topic Question on how soon to apply for credit after closing in Mortgage Loans

Question on how soon to apply for credit after closing

Anonymous — Sat, 13 Aug 2016 14:38:24 GMT

So I close on my new house on 8/19 and I am super excited. I need to get some home improvements done before I move in and have been preapproved for a personal loan through So Fi and a CC through Home depot, but I don't want to pull the trigger because I am afraid it will mess up closing. How soon could I apply for after I close? I know my scores will take a hit when the mortgage reports so I am trying to do a spree before that hits my report and then garden for a year or more.

Re: Question on how soon to apply for credit after closing

Anonymous — Sun, 14 Aug 2016 02:28:47 GMT

I'm in the same boat about to close and wonder when I can app for a new cc with 0 apr introrate

Re: Question on how soon to apply for credit after closing

echoecho — Sun, 14 Aug 2016 02:55:57 GMT

I'm interested too since I'm in the refi mode now. The earliest I've read was the same day of closing when they found out the loan funded hours after closing. I guess as soon as you find out your mortgage funded, the range is clear watch your lane.

Re: Question on how soon to apply for credit after closing

onstar — Sun, 14 Aug 2016 04:25:34 GMT

@echoecho wrote:
I'm interested too since I'm in the refi mode now. The earliest I've read was the same day of closing when they found out the loan funded hours after closing. I guess as soon as you find out your mortgage funded, the range is clear watch your lane.

This is what I would do. I've seen too many loans fall through just days before funding.

Re: Question on how soon to apply for credit after closing

Anonymous — Sun, 14 Aug 2016 04:43:54 GMT

I waited until the mortgage showed up in my online banking.

Re: Question on how soon to apply for credit after closing

Anonymous — Sun, 14 Aug 2016 08:32:30 GMT

Wait for everything to be filed. I believe they did the deed transfer at the end of business on my closing day.
It depends how urgent the need is. If you can wait a day or two after, it would be a good idea, but most likely the minute you walk out of that office you should be good to go.
But obviously, DO NOT apply for anything before the closing!

Good luck.

Re: Question on how soon to apply for credit after closing

Anonymous — Tue, 16 Aug 2016 07:35:54 GMT

I waited a week from the time we were handed the keys. One of the first things I did after closing was to change the address on our current accounts so that the new address would report. I received the fico alerts that an address change was reported five days later. When I asked this question at closing, we were told we could do whatever we wanted after we received the keys.

It will take some time before your mortgage reports. Ours took a little over 2 months. My scores took more of a hit from the app spree than from the mortgage. I know every file is different but I was prepared for a 20-25 pt drop but my total drop between the app spree and mortgage was 16 pts.

Re: Question on how soon to apply for credit after closing

Anonymous — Tue, 16 Aug 2016 17:36:28 GMT

I waited a week or two. I agree with the above poster give yourself some time for your reports to update the address change. Your current lenders should report the new address after you change it with them.

For me the new credit card had little to no effect on scores but the mortgage showing up dropped it about 20pts.