cancel
Showing results for 
Search instead for 
Did you mean: 

Applying for credit after closing? !?

tag
Anonymous
Not applicable

Applying for credit after closing? !?

Hello,

I closed on my house today!!!
I asked my lender if it was okay to apply for credit and she said I had to wait 2 weeks because they were going to resell my loan.
I would really like to apply for a lowes card
Funding was completed today and they even cut me a check today ( I overpaid closing cost)
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Applying for credit after closing? !?

I've never heard of such a thing.  I applied 1 day post funding to AmexBCE (approved with $10K SL) and my loan was sold 10 days later.

 

I call bullsh**.

Message 2 of 5
Spider07
Regular Contributor

Re: Applying for credit after closing? !?

From everything I have read and or heard, once the loan funds, you are free to do as you please as far as getting credit or whatever.  They won't run your credit again to sell the loan, that is just silly . 

Message 3 of 5
renclan
Regular Contributor

Re: Applying for credit after closing? !?


@Anonymous wrote:
Hello,

I closed on my house today!!!
I asked my lender if it was okay to apply for credit and she said I had to wait 2 weeks because they were going to resell my loan.
I would really like to apply for a lowes card
Funding was completed today and they even cut me a check today ( I overpaid closing cost)

My lender said as soon as the loan funds (usually within hours of closing,) I could app for credit. We closed at 2 and they called by 4:30 saying the funds were released. We went straight to the furniture store and bought some couches. 

Current FICO Scores: EQ 770, Trans 753, Exp 759
MyFICO Starting Scores/2015: EQ 677, Trans 695, Exp 674


Amex Blue Cash $21,500. Amex Everyday $11,300. Citi Double Cash $14,050. Cap One Quicksilver 11,800. Discover It $27,800. Chase Slate $5200. Chase Sapphire $10,000. Care Credit $2800. Wells Fargo $1500. Vic Sec $5380. Kohl's $2500. Old Navy $7500. Macy's $7000. Walmart $7500.
Message 4 of 5
Revelate
Moderator Emeritus

Re: Applying for credit after closing? !?

What you do after the loan funds is your own choice.

 

The lenders will make their own choice as well in terms of buying or selling the loan; you are not beholden to them for anything other than repaying your loan, that's it.

 

They may or may not pull your credit again for selling the loan, but ultimately it won't matter much (it's kind of expected behavior opening up accounts after a mortgage anyway... Home Depot / Lowes anyone?) to the lenders, and it shouldn't matter to you, literally, at all.

 

Congrats on closing!




        
Message 5 of 5
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.