Mortgage App effect on New Credit Cards

[Anonymous]

I'm a potential first time home owner / buyer, already pre approved for a loan. When approved and the loan reflects my credit report, will it be harder for me to get new credit cards, or credit limit increases on existing accounts? 

[Anonymous]

Actually, the opposite is true. Once you recover from the initial hit of a new tradeline, your scores should improve. The algorithm seems to like real estate tradelines as it's the ultimate in credit diversity. Revolving accounts, installment loans, and real estate accounts are the trifecta.

[gdale6]

Going to move this to CC for better coverage.

Edit: Discovered double post, comments have been merged into this thread.

[Remedios]

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@Anonymous wrote:

I'm a potential first time home owner / buyer, already pre approved for a loan. When approved and the loan reflects my credit report, will it be harder for me to get new credit cards, or credit limit increases on existing accounts? 

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For new approvals it should not, unless it somehow makes your DTI too high. 

For CLIs, I really dont think it makes a difference

[K-in-Boston]

Speaking from personal experience, you will most likely see a good boost in scores and lots of new offers for credit. As Remedios said, unless it really impacts your DTI it certainly won’t hurt. Just make sure not to do any applications for new credit (including CLIs that might result in a HP) until you have keys in hand!

[Anonymous]

Getting issued a credit product involves your credit profile, not just credit score.

Having a mortgage will be double-counted in your favor eventually.

It may boost your score while also making you look like a more stable customer.

The opposite of how hard inquiries can be double counted against you.

They ding your score AND a potential creditor can deny you for too many inquiries.