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I heard it isn't good to apply for new credit before a mortgage. I opened two new credit cards in June thinking I won't buy a house for another 2 years but I decided I want to buy one soon since the market is down. If my score was 808 and dropped to 790 due to the two new cards, is it still okay since my score is still high? Or do lenders not like to see new credit REGARDLESS of how high your score is?
@Kendro wrote:I heard it isn't good to apply for new credit before a mortgage. I opened two new credit cards in June thinking I won't buy a house for another 2 years but I decided I want to buy one soon since the market is down. If my score was 808 and dropped to 790 due to the two new cards, is it still okay since my score is still high? Or do lenders not like to see new credit REGARDLESS of how high your score is?
You are fine, I opened every card in my sig except the capital one since July (cap1 was in april) and the newest one was just a month ago! The only one they asked about was the new one (from Oct) and even then I just had to give a one-line explanation. You have nothing to worry about...
I agree with seigex... You have nothing to worry about!
Good luck, and go get those awesome rates!
Where did you get the 808 score from?
You are fine before the mortgage process but what ever you do DONT apply for credit during the mortgage process.
Yeah you're fine, you're not on the cusp of barely qualifying for a mortgage based on credit at this point, but during the process I always recommend to clients to refrain from opening any new trade lines, and if they're barely qualifying then an absolute no on anything new.