New credit accounts before apping for a mortgage

[westo12]

I was wondering if it would be a problem to apply for a Macy's account tomorrow (7/26) when I plan on applying for a mortgage around 9/30-10/1.

Any thoughts?

[Lel]

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nykorh wrote:

I was wondering if it would be a problem to apply for a Macy's account tomorrow (7/26) when I plan on applying for a mortgage around 9/30-10/1.

Any thoughts?

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This is not a good idea.  The new account and inquiry will cost you points.  Obtaining a new mortgage is hard enough these days; you don't want to harm your chances by opening a new credit account so soon before trying to qualify.

[SonorityGenius]

No, no new accounts pending after CLOSING.

1. inq = lowers points

2. new account = lowers overall age of accts

3. seeking credit already! what happens AFTER mtg = looks bad to UW

4. Sonority says no 

[BungalowMo]

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@SonorityGenius wrote:

No, no new accounts pending (until) after CLOSING.

1. inq = lowers points

2. new account = lowers overall age of accts

3. seeking credit already! what happens AFTER mtg = looks bad to UW

4. Sonority says no 

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Right? 

[Anonymous]

What they said.

I'll muddy the waters a bit.  It depends on what your AAofA is and how the new account will affect you.  If you only have one account, your score will probably go up when you add accounts.  What will always be negatively affected is the "Looking for New Credit" aspect of your FICO.

DH just added four cards - no dings from inquiries - improved mix - and added about 14 points.  That's not generally the rule.  So, in general, no, but do the homework for your specific situation.

Unless there's some reason you believe it will improve your score - why not wait until after closing?