Reply
Established Member
Posts: 13
Registered: ‎07-22-2007
0

Got a mortgage

[ Edited ]
I obtained a mortgage committment and one of the conditions is that a credit documents must be updated and review if I do not close by Oct 30.  I am told that another credit report will not be ordered.
 
Would you recomment obtaining a credit card (from a pre-approved offer) now assuming that my score may change after my mortgage closes and starts to report to the bureaus.  My scores are currently 634, 659, and 699.  The other part to this is that my score is being help by an account that I am an authorized user on.  My father's payment history and the length of his history is helping me.  I know that scoring will change in September.
 
Any thoughts?


Message Edited by essex on 08-28-2007 06:33 PM
Contributor
Posts: 148
Registered: ‎08-15-2007
0

Re: Got a mortgage

Someone correct me if I'm wrong but I think your score will actually go up or be unchanged by a new/ First Mortgage.  It may go down for the first 2-3 months, but go right back up, buying real estate is a good thing in CC company's eye's......
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Got a mortgage



George2037 wrote:
Someone correct me if I'm wrong but I think your score will actually go up or be unchanged by a new/ First Mortgage.  It may go down for the first 2-3 months, but go right back up, buying real estate is a good thing in CC company's eye's......


Correct
Contributor
Posts: 148
Registered: ‎08-15-2007
0

Re: Got a mortgage


George2037 wrote:
Someone correct me if I'm wrong but I think your score will actually go up or be unchanged by a new/ First Mortgage.  It may go down for the first 2-3 months, but go right back up, buying real estate is a good thing in CC company's eye's......


Correct

 
I learned that from the forums :smileyhappy:
 
I've been looking into buying a cheap peice of land just so i can have the Real Estate show up on my CR.  Lot's of it in NO, and whew anyone seen how cheap that marsh land is in Florida :smileyvery-happy:
Established Member
Posts: 18
Registered: ‎08-22-2007
0

Re: Got a mortgage

I would wait just to be safe because from what I understand the mortgage co's usually pull your credit again right before you close to make sure you there haven't been any significant changes (ie. purchasing a bunch of furniture, buying a car, etc). Granted even if you don't charge any thing with the CC, if they give you a really high limit the lender might come back w/some BS saying now you have too much available credit at your disposal and theres a possibility you might use that available credit, (which would throw off your debt to income ratios) and then you might not be able to pay for the mortgage.
Contributor
Posts: 210
Registered: ‎04-28-2007
0

Re: Got a mortgage

[ Edited ]
I'd be very surprised if your credit didn't get pulled again. If you're with a broker and not dealing directly with a lender, count on several pulls as they shop you around. Even if you have a pre-approval, many brokers will have other lenders on the backburner. I just closed in July. I was told the same thing, that they wouldn't pull me again. Of course, they did. I had no worries, and really you shouldn't either, unless you anticipate a bunch of bad stuff hitting your file, in which case home shopping wouldn't be a good move right now anyway.

Message Edited by devhip on 08-30-2007 10:20 AM
Valued Contributor
Posts: 1,694
Registered: ‎08-07-2007
0

Re: Got a mortgage



digitu wrote:
I would wait just to be safe because from what I understand the mortgage co's usually pull your credit again right before you close to make sure you there haven't been any significant changes (ie. purchasing a bunch of furniture, buying a car, etc). Granted even if you don't charge any thing with the CC, if they give you a really high limit the lender might come back w/some BS saying now you have too much available credit at your disposal and theres a possibility you might use that available credit, (which would throw off your debt to income ratios) and then you might not be able to pay for the mortgage.

After mortgaging two houses and refi on one, I can definitly tell you that they re pull your scores and yes, do not open a new CC. Just like digitu wrote- some people jump the gun and go out and finance furniture, etc. and throw off their DTI' ratios.
 
do not do it.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.