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Credit cards and Mortgage Apps

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Anonymous
Not applicable

Credit cards and Mortgage Apps

I am just curious if getting a credit card prior to applying for a Mortgage is a good idea or not? I would be getting the card to help build my credit up a little. 633 (Mid) and am looking to get it over 640 for the USDA Rural Dev loan.

Thanks

Message 1 of 6
5 REPLIES 5
DallasLoanGuy
Super Contributor

Re: Credit cards and Mortgage Apps

new account may hurt more than help.

 

Retired Lender
Message 2 of 6
Anonymous
Not applicable

Re: Credit cards and Mortgage Apps

Kind of what I thought, thanks
Message 3 of 6
Anonymous
Not applicable

Re: Credit cards and Mortgage Apps

Short term the cc is likely to hurt your score. I also thought USDA was typically 620, is that a new change or just specific to your lender?

 

Do you currently have any cc's you could pay down for a small score bump?

Message 4 of 6
Anonymous
Not applicable

Re: Credit cards and Mortgage Apps

According to the USDA handbook that I was reading for this year, it had said 640 for creditworthiness, otherwise they do an investigation into your credit background.
Message 5 of 6
Anonymous
Not applicable

Re: Credit cards and Mortgage Apps

Hm thats interesting. They all say 620 around here and if you have 660+ then it's much easier (less paperwork). I think you'd have a very viable chance with your current score. Have you talked to any USDA lenders? I think it would be worth your time.
Message 6 of 6
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