What will happen if I apply for store credit just before applying for a mortgage

[Creditfox]

I have a mid score of 730 (743, 730, 701) and my TV just went out on me.  I can get credit from Electronics store with not interest until 2011.  But, I am going to apply for mortgage in the next 2 months. 

How many points will my credit suffer as a result of applying for credit?

We are looking at a $1300 TV with monthly payments around $45 per month - will the mortgage creditors decrease my home buying capacity by $45 a month to account for this new loan?

Should I just hold off on TV purchase until I have secured a mortgage?

[wilee]

Do not apply for ANYTHING untill you close on the house.

[Creditfox]

Thanks.  By the way here is where I stand in terms of inquiries for the past two years: Experian 2, Transunion 2, Equifax 1.

[Anonymous]

If I were you I would wait. It may or may not harm you, but why take the chance. Best of Luck.

[Donna1966]

I'd get a cheap used one for now...wouldn't apply for any credit.

[Anonymous]

Have any lenders in mind? You could contact a local lender (one you actually plan on dealing with) and tell them your situation. You could ask for them to pre-qualify withOUT pulling your credit report (not pre-approve, just pre-qualify). Tell them your situation and ask about applying for a store card. Our lender is really good about giving advice like that. I have found a lot of the bigger companies give random advice they don't have to uphold later (like BofA, Countrywide, Quicken).

[rivernh]

Good deals on TVs will be there a while maybe even better....borrow or buy a used one

I bought a TV on sale from Circuit City in August..just before the money world caved in.  Now TV's are 40% of at Circuit City as it takes its dying breaths

Lenders do NOT like inquiries when you're getting a mortgage.

I had an illegal inquiry from a very old creditor for 13 year old debt during my divorce--way out of SOL  that they made when they discovered I was taking out a mortgage. (Not sure how they found out, since I had  "opted out")  Oh, and the nice letter I got from them suggesting that I clear up my debt with them now that I was taking out a mortgage.

I had to explain that inquiry to the lender, and they were ok with it, bu tthey wanted to be sure I wasn't applying for ANY new credit.

I may have a legal suit in there somewhere since as far as I can tell they have no permissible purpose to do a hard pull. When the house buying flurry is over, I may do something about it.

[ronq]

Not worth the headaches if it causes an issue with you mortgage. If you are looking for a mortgage in a couple of months, you probably have been saving money so just find a cheaper get by TV and buy it. You can use it as a guest room TV or whatever after you close.

[Daguy]

Not to sound mean or anything but this should be a no brainer...

DON'T BUY ANYTHING ON CREDIT OR APPLY FOR ANY CREDIT....

You will be happy as can be when in your new home, forget the TV you can't live in a 60'' plasma : )

[DallasLoanGuy]

The CORRECT answer is: Do not do anything witout talking to your loan officer first.

I have allowed many clients apply for credit right before getting a mortgage with no problems. But I have also counseled MANY to not apply as their scores were teetering on the line or their debt ratios are tight.