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Sandra

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Post Posted: Tue Nov 15, 2011 10:58 pm    Post subject: Apply for new credit
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When can I apply for a new credit after I have closed my loan? I will be closing the mortgage next month but I will have to buy a washer and dryer which it does not has. Advice? I'm just afraid that if we go out the next day after closing and apply for credit something will happen.
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Icon Mini Profile sara
sara
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Post Posted: Wed Nov 16, 2011 12:43 am    Post subject:
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Hi Sandra,

Once the property is your own and you have the keys to it, then you can start applying for some other credit to purchase other things. Nothing can happen to your loan once it is closed.

Take care

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Icon Mini Profile chrisgummerson

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Post Posted: Wed Nov 16, 2011 4:03 pm    Post subject:
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I would wait atleast a month before you start to purchase. Lender will run post closing credit reports, and if your debts have increased, you may no longer qualify, and then there could be some issues. Investors, or servicers who end up purchasing the loan once funded, also do their own QC sometimes involving running post close credit reports. Use the laundromat for a few weeks more...
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Post Posted: Fri Nov 18, 2011 11:45 am    Post subject:
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Wait until after you close, and then you shouldn't have any problems getting approved for a new credit card if you have good FICO scores. Even if a lender runs post closing reports, it's not like they can come back and "un-close" on you. I wouldn't worry about. Just don't go applying for any new credit prior to closing. You want to keep your credit reports as static as possible.
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