I'm closing on a condo next Wednesday! Will a new credit card hit my credit report before I close?

Question

I'm closing on a condo next Wednesday! Will a new credit card hit my credit report before I close?

Answer 1

Depends on when you got the card.  Most credit card companies take at least 30 days, and usually 45, before your info hits the wires at the credit bureaus.

Answer 2

WAIT until after the loan is funded!

Answer 3

Don't count your chickens before they hatch.  Closings get delayed all the time and then it would end up showing.

Wait until after the closing to get a credit card.

Answer 4

I doubt it. When will you get that new card?

I doubt anyone is looking at your credit report for this loan. They've already done that. At this time they are waiting for the clean title report.

Answer 5

no since most report by the 10th of the month

Answer 6

You bet it will.  The fact that you HAVE it is almost instantaneously reported, and you had best NOT use it prior to closing.

If you are close to your debt ratio income on your mortgage, simply having the card could stand in your way.

Answer 7

Most agencies run a final credit check within a few days before closing.  I wouldn't take the risk.

Answer 8

First answer is right..all reports are by the 10th,,,,, Just wait until you close..to be safe...Otherwise, they might up your intrest rate

Answer 9

yes.......if you are closing on real estate soon dont apply for credit!!!!!!!!!!!!!!!!!!!! It will hurt your closing and may stop it all together

Answer 10

Yes!!!!!!!!!!!!!!.  

The inquiry shows up IMMEDIATELY on the credit report.

If they pull your credit the day of closing (which just about every lender is doing right now), and you have a new inquiry, they will make you PROVE that the account is either closed or has NO balance.

I understand that clients need to buy things when they close...open up the accounts you need the AFTERNOON of closing, but AFTER you actually sign the papers.

That way you can buy what you need without the risk of getting the loan pulled off the table.