Credit card approval??

Question

If I have a loan for a house about to be done with, close escrow. and i still want to get a new credit card, amex card.

How does it affect me, if i do it right after they might not pick up the loan on the credit report and give me the amex card on my good credit.

If i wait 2-3 months later after my loan, will i be able to quailfy for a new card?

How does a home loan affect how they rate if you qualify for a credit card?

Answer 1

Usually a home mortgage will increase your credit score as long as you are paying on time.

DO NOT apply for a credit card before you close on your house, any change in your credit report could mess up the deal.

Answer 2

Applying for a credit before your loan funds and escrow closes is not a good idea. I'd suggest waiting until after, even the day that escrow closes would be OK.

Here are some Amex cards that you can apply for http://www.how-is-your-credit.info/Amex.htm, but I'd wait until your sure your new house is in your name and escrow if closeed.

Any experienced lender would tell you not to apply for anything or buy anthing, credit cards, another loan, a car.

Doing it now could screw up the loan on your new house. Ask yourself what is more important to you.

Best wishes

Answer 3

Go for the card now. The delay in having your credit report updated with the loan may not turn up by the time they issue the credit card account.

Generally, credit card companies aren't as interested in your debt-to-income ratio as mortgage lenders are. Especially with an Amex card, because you pay it off every month. They're more interested in what your credit rating is. So, having a mortgage on your credit report may not affect your ability to get an Amex card, anyway.