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when to apply for cc

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Anonymous
Not applicable

when to apply for cc

I'm in the process of building a house and we close in the middle of October. I was wondering, when can I apply for a credit card through my credit union without the home purchase affecting my score? Also, am I able to apply for a cc now before we close? I d/k if this question if appropriate for this forum or the mortgage one...Thank you!
Message 1 of 25
24 REPLIES 24
Anonymous
Not applicable

Re: when to apply for cc

i would do nothing until you actually sign and close. if for anyreason the closing is delayed you could cause yourself big problems. you could kill the deal, get a higher rate, or any number of weird things.
Message 2 of 25
Anonymous
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Re: when to apply for cc

Definitely wait til AFTER closing.  Since no one can guarantee the effect of another card on your score and you were approved at that standing.  Definitely wait.  Have known people's closing not to go through due to obtaining too much credt just before closing.  They WILL run another CR right at closing.
Message 3 of 25
fused
Moderator Emeritus

Re: when to apply for cc



needtoknowmore wrote:
I'm in the process of building a house and we close in the middle of October. I was wondering, when can I apply for a credit card through my credit union without the home purchase affecting my score? Also, am I able to apply for a cc now before we close? I d/k if this question if appropriate for this forum or the mortgage one...Thank you!

After you close would be better. I wouldn't apply for anything since you are planning on closing on a house...your window is too short. You really don't want to do anything that might lower your scores: new inqs and new accounts.
Message 4 of 25
Anonymous
Not applicable

Re: when to apply for cc

Thank you! This is our first home purchase and now that are credit scores are going up, I thought about applying for 1 card to help with buying some furniture. Will purchasing a home show up on the credit reports right away, or is it like purchasing an item with a credit card?
Message 5 of 25
Anonymous
Not applicable

Re: when to apply for cc

usually takes a while. you most likely won't see it hit the cra's until you make your first payment (or close to it), at least that's been my experience.
Message 6 of 25
SpecFile
Valued Contributor

Re: when to apply for cc



needtoknowmore wrote:
Thank you! This is our first home purchase and now that are credit scores are going up, I thought about applying for 1 card to help with buying some furniture.

Do in-store financing if you can on the furniture.  The DW and I were able to get no interest, no payments for almost two years.  Paid it off in a year and that was that.  Just a suggestion.
Message 7 of 25
fused
Moderator Emeritus

Re: when to apply for cc



SpecFile wrote:


needtoknowmore wrote:
Thank you! This is our first home purchase and now that are credit scores are going up, I thought about applying for 1 card to help with buying some furniture.

Do in-store financing if you can on the furniture.  The DW and I were able to get no interest, no payments for almost two years.  Paid it off in a year and that was that.  Just a suggestion.


Be careful these are usually CFL loans.
Message 8 of 25
Anonymous
Not applicable

Re: when to apply for cc



SpecFile wrote:


needtoknowmore wrote:
Thank you! This is our first home purchase and now that are credit scores are going up, I thought about applying for 1 card to help with buying some furniture.

Do in-store financing if you can on the furniture.  The DW and I were able to get no interest, no payments for almost two years.  Paid it off in a year and that was that.  Just a suggestion.


 
Eefinitely not a good idea.  As fused said. Prbably a Consumer finance company loan which will do more harm to the score tha good.

Message 9 of 25
SpecFile
Valued Contributor

Re: when to apply for cc

Oops sorry if that is the case.  Didn't mean to steer you in the wrong direction.  Now the mystery is solved.  My wife and I always wondered why our CRs had a consumer finance acct. listed.  Racked our brains for a while.  Has to be Rooms To Go if any of you have heard of that store.
 
Brammy and fused,
 
Why does a consumer finance company pull your score down?
 
Thanks for the info.


Message Edited by SpecFile on 09-08-2007 05:49 PM
Message 10 of 25
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