Valued Member
Posts: 43
Registered: ‎02-24-2009

Applying for credit after closing but before funding? Ok to do?

[ Edited ]

I need a Lowes Card . I'm closing on end of Nov .I know to wait until after I close to apply but should I be concerned about the funding of the loan? I mean after closing it takes 3 days to fund the loan. This is a USDA guarenteed loan. Would applying for credit after close but before funding cause it to be recinded?

Super Contributor
Posts: 8,254
Registered: ‎09-28-2007

Re: Applying for credit after closing but before funding? Ok to do?

It could cause problems, yes.  Best advice is to wait until the home is legally yours (after funding, it then needs to record with the county) and then you can go hog wild with new credit applications and the lender won't care.  Up until then, you are under a microscope, including after you sign and before the loan funds.

Regular Contributor
Posts: 165
Registered: ‎03-22-2009

Re: Applying for credit after closing but before funding? Ok to do?



I'm not even letting thing report a balance!   And I set my closing into Jan so no apps, no letting balances report---not wanting to show any activity at all on my reports between app and close (other than B* more INQs off in hope for a couple point bumps).


My lender pulled EX so they saw 13 INQs, but by Jan they'll see 6 and by April there should only be 2, counting the additional hard pulled for the closing.  Lender never did look at EQ and TU showed 9 at app, but should show 0 at closing by the time they get to it.


I want to also close 2 cards but I'm terrified of any change in score that could cause a re-pricing of the loan... like the lender coming back and asking for points, etc.



Can't wait til closing when I can close the accounts at all my daily pullers and close my two crappiest cards, and by Dec I'll have 0INQ all the way around and zero baddies---a perfectly clean file with a real estate account.

EQ: 801!
I got one foot in the 800 Club, now I need the other two feet.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+