Chosen by Asker

This is in no way going to hurt you. Think about it, they will review your loan and see if you will be able to afford this house. It has no bearing in it if you get a credit card. Trust me, you will be fine. Congrats on the house!

Source(s)

(Funding Department)

by Sandycheeks21

6 months ago

Asker's Rating: 

It is all going to depend on how close your debt to income ratio is, what you score was going in, etc. If the new inquiry lowered your score enough (depending on where you started), it could cause a small increase in your interest rate...same with the debt to income ratio and available credit ratio (although I don't think $51 will hurt much there).

by Steve D- 6 months ago

You'll be fine as long as you pay the Macy's bill on time. And, whoever told you that can not open new lines of credit is full of shiite.

by Mac S- 6 months ago

I would not be buying a house with someone I am not legally related to. If you ever split - it's a mess. You can easily get your name off the deed, but not the loan. Having said that, I would not panic, just don't do it again. If you are not approved, get pre-approval before finding the house. It helps to avoid these matters. There are lots of reasons you wouldn't be approved, and this little thing wouldn't be the only reason if you weren't approved.

by Ghiselle D- 6 months ago

Hate to say it, but you may have an issue. The mortgage company may think you have too much going on, and too willing to get more debt. They won't care how much you put on the card, just that the card was open. Since they are still reviewing you may be hit with all kinds of conditions you need to meet- some that may have nothing to do with the new card. It is amazing what they will come up with- even after you think everything is done. It took over a month to get ours going- it was one thing after another. For now there is nothing you can do. Even closing the account wouldn't help........sorry to say the only thing you can do is wait (while holding your breath and praying) :o) Best wishes! Hope you can get the house of your dreams with no problems!!

by Mary Kay & Tupperware Sold Here!- 6 months ago

Everyone involved in your home purchase makes money if it funds and loses money if it doesn't. The deal isn't going to go down the tubes because you opened a Macy's account and bought perfume. If you bought a $30,000 car, maybe, it's not like the Macy's account is going to impact your debt to income ratio. If you feel bad about it, just tell them, if you don't have guilt issues, I wouldn't say anything and tell them you spaced it if they bring it up later.

by Greywolf- 6 months ago

Opening the new account won't hurt your ability to get the house. Just don't spend anything new at Macy's until after you close. The biggest issue is that you are buying with a boyfriend (not a husband). You need to be very careful about how you place your names on the title to that property in case you do not get married. A house is a huge asset and investment and you want to protect your interest in it. Say you break up with bf... who gets to stay? how does the one who leaves get their money back. Or, what if he is in an accident, and is at fault, and he loses a court judgement ordering him to pay the other person $100,000. A lien is placed on the house. How does that affect you. I would spend some time with a real estate attorney before you go to closing to get the title written in a way that protects you.

by Lauren F- 6 months ago

Don't you ever watch Judge Judy? You should NEVER co-sign a loan with anyone. $50 for a bottle of perfume is a little exorbitant, but it will have no effect on your credit score. If (when) your boyfriend becomes a deadbeat, you will serious trouble.

by flatbushsam- 6 months ago

I think you should be ok. They might not even find out about it. If they do, explain and they should be able to requalify you.

by cindy m- 6 months ago

It takes some days for it to show up on your credit report. Hope that they have reviewed it before the ding. I paid off a $30 swiss colony debt and my score jumped by like 100 points. so the length plays a factor. I would not tell them they pay people to find that out.

by hey- 6 months ago

You should have to wait to open any loans or credit cards after the house closed. I learned from my Realtor: actually she is my friend. I dont know what will happen but if you can't get the house then I suggest to wait other 6 months and try again. You may be lucky but good luck!

by Shane F- 6 months ago