I just got an email from Capital One saying I got pre-approved for a new Credit Card. I am just beginning the process of buying my first home/doing a house hack, and was wondering if it is a good idea to accept this new credit card? Is this a bad idea since I haven't even talked to getting a lender yet? Just don't want it to effect my credit score/ will it?
Real Estate Broker · Charlotte, NC · Member since 2016 · 569 posts · 351 votes
5y
@Eric Koloski, if you're under contract with a property I would not do anything financially before asking my Licensed Mortgage Advisor but since you do not have a lender it would probably not hurt to get a CC so long its paid off every month.
Rental Property Investor · Glens Falls, NY · Member since 2016 · 176 posts · 169 votes
5y
Don't open up a new line of credit, you'll delay your closing. What more important? Closing on the property and making $$ or opening a measly credit line? Just wait until you close.
I should have mentioned that I am not opening a new line, I have been with them for many years and have great credit, but wasn't sure upgrading to a new one would hurt?