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Applying for Credit AFTER a mortgage
Need some advice on people with experience applying for new CC’s [U]after[/U] a mortgage. I just closed on a 30 year jumbo loan last week and I’ll be getting under Chase’s 5/24 next month. Wondering how long I should wait before I begin applying for new cards.
For reference, my FICO was ~775 before closing (haven’t seen it reported to agencies yet). My wife (with an ~800 FICO and no applications in 2 years aside from the loan), was just declined on financing an iPhone, surely because of the mortgage. That’s certainly making me hold off from applying now, but how long SHOULD I wait?
I’m not sure about an exact amount of time but I would suggest waiting at least 3-6 months unless an offer comes along that is too good to pass up. I closed on a 30 year jumbo loan last fall and my credit score took about a 30 point hit which has slowly started to climb back in the last couple months.
I think it depends on your individual circumstances, the type of credit you’re applying for, and your credit score.
My husband and I applied for multiple cards each immediately after leaving our loan signing last year (like, within the hour), and were approved for everything.
I don’t think there’s a set amount of time, rather you’ll want to monitor your credit and go from there.
About a year ago, I realized that I had access to around $200,000 of credit when I added up all the credit limits on my various cards. I phoned the card companies and lowered the limits on several cards and brought my total down to $125,000. My credit score jumped from around 800 to 830 and stayed has there. This might help you in the short term. Long term, just keep making those mortgage payments on time and you should be golden. Congratulations on your new home!