How long and how many CCs before applying for a mortgage loan?

[BearsAndTurtlesRtheBest]

How long should you stay away from applying for any type of new credit before applying for a mortgage?

[twall06]

6 months sometimes anything less than that you will have to explain .

[Shogun]

+1

General rule of thumb is no new accounts within 6 months of mortgage shopping.  Not set in stone, you may just have to write a LOE, but why take the chance?

[Cloudlb]

but make sure you do have a credit history, and a range of credit, BEFORE you put a moratorium on applying for new stuff

[BearsAndTurtlesRtheBest]

Got it thanks for all your responses, also Lets say that your a 20 year old with a $18000 annual income with revolving credit of 25000, no auto loans, and no mortgage. Does the fact of having more revolving credit than what you earn a bad look when getting a Mortgage loan?

[DrJim]

Lots of folks here have CL's equal to, or above, their annual income.  I would be more worried about a short history and low income.

[kimmiller112]

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@DrJim wrote:

Lots of folks here have CL's equal to, or above, their annual income.  I would be more worried about a short history and low income.

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This, plus you need two year's employment history, preferably with the same company, but at least in the same field if you have switched jobs.

[BearsAndTurtlesRtheBest]

WOW so far so good once my DS gets her last cards all she will need to do is garden for at least 6 months and then go for a mortgaage loan. Thanks for all this info.

[StartingOver10]

Is your entire HH income $18000/year?

If so, how much home are you planning to purchase? What are the taxes and insurance costs? I think it will be extremely difficult to qualfiy for any purchase with an income of $18k per year for the household.

Remember, part of qualifying for a mortgage is having enough income to make the mortgage payments. Your ratios will be analyzed (housing and back end) and ultimately if you don't have enough income to support the mortgage payment, you won't be approved no matter how high your FICO score is now. There are exceptions - if you put down a very large down payment of 30% or more, then you might be able to purchase something. It's great you have really tweaked your credit. Now work on the income part and you won't have any problems getting a home loan when the time is right (and the income is sufficient).

[BearsAndTurtlesRtheBest]

HH income is at $78,300 do inquries also affect a mortgage loan? Thanks for that info @StartingOver10