How soon after closing house can you open another line of credit?

Question

We are closing on our house today and need to buy a refrigerator and would like to buy some new furniture before we move in. How soon after we close can we go and buy this things on credit(either an existing card or by getting a store credit card)? Do lenders check your credit after closing because we would actually like to go shopping right after closing!

Answer 1

Wait until the loan has funded, the deed is recorded and you are the owners. Then, go for it. But don't overdo it.

Answer 2

One hour after closing the house is yours and you can do anything you like.  No, the lender is done doing credit checks on you.

Answer 3

I would hold off on buying a whole bunch of new stuff.  I just bought a home and was tempted to do exactly what you're asking about.  I wanted to buy new window coverings, appliances, and furniture.  Thankfully my husband talked me out of it.  We received our utility bills and they were CONSIDERABLY more than they were in our apartment.  We had to adjust to paying a bigger housing payment and we had to do some maintenance on the house.  

Save until you can afford it or buy used.  That's what worked for us.

Answer 4

Don't make any big purchases until you close.  The last thing you want to do is lower your credit score and not be able to close for one reason or another.  Instead of putting things on credit I would just save up and buy them.  In today's society too many people charge big items on credit and get into alot of debt.  If you are still wanting to open a line of credit for your furniture I would wait at least 30 days before opening one.  Most credit agencies see how many lines of credit you open within a 30 day period and you might not be approved.

Answer 5

You can open another line of credit as soon as everything gets recorded.  You will sign all the documentation and the deed actually gets recorded either later that day or the next day.  Once you have closed, the lender is done checking your credit.  The new credit source will check you out and make sure that your debt to income level is acceptable to them, but most debt is much easier to get than a mortgage.

PLEASE reconsider buying anything on credit after a home closing.  You haven't even determined how owning the house will affect your finances.   You don't know how easy or hard your mortgage payment is to make, you have no clue about the utilities and upkeep, etc.  Don't add to your monthly burden until you know you can truly afford it.  

The refrigerator you need, so buy that, but PLEASE hold off on the furniture.  

good luck!