An opportunity has come up that would allow my wife and I to build a home in a good location with a delivery of late 2014 or early 2015. Here’s the problem: I started playing this game hard about 6 months ago and I’m not sure what the impact will be on my ability to get a mortgage. Income and current credit scores (high 700’s) are not a concern. However, between my wife and me we’ve opened 17 cards in 6 months, and have a significant amount of available credit (over $350K). Given how heavily the banks scrutinize these mortgage applications I’m worried that a) they’re going to be very concerned about recent account activity and credit lines, b) they may make us close some of these accounts to limit their risk, and then c) the closure of these accounts could impact my credit score negatively. My biggest fear? The banks make us close accounts, our credit scores plummet, and we get hosed on the rate.

Is this something we should be concerned with? Is there something I can or should do preemptively?