at least 30 days after the mortgage closes came from. Once you sign on the dotted line and receive your keys you are free to do whatever you want without worry; unless your contract specifically states that the sale of the home is contingent on you not having your credit pulled or having credit extended to you for a specified amount of time after closing. After I closed on my home, the very next day I went and purchased a new car which I had held off on doing for the entire year before buying the home. No negative side effects except for the numerous pulls showing on my credit reports by the home and auto loan lenders from shopping around. But even those are condensed into two pulls since they were done within a short period of time.
I see you're pretty new here, so please allow me to introduce you to one of our favorite acronyms:
YMMV i.e. Your Mileage May Vary
For the purpose of this example, it means that while YOU experienced one set of circumstances i.e. being able to apply for anything you want once you have signed the dotted line, others have chimed in frequently here to exercise caution based on their experiences. I have many times read advice given by long-time FicoForums members to hold off for a few weeks after closing on a home.
Doesn't make them right...doesn't make you wrong - and vice versa. Just means YMMV 
@CreditCrusader wrote:
@iCoop wrote:I would like to know where the info about waiting at least 30 days after the mortgage closes came from. Once you sign on the dotted line and receive your keys you are free to do whatever you want without worry; unless your contract specifically states that the sale of the home is contingent on you not having your credit pulled or having credit extended to you for a specified amount of time after closing. After I closed on my home, the very next day I went and purchased a new car which I had held off on doing for the entire year before buying the home. No negative side effects except for the numerous pulls showing on my credit reports by the home and auto loan lenders from shopping around. But even those are condensed into two pulls since they were done within a short period of time.
I see you're pretty new here, so please allow me to introduce you to one of our favorite acronyms:
YMMV i.e. Your Mileage May Vary
For the purpose of this example, it means that while YOU experienced one set of circumstances i.e. being able to apply for anything you want once you have signed the dotted line, others have chimed in frequently here to exercise caution based on their experiences. I have many times read advice given by long-time FicoForums members to hold off for a few weeks after closing on a home.
Doesn't make them right...doesn't make you wrong - and vice versa. Just means YMMV
My being new to this specific forum has nothing to do with me ascertaning the answer. YMMV is commonly used across the web and I am quite certain of its meaning, but thanks anyways for the description. Back to the matter at hand, other than going off of hearsay there is no valid reason for why one should wait after already having signed a contract. In fact it would probably be beneficial to get the hard pulls done around the same time so that they all tend to fall off the report at the same time. Just never apply for the auto loan BEFORE the mortgage.
But what I will agree with you on is that neither side is right or wrong, as I was never looking to be right, just wanted some clarification on the topic at hand.
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@iCoop wrote:
@CreditCrusader wrote:
@iCoop wrote:I would like to know where the info about waiting at least 30 days after the mortgage closes came from. Once you sign on the dotted line and receive your keys you are free to do whatever you want without worry; unless your contract specifically states that the sale of the home is contingent on you not having your credit pulled or having credit extended to you for a specified amount of time after closing. After I closed on my home, the very next day I went and purchased a new car which I had held off on doing for the entire year before buying the home. No negative side effects except for the numerous pulls showing on my credit reports by the home and auto loan lenders from shopping around. But even those are condensed into two pulls since they were done within a short period of time.
I see you're pretty new here, so please allow me to introduce you to one of our favorite acronyms:
YMMV i.e. Your Mileage May Vary
For the purpose of this example, it means that while YOU experienced one set of circumstances i.e. being able to apply for anything you want once you have signed the dotted line, others have chimed in frequently here to exercise caution based on their experiences. I have many times read advice given by long-time FicoForums members to hold off for a few weeks after closing on a home.
Doesn't make them right...doesn't make you wrong - and vice versa. Just means YMMV
My being new to this specific forum has nothing to do with me ascertaning the answer. YMMV is commonly used across the web and I am quite certain of its meaning, but thanks anyways for the description. Back to the matter at hand, other than going off of hearsay there is no valid reason for why one should wait after already having signed a contract. In fact it would probably be beneficial to get the hard pulls done around the same time so that they all tend to fall off the report at the same time. Just never apply for the auto loan BEFORE the mortgage.
But what I will agree with you on is that neither side is right or wrong, as I was never looking to be right, just wanted some clarification on the topic at hand.
I do so hate to break it to you but technically everything on this and other forums could be considered "hearsay". Mentioning what one has read before is more of a heads up to research into it than advice. I am not the one needing the info but if I did, I would be glad someone mentioned it so I could look into it if they had already read something about it being a POSSIBLE concern. On this forum, some will offer the clarification if they have it at hand at that moment (as I often have) or simply mention they've seen an issue so the person they're responding to can look into it to see if it applies to their situation, by clarifying it themselves, that's why this forum has a search function..........
You will eventually see that this forum and the people who post on it work a bit differently than many other forums. Most of us work well together even when someone just mentions a reminder, then others often chime in about their details of said experience to clarify further.
@iCoop wrote:
@CreditCrusader wrote:
@iCoop wrote:I would like to know where the info about waiting at least 30 days after the mortgage closes came from. Once you sign on the dotted line and receive your keys you are free to do whatever you want without worry; unless your contract specifically states that the sale of the home is contingent on you not having your credit pulled or having credit extended to you for a specified amount of time after closing. After I closed on my home, the very next day I went and purchased a new car which I had held off on doing for the entire year before buying the home. No negative side effects except for the numerous pulls showing on my credit reports by the home and auto loan lenders from shopping around. But even those are condensed into two pulls since they were done within a short period of time.
I see you're pretty new here, so please allow me to introduce you to one of our favorite acronyms:
YMMV i.e. Your Mileage May Vary
For the purpose of this example, it means that while YOU experienced one set of circumstances i.e. being able to apply for anything you want once you have signed the dotted line, others have chimed in frequently here to exercise caution based on their experiences. I have many times read advice given by long-time FicoForums members to hold off for a few weeks after closing on a home.
Doesn't make them right...doesn't make you wrong - and vice versa. Just means YMMV
My being new to this specific forum has nothing to do with me ascertaning the answer. YMMV is commonly used across the web and I am quite certain of its meaning, but thanks anyways for the description. Back to the matter at hand, other than going off of hearsay there is no valid reason for why one should wait after already having signed a contract. In fact it would probably be beneficial to get the hard pulls done around the same time so that they all tend to fall off the report at the same time. Just never apply for the auto loan BEFORE the mortgage.
But what I will agree with you on is that neither side is right or wrong, as I was never looking to be right, just wanted some clarification on the topic at hand.
But it DOES have to do with having a full understanding of just how many people post here or the breadth of experiences that accompany them. This issue has been addressed to the end of the Earth and back here...and the YMMV was referencing that no one person will give the all-encompassing "correct" answer. You asked where the info came from...that was my reply to your question i.e. MANY people have reported what has been alluded to here apropos going for new credit shortly after closing on a home.
In any event, since this is my thread (and thus my credit call), the YMMV on this issue will be far more than enough to exercise caution in this arena. Having a new credit card (even Discover) isn't worth compromising an approved home loan...not by a long shot.