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Bought a house recently, told to wait a year for anything?

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Anonymous
Not applicable

Bought a house recently, told to wait a year for anything?

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!

Message 1 of 5
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bdhu2001
Valued Contributor

Re: Bought a house recently, told to wait a year for anything?


@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.

Original Mortgage maturity Sept 2044; Refi maturity Dec 2030
Starting Score: EX 751 EQ 720 TU 737 on 4/9/14
Current Score: EX 849 EQ 835 TU 843
Goal Score: 850


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Message 2 of 5
MrCredit
Established Contributor

Re: Bought a house recently, told to wait a year for anything?

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.

Message 3 of 5
Anonymous
Not applicable

Re: Bought a house recently, told to wait a year for anything?

Thank you! That is what I originally thought.

Message 4 of 5
pizzadude
Credit Mentor

Re: Bought a house recently, told to wait a year for anything?


@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.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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