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Old Aug 13, 2010 | 7:23 am
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Middle_Seat
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Applying for a Mortgage? Avoid New Card Applications.
Originally Posted by mahasamatman
People are way too concerned with credit score. Most lenders have confirmed that credit score is only a small part of determining creditworthiness these days.
I applied for a mortgage last week, with all FICOs 760+. A couple of days ago the mortgage broker asked for a written explanation for why so many credit inquiries in the last 90 days...that would be credit card applications and asking 4 mortgage brokers for rate quotes.

I don't yet have a firm commitment that the mortgage will be approved.

My takehome is: No matter how many bonus miles and points you will miss, and no matter how good your credit score is, don't apply for credit cards within 90 days before applying for a mortgage

UPDATE WITH ANOTHER CAVEAT: Do not transfer excess cash from one checking account to another (in my case, to BankDirect for the AA miles) shortly before applying for a mortgage.
Last edited by Middle_Seat; Aug 13, 2010 at 3:04 pm
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