How absolute is the 6-months rule of no new trade lines prior to mortgage application
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I got a new card 4 months ago, and my spouse got one last month – just for groceries. We’re currently applying for a mortgage. We both have mid 700 score. Just wondering if those new CCs can hold us back…
It’s not absolute, but highly inadvisable
If you want to get the best rates – then yes it’s absolute. Even if your scores are high enough (mid 700 is high, but not very high) and you’re almost guaranteed to get approved, your rates are sill influenced by your scores. Even a small drop in your score can put you in a lower credit tier, meaning thousands of dollars more in interest payment
If your score is marginal, than you really must to follow that 6 month rule if you want to better your chances to get approved.
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