Mortgage application

[fliZ]

I'm hoping to find a house in the next 6 months and will apply for a mortgage then. My credit score is in the 830s. I'd like to get in on the Delta Platinum Business card but all my reading is full of dire warnings about getting a cc when applying for a mortgage. My question is: 1: Does this apply to high credit scores like mine. and 2: Does the fact that this is a business card change the equation at all?

[as2]

I'm hoping to find a house in the next 6 months and will apply for a mortgage then. My credit score is in the 830s. I'd like to get in on the Delta Platinum Business card but all my reading is full of dire warnings about getting a cc when applying for a mortgage. My question is: 1: Does this apply to high credit scores like mine. and 2: Does the fact that this is a business card change the equation at all?

My mortgage company runs your credit once before anything happens and determines what bracket you are in, anything above 740 is the same. Just after the closing I believe, they do a soft pull to make sure it's all still in good standings. If you were to apply for only one card, it shouldn't cause any issues but listen to what others have to say.

[12HRS]

I'm hoping to find a house in the next 6 months and will apply for a mortgage then. My credit score is in the 830s. I'd like to get in on the Delta Platinum Business card but all my reading is full of dire warnings about getting a cc when applying for a mortgage. My question is: 1: Does this apply to high credit scores like mine. and 2: Does the fact that this is a business card change the equation at all?

different rates in mortgages can have huge impacts on the total $ you pay out, Amex is once per lifetime now anyways so I am sure there will be another offer for you down the road.

[chayal101]

I'm hoping to find a house in the next 6 months and will apply for a mortgage then. My credit score is in the 830s. I'd like to get in on the Delta Platinum Business card but all my reading is full of dire warnings about getting a cc when applying for a mortgage. My question is: 1: Does this apply to high credit scores like mine. and 2: Does the fact that this is a business card change the equation at all?

I'm pretty curious about this too, because I'm planning to buy a house in the near future hopefully sooner than later!
My sister got a mortgage recently and her husband was afraid to open up new credit cards until mortgage went thru. I have credit limits totaling over 100k. Do I need to stand down from opening up new credit cards in order to get approved? Paging the 'mortgage expert' !!

[fliZ]

It sounds like people are saying that while it might not drastically affect your ability to get a mortgage, it might affect the interest rate you get.

[as2]

It sounds like people are saying that while it might not drastically affect your ability to get a mortgage, it might affect the interest rate you get.

Correct. The company I use, says the best rate is given if your score is 740+ but each company is different. So if you are in the 8's a few apps on one pull probably wouldn't be a problem.

[mmgfarb]

Correct. The company I use, says the best rate is given if your score is 740+ but each company is different. So if you are in the 8's a few apps on one pull probably wouldn't be a problem.

True but even if your rate changes by a tiny amount because if it, you'll lose way more money than the $1k you make from a sign up bonus over the course of the mortgage.

[as2]

True but even if your rate changes by a tiny amount because if it, you'll lose way more money than the $1k you make from a sign up bonus over the course of the mortgage.

Correct. I'm just laying out the facts (pertaining to me) and anyone can do as they please.

[unclesam]

My mortgage company runs your credit once before anything happens and determines what bracket you are in, anything above 740 is the same. Just after the closing I believe, they do a soft pull to make sure it's all still in good standings. If you were to apply for only one card, it shouldn't cause any issues but listen to what others have to say.

if they do a soft pull after closing how long after closing can 1 apply for new cards ?

[AsherO]

Just after the closing I believe, they do a soft pull to make sure it's all still in good standings.

What could they do once the paperwork is already signed?

[as2]

What could they do once the paperwork is already signed?

Good point, maybe he said right before the closing. They just look to make sure you haven't built a boatload of debt in the interim.

[as2]

if they do a soft pull after closing how long after closing can 1 apply for new cards ?

Theoretically, one you have your rates locked, you should be fine. Don't quote me on that though.

[ushdadude]

Theoretically, one you have your rates locked, you should be fine. Don't quote me on that though.

I will quote you to say that this may not be true. Everything you sign has small print stacked in favor of the bank. I'm pretty sure they can change anything they want on you.

[Dan]

I will quote you to say that this may not be true. Everything you sign has small print stacked in favor of the bank. I'm pretty sure they can change anything they want on you.

Never heard of a rate locked voided due to a credit card pull.

[yelped]

I will quote you to say that this may not be true. Everything you sign has small print stacked in favor of the bank. I'm pretty sure they can change anything they want on you.

Including this. If your credit score changes until the closing, they have a right to change the rates.

[unclesam]

Theoretically, one you have your rates locked, you should be fine. Don't quote me on that though.

thanks.  Will wait until a day after closing hoping the new debit won't effect approval

[ushdadude]

Never heard of a rate locked voided due to a credit card pull.

not likely but imo not worse the risk. Who know how close someone is to a downgraded rate

[as2]

not likely but imo not worse the risk. Who know how close someone is to a downgraded rate

Take a look at my earlier post. My broker told me the rates are broken up by credit score, in multiples of 20. Anything above 740 is the highest possible bracket. This may not be a rule across the board, but that's how my company works. If you're over 800, there should be no risk in this regard.

[coralsnake]

My mortgage company runs your credit once before anything happens and determines what bracket you are in, anything above 740 is the same. Just after the closing I believe, they do a soft pull to make sure it's all still in good standings. If you were to apply for only one card, it shouldn't cause any issues but listen to what others have to say.

They usually do a hard pull to make sure that nothing changed. Ie FICO score bucket and no new debt. If they see new pulls since they last pulled credit they're going to ask for explanation.

[ushdadude]

They usually do a hard pull to make sure that nothing changed. Ie FICO score bucket and no new debt. If they see new pulls since they last pulled credit they're going to ask for explanation.

that's my experience as well. They also asked me to explain every credit pull and every deposit over x amount