0% Intro Card after closing on mortgage?

[Dennis885]

I'm closing on a mortgage next week.  I expect plenty of expenses early on with home improvements, furnishings, etc., for which I have money set aside.

Would it be wise to open a card with a long 0% promo apr?   I don't really see any downside to using interest-free money for 18-21 months.

My only concerns are how soon after closing can I apply for a card?  And what kind of limit will they give me?   Specifically, I see Wells Fargo Reflect and Citi Simplicity have 21 months @ 0%.    I have 4 credit cards total with limits from $6k-$35k, always pay in full, and Fico is currently right at 800 (mortgage obviously isn't on my reports yet).

 The lender advised not to apply for new credit during the mortgage process, but am I good right after closing?   Wait until the mortgage hits my credit report?

[Cvfmays]

Congratulations! I closed on my home August 2024 and I waited a little to start applying for credit. I applied right before the mortgage started reporting. I don't think it really matters after you close tbh

[1LostArk]

I'd go for a couple big sign up bonuses instead. Let's say you can get $1,500 in SUBs for $10k spend — you won't get more in guaranteed returns from investing the same amount of cash over 18+ months. Might as well take the bigger returns now right?

[Dennis885]

I did consider that but outside of maybe some travel cards I'd probably have to open multiple cards to get significant rewards.

My thinking was spend the money on a 0% card, pay it evenly over the intro period, and not have to touch the cash I have set aside.

[cashorcharge]

I would wait until everything is done and settled.  I don't think you need to wait for the Mortgage to hit your CB as that could take over a month...but once the deal is done and finalized with everything signed, notarized and delivered...you're good to go

[ocheosa]

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@cashorcharge wrote:

I would wait until everything is done and settled.  I don't think you need to wait for the Mortgage to hit your CB as that could take over a month...but once the deal is done and finalized with everything signed, notarized and delivered...you're good to go

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^^This^^

I would wait until the final settlement has completed (transfer of funds/deed). The title company will advise you of the timing.

I would look at 1-2 cards. A good rewards card and a possible balance transfer card. For example: If purchasing all new appliances, I would use a rewards card for the cashback/discount. If there was no intro APR you could always balance transfer to a 0%-low apr/no fee card to give yourself time to pay it off comfortably. Also, in my experience, unexpected expenses will inevitably pop up in short order: plumbers, electricians, contractors and initial lawn service can get pricey!

Off the top of my head BECU , PSECU and NFCU (w/ military assoc)  have good BT cards.

And in my opinion, sooner or later, every homeowner needs a Lowe's and or Home Depot card.

A few recommendations:

BOA CCR - 3% Home Improvement/Furnishings or Online Shopping (0% intro APR+SUB)

US Bank Cash+ - 5% Furniture and Dept Stores (0% intro APR+SUB)
Lowes (5% discount, special financing)

Home Depot (special financing)

Congrats on your new home!!