Woowooo just went on an app spree!

[Anonymous]

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@Anonymous wrote:
Just curious but what is the point of having so many CC. I'm just starting to rebuild and I guess I'm just not understanding this.

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Having a number of accounts usually means you have a higher total available credit (the sum of all of your open credit lines) which can assist in Utilization. Plus having a healthy number of accounts helps your score, as long as they're used properly and all payments are made. 

[Anonymous]

Thanks for the response. I see what you are saying and now understand. Thanks again

[Anonymous]

my realotor would ring my neck for doing that and potentially lose the house. I hope it works out for the person but when purchasing homes in the past I have always been taught to not apply for anything . And also make sure you dont have large lump sums going into your account during the process.

[Anonymous]

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@Anonymous wrote:

my realotor would ring my neck for doing that and potentially lose the house. I hope it works out for the person but when purchasing homes in the past I have always been taught to not apply for anything . And also make sure you dont have large lump sums going into your account during the process.

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+1 ... not my realtor, but my lender first of all ... this seems like a colossal mistake. Opening one may not be too bad, but opening that many? 

[Aduke1122]

Hopefully CaptianKangaroo can come back and tell us it's all good for him in his situation but in almost all aspects it should be advised not to apply for anything during the home buying process , I have even been told not to app for anything for 6-12 mths bf you even do the app for the home loan

[Anonymous]

I actually didn't realize my credit might be pulled again. How exciting! Luckily most of the pulls were on Experian and my Fico 2 hasn't changed. Yet. It was my midscore. Underwriting is complete now... just have to hope things keep going well.

[Aduke1122]

Good luck to you , I would maybe go ahead and mention it to your lender just so there are no surprises during closing time

[Anonymous]

They will almost always SP your files, the day you close, to ensure you have not opened new accounts, thus changing your DTI. If they see the change, they may make you go back through underwriting, delaying closing.

But good luck!

[Anonymous]

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@Anonymous wrote:

They will almost always SP your files, the day you close, to ensure you have not opened new accounts, thus changing your DTI. If they see the change, they may make you go back through underwriting, delaying closing.

But good luck!

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Or a day or so before ... my lender pulled me a second time a few weeks before I closed ... but each lender is different. 

you might want to talk to your UW or Loan Officer ... and let them know ahead of time. They may not freak, if you haven't charged anything, but they'll probably call each creditor to verify zero balances and yes, it may delay closing. But if the OP charged anything on those new cards, good luck ... 

https://www.nerdwallet.com/blog/finance/new-credit-card-applying-for-mortgage/

[Anonymous]

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@Anonymous wrote:
I actually didn't realize my credit might be pulled again. How exciting! Luckily most of the pulls were on Experian and my Fico 2 hasn't changed. Yet. It was my midscore. Underwriting is complete now... just have to hope things keep going well.

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They usually softpull all three bureaus right before closing still using your mid mortgage score. I wish you the best but you might as well just mention it. It's better to do it now than be disappointed in the end. Mentioning it might just change the numbers a bit but not mentioning it may piss your lender off hence making the process more difficult. Also UW is never over until closing (just from my experience) Good Luck!!...