Mortgage and many new accounts?

[sharriel]

I had no open accounts last year so I opened many new credit card accounts last year as follows:

June 2013 - 1

July 2013 - 2

August 2013 - 2

September 2013 - 1

October 2013 - 5

November 2013 - 2

So, 13 new open store & major credit cards in the past year.  None have been opened since then.  I have had no late payments on anything and my UTIL% is currently 40% but it will be knocked down to 15% by May.  How bad do you think this is if I want to get an FHA mortgage this May?  DO you think I totally screwed myself by doing this and if so, what do I do?  Thanks!

[beanie7132]

Others here may tell you to let things age a bit and gain some history. I opened 16 new accounts, including a car loan, in the past 10 months with the most recent opened account occuring in December. I am beginning the mortgage process and the lender has made no mention at all regarding any of my new accounts. The only mention was to pay off 4 cards if I wanted a loan of 225K. 

I think you will be alright. 

[Revelate]

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@beanie7132 wrote:

Others here may tell you to let things age a bit and gain some history. I opened 16 new accounts, including a car loan, in the past 10 months with the most recent opened account occuring in December. I am beginning the mortgage process and the lender has made no mention at all regarding any of my new accounts. The only mention was to pay off 4 cards if I wanted a loan of 225K. 

I think you will be alright. 

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Heh, I hate being an other.

It's the biggest financial purchase in our lives: underwriting might pick a fight, or might miss a tier by a few points, why risk it?  Also every lender is different.

@sharriel: the standard recommendation is no new tradelines within the six months leading up to a mortgage application; Nov -> May is that assuming you don't apply for anything else which I recommend as a good idea in this instance.