S7 wrote:Is it absolute that any new card(s) have to be 6mths old before being able to apply for a mortgage? And, how long does it take for scores to recover from the hit of new accounts and the inquiries?
TOTALLY wanting/needing a new home
I got 4 new cards in July and one a few weeks ago as I didn't think I was going to go for a mortgage yet until I saw the house I'm buying now. My loan officer didn't bat an eye and said it wouldn't be an issue at all, just that if the UW asks, I will have to explain I got them for boosting my credit profile before a mortgage.
That makes me feel better. 
I hope to apply in the early months of 2013, but worried my score wont have recouped enough or that I'd be shot down for the new cc's, which i honestly did get to beef up my file as i had only one paid auto, a current auto, and an authorized user status on my father in laws bank of america.
They will have you write a brief letter of explanation for any inquiry 6mos before you applied.
You don't have to pay your cards down to zero, but the balances should not go UP* any higher than what they were at the time of mortgage application.
No new cards after app. You will sail along real smoothe inyour score is over 680. May it turn out well for you also.
Starting Score: 722
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