Opened 2 new credit cards but score is 790.

Kendro · ‎11-21-2012

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?

ceejx · ‎11-21-2012

@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...

webhopper · ‎11-22-2012

I agree with seigex... You have nothing to worry about!

Good luck, and go get those awesome rates!

FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.

Goal: Gardening!

Lasardo · ‎11-24-2012

I could understand if your inquiry's were excessive and you had a low credit score but you don't have a low credit score and you do not have excessive inquiry's .. As stated above.. You are fine.

CS 728- 01/13 from 554-12/11
Goal: 800

Repo-ed · ‎11-24-2012

Where did you get the 808 score from?

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891

beb86 · ‎11-25-2012

You are fine before the mortgage process but what ever you do DONT apply for credit during the mortgage process.

Anonymous · ‎11-26-2012

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.