New credit before mortgage reports

Anonymous — Wed, 04 Nov 2009 09:14:42 GMT

DW and I are closing very soon on our first home We've taken advantage of no interest store credit card offers in the past and have been able to steer clear of the pitfalls of those offers (pay 1 day after term and all back interest hits you, etc.). With the new home we'd love to take advantage of that with Home Depot or Lowes neither of which we have cards with yet. We both have scores in the mid to low 700s for all bureaus except I have one in the very high 600s. My TU recently jumped significantly and hers dropped a tiny bit both for no apparent reason, but that's besides the point... My thinking is that it might be best to get a Lowes/Home Depot card before the mortgage reports on my credit (but after closing) and then go on a credit hiatus after that.

My question is probably an odd one, but do you think it's deceptive to apply for a new card knowing that I will soon have a mortgage on my credit report, but it just hasn't shown up yet? I don't really think it is and neither does DW, but I have a bad tendency tend to overthink these kind of things and I'm looking for the opinions of people who won't benefit from this one way or another.

Re: New credit before mortgage reports

Anonymous — Wed, 04 Nov 2009 13:46:22 GMT

Hi and welcome to the forums!

For what it's worth, I (and my 'wife') did the same thing last year. We closed on our house on a Friday, and the very next day, went to Home Depot and got instant approval for a card so we could purchase the 'necessary' supplies (paint, drywall, spackle, light fixtures, faucets, you name it) in order to get the house the way we wanted before we got in there. I had a similar dilemma when filling out the app. with regards to the mortgage and increase in obligations, but I disclosed my contribution to the mortgage and all was good. I didn't hide anything but I did benefit from not having the mortgage on my trades when I apped. Just don't go nuts and blow the card out, obey the promotional financing dates, and all will be good! They've given me regular CLI's on the 3 month mark too.

Good luck and congratulations.

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New credit before mortgage reports

Re: New credit before mortgage reports