Question about credit

[meccos]

My loan officer told me not to open any new credit cards just before applying for a home mortgage loan.  If i open a new card today, how long will this new credit card affect my loan application?

[Zaphod]

They will just ask you about it. It just affects the optics mainly, if you dont otherwise look good can make you look "needy" for credit. Buying a house right now and I got 3 new cards this year, didnt seem to be a big deal at all. I wouldnt do it during the process so theres no new dings, and it doesnt look like youre trying to put the down payment on the card, etc...

[The White Coat Investor]

I think the effect, small as it is, can last as much as six months.

[Future Proof MD]

I think there will some variability in how new credit requests are factored into your score calculations.  For example I applied for 3 new credit cards this year so far and my credit score increased by 60 pts in the same time period.  I think it may be the fact that the new cards increased my credit limit and consequently dropped my credit utilization rate.  So I think it may actually be beneficial depending on your credit situation.