Valued Contributor
Posts: 2,661
Registered: ‎04-25-2011
Credit Card usage after preapproval

Ok; so I had a question


I was preapproved this week for a mortgage. All the due dilligence was performed, bank statements funrnished, credit reports ran.. everything is good to go.


My DTI ratio is really solid, but there is a slight chance I may have to make a fairly decent purchase on a credit card, which would add about 100 in payments and probably drop my credit score a little (util would go from 6 percent to 50) -- I am trying to avoid it right now, but it MAY be inevitable... I really don't know if it would impact things too much but I have leary, and maybe rightfully so...


At what point is it okay to start using credit again?? Lets say I make an offer this week on a home and send it to underwriting. Do I want to wait til the keys are in hand? Do I wait til they run my credit report again? Will the bank base my payments on what is reporting or will the require recent statments? I didn't have to do that for preapproval (the credit card statements)


What are some of your experiences?

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 09/14: TU: 784 | EQ: 752 | EX: 784
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $13900, Citi/Home Depot $8500, Capital One Cash Rewards $3500, BOA $7500 Total Utilization: 3%. AAoA: 2yr, 9mth. INQS: 1 TU, 1 EQ, 3 EX