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Jstephens8

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Should I apply for a credit card 3 months before applying for a Mortgage Loan?
I was wanting to apply for a credit card to raise my available credit. I've been pre-qualified for a few credit cards that have good rewards but I'm hesitant because I'm going to be applying for a mortgage loan in 3-4 months and I've heard that it could hurt my chances of getting approved. My Credit score is in the low 700's. Can I apply or should I wait until after I close on my house?

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No!

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Do not apply for any credit or make any other major changes to your credit this close to going for a mortgage loan. Be aware that most mortgage lenders use a version of FICO scores, so check them if you haven't yet as they can be very different from the scores that you get here.

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Generally, it's adviced that one should NOT add any accounts 12 months prior of applying for mortgage. Of course it varies a bit from individual cases. Among other things, credit card's nimimum due, whether it have balance or not, goes into your debt to income ratio, it might prevent you from getting the amount you need. With new accounts? It usually will drop your scores at first and then recovers after 3~4 months.

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I would talk to a mortgage broker/agent first before you apply for credit cards or any auto/personal loans.

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