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Is the 6 month rule for no new trade lines prior to mortgage preapproval absolute? I got a ussa card in July and my SO got a bce last month for groceries. We both have mid 700 scores and make a decent income. Just wondering if this will hold us back.
Jake0215 wrote:Is the 6 month rule for no new trade lines prior to mortgage preapproval absolute? I got a ussa card in July and my SO got a bce last month for groceries. We both have mid 700 scores and make a decent income. Just wondering if this will hold us back.
If you want to get a better rate then yes it's absolute. YMMV depending on your fico score. If your scores are marginal then it's best to follow the 6 month rule. If you have very high fico scores (750+) then not so much of a problem.
@namvet wrote:
@Jake0215 wrote:Is the 6 month rule for no new trade lines prior to mortgage preapproval absolute? I got a ussa card in July and my SO got a bce last month for groceries. We both have mid 700 scores and make a decent income. Just wondering if this will hold us back.
If you want to get a better rate then yes it's absolute. YMMV depending on your fico score. If your scores are marginal then it's best to follow the 6 month rule. If you have very high fico scores (750+) then not so much of a problem.What about FHA where the rates are generally locked, correct?
@Jake0215 wrote:Is the 6 month rule for no new trade lines prior to mortgage preapproval absolute? I got a ussa card in July and my SO got a bce last month for groceries. We both have mid 700 scores and make a decent income. Just wondering if this will hold us back.
Nope! I just got 4 new cards (2 USAA) in July and another new card (USAA) will post in a couple weeks. My loan officer, who is a former underwriter, didn't bat an eye... she said I'll just need to explain to the underwriters that it was for bolstering my credit profile. .. My middle score was 702
Just whatever you do DONT open a new TL while in the mortgage process
Is there a way I can have your LO name?
@Anonymous wrote:Is there a way I can have your LO name?
Welcome! Unfortunately lender's names and contact info cannot be posted publicly. ETA....while it's unadvisable to open new accounts prior to the mortgage because of the score drop in most cases, some lenders really don't care that much depending on your credit. If you have one giving you grief, either let it age or find another lender and you'll be good to go.
If you are going to go conventional, it is a bad idea to open a new account because it could lower your score putting you in a new credit teir and messing up your rate.
If you are going FHA, just be careful if you close to the FHA min score.
If you have an 800 score and going FHA, opening a new account would be a non issue.