Established Contributor
S7
Posts: 567
Registered: ‎08-24-2012
Length of time for age of new cards before mortgage app

‎11-14-2012 07:36 PM

Is it absolute that any new card(s) have to be 6mths old before being able to apply for a mortgage? And, how long does it take for scores to recover from the hit of new accounts and the inquiries? 

 

TOTALLY wanting/needing a new home :smileysad:

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
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Frequent Contributor
seigex
Posts: 425
Registered: ‎05-16-2012
Re: Length of time for age of new cards before mortgage app

‎11-14-2012 07:44 PM

S7 wrote:

Is it absolute that any new card(s) have to be 6mths old before being able to apply for a mortgage? And, how long does it take for scores to recover from the hit of new accounts and the inquiries? 

 

TOTALLY wanting/needing a new home :smileysad:

I got 4 new cards in July and one a few weeks ago as I didn't think I was going to go for a mortgage yet until I saw the house I'm buying now. My loan officer didn't bat an eye and said it wouldn't be an issue at all, just that if the UW asks, I will have to explain I got them for boosting my credit profile before a mortgage.

Lender Pull (11/3/12) FICO EX: 740 EQ: 680 TU: 702

NFCU VISA $17.5k / USAA AMEX $6k / USAA AMEX $4k / USAA VISA $4k / CHASE FREEDOM $3k / Capital One $500
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Established Member
thrillege
Posts: 21
Registered: ‎06-11-2012
Re: Length of time for age of new cards before mortgage app

‎11-14-2012 07:53 PM

Its not an issue unless you've run them up. And the utilization is high to the point where it effects your DTI

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Established Contributor
S7
Posts: 567
Registered: ‎08-24-2012
Re: Length of time for age of new cards before mortgage app

‎11-14-2012 07:53 PM

That makes me feel better. :smileyhappy:  I hope to apply in the early months of 2013, but worried my score wont have recouped enough or that I'd be shot down for the new cc's, which i honestly did get to beef up my file as i had only one paid auto, a current auto, and an authorized user status on my father in laws bank of america.

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
(517 Views)
 
Established Contributor
S7
Posts: 567
Registered: ‎08-24-2012
Re: Length of time for age of new cards before mortgage app

‎11-14-2012 07:54 PM

0 balance on all.

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
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Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011
Re: Length of time for age of new cards before mortgage app
[ Edited ]

‎11-16-2012 02:35 PM - edited ‎11-16-2012 02:35 PM

They will have you write a brief letter of explanation for any inquiry 6mos before you applied.

 

You don't have to pay your cards down to zero, but the balances should not go UP* any higher than what they were at the time of mortgage application.

 

No new cards after app.  You will sail along real smoothe inyour score is over 680.  May it turn out well for you also.:smileywink:

Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800
If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge


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Valued Contributor
beb86
Posts: 1,096
Registered: ‎10-31-2011
Re: Length of time for age of new cards before mortgage app

‎11-16-2012 08:04 PM

Keep peeking out of the garden I see!!! haha... Just remember INQ or new ACCTS before trying to get a mortgage isn't really a big deal BUT INQs after you start the process can be a deal breaker.

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Established Contributor
JusdoNit
Posts: 921
Registered: ‎12-10-2011
Re: Length of time for age of new cards before mortgage app

‎11-16-2012 08:12 PM

+1

Starting Score: 722
Current Score: Now 687 what the hockey sticks...from a 784 (Aug 12 EX 751 EQ Fico)
Goal Score: 800
If your outGo is more than your INcome than your UpKeep will become your downFALL.

Take the FICO Fitness Challenge


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