Posted on: 03rd Sep, 2012 03:09 am
Last month I applied for some credit cards. At that point of time, I wasn’t thinking of looking house/mortgage for the next 1-2 years. However, things have changed and I am now anticipating to begin the mortgage application process in around 6 months. My present scores are around 740-760. No late/ baddies of any kind on either report. Buy taking out new cards have I ruined my chance for a potential mortgage this year end?
You have not said anything about your employment. To get approved for a loan, you have to provide document proving continuous employment of at least 2 years. You credit score is fine. But, you have to ensure that you do not default in making payments on your credit cards.
Hi Brazen,
Taking out credit cards six months before loan application won't lower your chances for a mortgage approval provided you make the payments on time.
Thanks,
Jerry
Taking out credit cards six months before loan application won't lower your chances for a mortgage approval provided you make the payments on time.
Thanks,
Jerry
If you repay the credit card debts on time, it would not hurt your score at all. But as wise financial practice, you are not recommended to take out credit cards just before taking a new loan.
You need to tell us about your present employment status and provide the document of employment for at least 2 years if you want to get the loan request approved. The lender will take into consideration your present financial condition before approving the loan request. Your credit score is good for loan approval. Be sure that you do not make any default in paying off the credit card bills.