Opening credit cards and getting first mortgage at same time?

[Gwen Fyfe]

I'm currently in the closing process on my first property, a three bedroom house with three efficiency apartment on the back of the lot. (I'm psyched!) The house is in great shape but is all shag carpet and old people colors!

So I'm going to have a lot of cosmetic work to do to it. I was hoping to open a new credit card to run the supplies through - not because I don't have the cash, but because getting airmiles or a longer return period would be fantastic.

Is there a good way to time this with my mortgage application process so that I don't get too much of a ding to my credit? Should I just stick with my current cards while I'm in the process of getting such a large piece of credit approved?

[Joshua Velte]

Hey Gwen, real estate agent here and we see this all the time. To echo the previous post, you ABSOLUTELY want until you settle on the house, as it will affect your credit score and debt to income ratio.

That being said, Id advise getting a Home Depot or Lowes card. They typically have 24 month, zero interest promotions. Purchase what you need, divide out the cost over the 24 month period to determine your monthly cost, and recapture this amount in rent