How Does New CC Hurt your mortgage chances

[praise123]

So, I have been on here ranting about applying for a new mortgage.  Had low scores brought them up went on App Spree in June, etc... Yall know my story.  Now, I really need computers and a laptop.  I want to apply for the Barclay card because of the no interest for 12 months to pay off this stuff.  Anyway,  I want to know if I don't get anymore cards, utilization continues to be around 4-5%, no lates in 12 months how does this impact my score.  I know there will be some changes with AAofA which is 5 years, but my oldest credit line is 12 years ago according to my fico TU and EQ.  I figure the score may go down on the inquiry and adjustment, but I fiugure it would climb back up in the next 9 months.  Where is the challenges to applying for the mortgage?

[Anonymous]

I think 12 months you should be fine. Our lender told us no new ones within 6 months (except with me, I needed to open a second one as I only had one reporting), and no more lates/baddies and it shouldn't be a problem. All lenders are different, though. I imagine if you had a legitimate reason for it (like a studen loan, or school/work expense), they may excuse it as long as your score doesn't tank too much.

[Crashem]

Approval and interest rates are two different things.  Interest is pretty much set by fico score so anything that affects that is problematic.  Approval is more of manual process.  Many lenders will ask you to pay any significant debts down before approving so your 0 bt might require money to pay off.  Also, underwriters generally feel unsure if you have bunch of new credit.  Obviously, underwriters will be pay attention to fico score as well.

[jamesdwi]

Checkout cards backed by BillMeLater, Tiger Direct Pefered Credit, NewEgg perfered, I think both are hidden tradelines and Newegg offers 6 or 12 months 0 interest, and Tiger Direct offers up to 18 months no interest. 

Worst case is you will get an HP on your report. No new tradelines showing. 

[germaine47]

I had two new tradelines when I applied for my mortgage loan.  The UW required that I write a letter of explanation to each one.  I wrote that I applied for the new credit to raise my scores and it was excepted.  As long as you dont go crazy and your fico is within required limits I think you will be fine.  I do remember that the MB calculated all payments into my DTI, even those with less than six months left to pay off.  Closed on my home May 4, 2012 USDA Gauranteed..