Anybody have experience getting approved for a mortgage after having signed up for MANY CCs in the past year or two? I have 6 new cards total this year, and if I expand that to exactly 12 months ago, it's 9 new cards total. Do the inquiries matter so much if all of my FICO scores are in the 800s and I otherwise have zero issues (no delinquencies, no carried balances, no financial issues whatsoever)? Pretty sure my income, employment, background, etc. won't be holding me back either.
I recently got approved for a mortgage after having 5 new sign ups 3 months earlier and a few more in the year prior. All they did was ask me to document what the most recent ones each were for and did I get approved - I simply wrote that they were for the sign up bonus of frequent flyer points and I was approved. Never got asked another question after that. Between my husband and I we probably have 20 open cards.
Score also in the 800s and more than enough income to qualify for the amount we wanted. If that's the case for you I wouldn't worry.
Score also in the 800s and more than enough income to qualify for the amount we wanted. If that's the case for you I wouldn't worry.
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Score also in the 800s and more than enough income to qualify for the amount we wanted. If that's the case for you I wouldn't worry.
Awesome! Thanks much.Originally Posted by kwilbz
I recently got approved for a mortgage after having 5 new sign ups 3 months earlier and a few more in the year prior. All they did was ask me to document what the most recent ones each were for and did I get approved - I simply wrote that they were for the sign up bonus of frequent flyer points and I was approved. Never got asked another question after that. Between my husband and I we probably have 20 open cards. Score also in the 800s and more than enough income to qualify for the amount we wanted. If that's the case for you I wouldn't worry.
Formerly known as jlars77
A few things to keep in mind:
-All 3 bureaus will be pulled and the median score used, which is generally a positive as experian gets hit the hardest by the cc issuers
-Mortgage originators are likely on an older FICO scoring model than used for cc's so the FICO's will be different than what you have access to
-As long as your debt/income and FICO are w/in parameters it doesn't matter how many applications you've had
-All 3 bureaus will be pulled and the median score used, which is generally a positive as experian gets hit the hardest by the cc issuers
-Mortgage originators are likely on an older FICO scoring model than used for cc's so the FICO's will be different than what you have access to
-As long as your debt/income and FICO are w/in parameters it doesn't matter how many applications you've had
Just another datapoint, by wife and I also purchased a house after doing some CC apps. We held off the last 6 months or so prior to purchase, but before that had probably each done 4-6 each. We were never even asked about our high number of hard pulls.
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Score also in the 800s and more than enough income to qualify for the amount we wanted. If that's the case for you I wouldn't worry.
Originally Posted by kwilbz
I recently got approved for a mortgage after having 5 new sign ups 3 months earlier and a few more in the year prior. All they did was ask me to document what the most recent ones each were for and did I get approved - I simply wrote that they were for the sign up bonus of frequent flyer points and I was approved. Never got asked another question after that. Between my husband and I we probably have 20 open cards. Score also in the 800s and more than enough income to qualify for the amount we wanted. If that's the case for you I wouldn't worry.
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I also had a similar experience to the above. We both had over 800 Fico's and I had just applied for a CC 3-4 weeks before applying for loan. Originally Posted by aschuett
Just another datapoint, by wife and I also purchased a house after doing some CC apps. We held off the last 6 months or so prior to purchase, but before that had probably each done 4-6 each. We were never even asked about our high number of hard pulls.
But the best advise is talk to the lender, in my case they didn't care and I still applied for one more before closing(I asked them and they said np) because of my score and long history. YMMV depending on lender mine was a CU but a Bank maybe different?
Just closed on a mortgage myself. Multiple card inquiries over the last several months. The bank asked us to confirm if the inquiries resulted in new accounts, and if so, if there were any new debts as a consequence. Literally, our response to each inquiry was "card application, account approved, no new debt". That was all. No questions after. Our response was genuine, as we do not revolve credit card debt.
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+1 They will be able to mitigate your situation based on your reasoning.Originally Posted by NYCRuss
Speak with your mortgage broker or loan officer.