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So I purchased a home recently and have been told by a friend that I shouldn't apply for cards or open any new accounts of any sort for a year after my close date? I don't know how entirely accurate he is and was wondering what you all thought. Thank you!
@Anonymous wrote:So I purchased a home recently and have been told by a friend that I shouldn't apply for cards or open any new accounts of any sort for a year after my close date? I don't know how entirely accurate he is and was wondering what you all thought. Thank you!
Depends on your score, but I've been advised to apply for anything I need/want right after I close. If your score supports it, I recommend the same to you. However, make sure that you aren't buying a bunch of unnecessary stuff to go with the new house. You want to make sure that you can handle the new mortgage, before you apply for new credit.
If you've been saving, the down payment for your mortgage for 6+ months and the amount you saved per month was greater than your new mortgage, then you'll have a pretty good idea of what you can afford. If not, wait 6 month to a year.
Once you close the loan, you can do whatever you want. This is typically told during the mortgage process not to apply or obtain new credit as it could lean an u/w to deny the file.
Thank you! That is what I originally thought.
@MrCredit wrote:Once you close the loan, you can do whatever you want. This is typically told during the mortgage process not to apply or obtain new credit as it could lean an u/w to deny the file.
^^^^^^ Your friend had it backwards ~ generally people are told to refrain from apping before they apply for a loan. Afterwards it doesn't matter.