I recently closed on my house, and was thinking about applying for store credit (e.g. Home Depot, etc)? Is it "safe" to apply now that I have closed on my house and have the keys?
2006-09-22 06:52:31 · 7 answers · asked by Kimmie 2 in Business & Finance ➔ Credit
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!MAKE SURE YOU READ MY ANSWER TO BE BETTER EDUCATE YOUR SELF ABOUT CREDIT...CREDIT SCORES AND HOW YOUR DECISIONS CAN AFFECT YOU!!!!!!!!!!!!!!!!!!!!
1st...as a mortgage broker I can tell you that i advice all my clients not to take up additional debt after they close(finish buying their house)....why???? because for the first 6-months you want to make sure your credit is good? But I have enought money and I have a job you might say....but the truth is....that the economy is very very uncertain right now...you might lose your job, you might end up wih soooo much debt that you start getting lazy on your mortgage payments....this happens to the people who in the first place thought this couldn't happen to them.
THE TRUTH IS THAT IT HAPPENS TO THE PEOPLE WHO THOUGHT THEY WERE LESS LIKELY AT RISK TO GET AFFECTED
2nd---THE CREDIT CARD BUREAUS will negatively reduce your credit scores because once a mortgage was added to your credit report they know that if additional debt occurs the credit holder will become more risky...thus lower credit scores
3rd....If your mortgage broker got you on an OPTION ARM...remember depending on the loan program and other factors....generally speaking your first 6-months you will have a managable mortgage payment...BUT AFTER 6-MONTHS ON MANY ARMS....your payments may go out of hand.
THUS YOUR first 6-months should be spent pay your mortgage with no additional debt...to increase your credit score to GET A FIXED 30 or 40 YR INTEREST RATE
TO ANSWER YOUR QUESTION....NOOOOO IT IS NOT "SAFE" to apply for additional credit
2006-09-22 08:38:24 · answer #1 · answered by christiansareawesome 4 · 0⤊ 0⤋
Yes, you have closed and have keys, apply anywhere you wish.
2006-09-25 20:52:43 · answer #2 · answered by RY 5 · 0⤊ 0⤋
yes go ahead, though menards is lower priced,and give you tons of rebates,coupons in mail for free stuff, and money back at the end of the year..oh yeah congrats !
2006-09-22 06:55:59 · answer #3 · answered by snoogans 5 · 0⤊ 0⤋
yes, it's safe to apply.
2006-09-22 06:54:21 · answer #4 · answered by bianca 4 · 0⤊ 0⤋
But of course......
2006-09-22 07:00:17 · answer #5 · answered by Papa 7 · 0⤊ 0⤋
No, not at all.
2006-09-26 06:55:56 · answer #6 · answered by Anonymous · 0⤊ 0⤋
dont know..sorry.
2006-09-22 06:59:52 · answer #7 · answered by MJ 3 · 0⤊ 0⤋