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Posted in Mortgage
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bigstar101

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Opening a new Credit Card 6 months before Applying for a Home Loan
Hello,

I am going to be applying for a mortgage in about 6 months from now.

Would it be OK, if I apply for a new Credit card now or will it hurt my Home loan application? (I need to do some balance transfer to decrease the monthly payment)

Thank you!

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IF you get this new card and do a balance transfer AND do not put anything back on the old card and do not cancel your old card, it should not have a negative affect on your forthcoming mortgage application.  In face, you would benefit.  Your Credit line will be higher, you utilization will be user and you would have more on time payments.   Not to mention the interest you will be savings.   The minute you start using that old card again and have any balance that you carry forward, it will start to affect the positive you were planing to gain.   A mortgage company does not look only at your overall credit age, they look at EVERY single account.  Every detail on your credit report.

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