I just closed on my first rental today. how long do I need to wait to apply for a credit card? asking because at the closing my LO keep having me sign papers and as she put it "this just say that you didn't go buy a new car or something before finalizing this loan" so now that I have closed is it ok for me to apply for a credit card or should I wait. I have the money for the rehab but I want to put it on a card to get the points but I currently don't have a credit card. any information would help. Thanks in advance!
@Jesse Frickle First I wanted to say CONGRATS on closing on your first investment man! That's freaking awesome! Way to take action!!!! I personally don't know anything about the subject you are asking, but I would say to contact your loan officer and/or the bank you plan to get the credit card from. Ask what they think and how it will impact your investing, credit and credit line/limit.
I got a third credit card about a month after closing. I only got it so that I could take advantage of the $100 discount they were offering. I didn't really plan to use the card after that. The card doesn't offer points or rebates but occasionally they do offer 0% interest for up to 24 months at the local home improvement store which will come in handy on my next house which I just got under contract. It needs a lot of work and if I can put some of the materials on the card at no interest I won't have to worry about running out of money before completion. A great thing happened when I got that card. My credit score went up by 8 points. Im not sure if it was the house or the card that did it but I was pleased to see a positive change.
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