Will this show up on my credit report?

Question

I asked an earlier question..I applied for a mortgage in early July, bought furniture on July 29th, I'm scheduled to close next week. I opened up a credit card that I can use only at the furniture store. It will not be charged until delivery, which I will not do after my closing. Will it show up on my credit report before the end of August even if I haven't even charged anything onto it?

Answer 1

Have you been approved (not pre-approved) for the mortgage?

If so, it does not matter. If not, it should not matter, UNLESS;
1. this purchase pushes your debt to income ratio beyond the level the bank will approve (hope not, if it did, you cannot really afford that house)
or 2. if your credit was borderline OK, and this little purchase pushed it over the edge.

But, either way, the inquiry into the credit report from the furniture store is already on your credit report. And, since you are only 1 week away from closing, I would hazard a guess that it is a non-issue.

Congratulations on your new home. Best of luck!

Answer 2

As long as you don't owe nothing is even better for your credit 'cause the more credit you have the better you credit score, you score goes down when you use your available credit.

The way the credit is calculated is How much credit you being given/ how much you owe on the lines of credit you being given.

Ex. If you only have a $300 credit card and owe $150, your credit score would be impacted and reduced since you have $150 debt on a $300limit.

Now the furniture store gives you $100 credit, and you have a credit card with $300 credit limit, you owe nothing to furniture place but you owe $150 to the credit card. So your credit limit is $400 but your credit score will be higher (than with the credit card alone) based on $250 you have available.

If you max out both accounts then you have no credit left and there fore your score may not be as high.

How much you owe, what are your credit limits and your ability to pay is how credit score companies give each a number in points and add or deduct other factors such as your consistency to pay what you owe, and the worthiness of credit you have open, if you have being late, etc. Then they add it up and come up with the FICO .

Now you bought a home and you can use your home to boost up big your credit score and pay your home in less than 11 yrs, if that is a subject u want to know about let me know so I won't make this any long. :0)

Answer 3

The cause you do not get your rating is for the reason that federal legislation does no longer require it at no cost. Up till 2004 you needed to pay in your credit score file (until you have been denied credit score) till federal legislation mandated unfastened experiences to patrons yearly. The feds, nevertheless, are discussing recommendations for the rate of a credit score rating. Soon there can be a suite quantity you must pay for a rating. The feds are discussing quantities among $five an $7 in keeping with rating in keeping with bureau.

Answer 4

If the paperwork has caught up it will show as an active acount with no activity.pp

Answer 5

It may show as a credit check, and that could impact your borrowing money.

Answer 6

doubtful