Question about LOTS of new credit lines and mortgage app

Question about LOTS of new credit lines and mortgage appQuestion about LOTS of new credit lines and mortgage app
dwEts asked 5 years ago

So I’m in a lease-purchase agreement now.  My lease goes to May 1, 2016.


After YEARS of just having 3 Cap1s and 1 CU MC — all with 500.00 CLs and not seeing any increase in FICO, I obtained A LOT of new credit cards this spring — mostly retail.


So as of 1/1/2015, I had:


GMFinancial — car loan — opened in August, 2013

Cap1 — opened in June, 2014

Cap1 — opened in May, 2005

Cap1 — opened around the same time

CU MC — opened in 2008




Same 4 from above 


Jareds — 2/2015

Walmart — 1/2015

Shell — 4/2015

Exxon — 4/2015

Overstock — 1/2015

Fingerhut — 4/2015

Firestone — 4/2015

Care Credit — 3/2015

HSN — 4/2015

Merrick Bank Mastercard (or Visa) — 2/2015

First Savings mastercard —  3/2015


(I had opened 7 more via the SCT — but closed those).




So the questions are as follows:


  1. I have to close on by 5/1/2016 — how far ahead do I actually have to start the mortgage approval process?
  2. Will all the new TLs that I have just opened sink my chances for getting a mortgage assuming that my overall utilization is less than 30 percent?
  3. Would closing any of these new TLs help or if I show good payment and low utilization, will they care?  

I’m most likely going to have to go FHA.  I make a total income of 114000.  The house I am buying will be 255K.  DTI should not be an issue.  Even with the new tradelines and recent CLIs, my total available credit is around 11K (not including my car loan).


Thanks in advance for any words of wisdom!!!



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