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Credit after mortgage!!

Established Member

Credit after mortgage!!

Is it easier to get credit after you sign a mortgage? If you don't have any credit cards do you still have to start with a secured card or they more willing to give credit to you with a mortgage. Also do you have to wait until the mortgage shows on your credit report? I am just trying to establish some more credit, as I have none, to get my scores as high as possible.


Message 1 of 4
Moderator Emerita

Re: Credit after mortgage!!

I think we've had some posts by members who have had trouble, even with long-standing clean mortgage history. I suppose lenders figure that a fixed monthly mortgage payment is easier for people to stay on top of than revolving credit with varying balances, so they like seeing that you already have a CC or two and have been able to resist going nuts with it. And please --I'm not defending this thinking; I'm just saying that seems to be what's going on in their finance-raddled brains.

What are your FICO EQ and FICO TU scores? (No telling about FICO EX, of course; thanks, Experian! Smiley Mad ) What baddies are on your credit reports and how recent are they?

I'd suggest looking into a local credit union that offers CC's, or alternatively, your mortgage lender if they also offer cards. But really, credit unions are the way to go --much more willing to work with those who have little history or shaky history.

Most CU's like to pull EQ, although TU is much more common in the Upper Midwest, and of course, there are always individual quirks.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 4
Established Contributor

Re: Credit after mortgage!!

It's been over 20 yrs since I had a new mortgage, but what I remember was how hard it was to get new credit after we got the mortgage.  My husband at the time and I  were in the habit of paying cash for everything and had had to use our landlord and utilities payment records to qualify for the mortgage. I believe it was 6 mos- 1year before we had any kind of credit.  YMMV.

Message 3 of 4
Established Contributor

Re: Credit after mortgage!!

Good question. I also was concerned about aping for credit with a new mortgage. my mortgage is 8 months old now.I just aped at Firestone (online) and was approved instantly.Check out BofA pre-approval web site.Also Cap One would be another card to look at..
Message 4 of 4