Credit Card or Mortgage First?

[davidsawsparks]

Hi everyone,

I'm new to these boards. My fiance and I are buying a home together, we've already been pre-approved and will be closing on the house in approx. 30 days. In the past, my credit was damaged due to a layoff so I don't have any credit cards anymore. I've been building my credit back up via a high interest car loan and now I'm about to add a mortgage to the list. To improve my credit score, it suggests that I open credit card accounts with major banks. My question is this, should I apply for a credit card now while I'm 30 days out of closing on a home or should I wait until after? My FICO credit is as follows: EQ - 667, EX - 730, TU - 721

Thanks!

David

[guiness56]

No, never apply for credit before or during buying a home.

[davidsawsparks]

Ok, so after the house is done and I have the mortgage...

1. How long should I wait before applying for a credit card?

2. Since I'll have a mortgage, perfect record on my car loan for the past 3 years and a pretty decent credit score, which card(s) should I apply for?

I have the following on my list:

American Express Blue Card
Discover More Card Black
Citi Diamond Preferred Rewards Card

Are they any good and will I get accepted?

[laz98]

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@davidsawsparks wrote:

Ok, so after the house is done and I have the mortgage...

1. How long should I wait before applying for a credit card?

2. Since I'll have a mortgage, perfect record on my car loan for the past 3 years and a pretty decent credit score, which card(s) should I apply for?

I have the following on my list:

American Express Blue Card
Discover More Card Black
Citi Diamond Preferred Rewards Card

Are they any good and will I get accepted?

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wait & see what the effects of the new mortgage are on your score first, then decide what to apply for. 

[Anonymous]

yes please dont apply for nothing until you close....i'm in the processing of buying a home and my lender gave me the DO's and Dont  list, and applying for credit was one of them

[Anonymous]

I've heard where the underwriters have pulled a credit check the day before closing.  I'd definitely wait a few months because when you apply for a card, the CCC will note the brand new mortgage with no payments to date.

[davidsawsparks]

Thanks for the advice everyone! This will give me time to get a better score before applying for a CC so hopefully I can get the lower apr.

[Anonymous]

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@davidsawsparks wrote:

Thanks for the advice everyone! This will give me time to get a better score before applying for a CC so hopefully I can get the lower apr.

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Anytime