How soon after closing house can you open another line of credit?

We are closing on our house today and need to buy a refrigerator and would like to buy some new furniture before we move in. How soon after we close can we go and buy this things on credit(either an existing card or by getting a store credit card)? Do lenders check your credit after closing because we would actually like to go shopping right after closing!

Update:

This is not our first home so we are aware of the costs of moving. Also we are moving to a less expensive county closer to our jobs so we will be saving money each month(hence the reason for moving). Monthly bills are not the issue I was just worried about applying for credit right after closing affecting the home loan in any way.

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  • 1 decade ago
    Favorite Answer

    You can open another line of credit as soon as everything gets recorded. You will sign all the documentation and the deed actually gets recorded either later that day or the next day. Once you have closed, the lender is done checking your credit. The new credit source will check you out and make sure that your debt to income level is acceptable to them, but most debt is much easier to get than a mortgage.

    PLEASE reconsider buying anything on credit after a home closing. You haven't even determined how owning the house will affect your finances. You don't know how easy or hard your mortgage payment is to make, you have no clue about the utilities and upkeep, etc. Don't add to your monthly burden until you know you can truly afford it.

    The refrigerator you need, so buy that, but PLEASE hold off on the furniture.

    good luck!

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  • Audy
    Lv 6
    3 years ago

    For Finance and credit solutions I always recommend this site where you can find all the solutions. http://SMARTFINANCESOLUTIONS.NET/index.html?src=yT...

    RE :How soon after closing house can you open another line of credit?

    We are closing on our house today and need to buy a refrigerator and would like to buy some new furniture before we move in. How soon after we close can we go and buy this things on credit(either an existing card or by getting a store credit card)? Do lenders check your credit after closing because we would actually like to go shopping right after closing!

    Update: This is not our first home so we are aware of the costs of moving. Also we are moving to a less expensive county closer to our jobs so we will be saving money each month(hence the reason for moving). Monthly bills are not the issue I was just worried about applying for credit right after closing affecting the home loan in any way.

    Follow 6 answers

    Source(s): For Finance and credit solutions I always recommend this site where you can find all the solutions. http://SMARTFINANCESOLUTIONS.NET/index.html?src=yT...
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  • Anonymous
    1 decade ago

    Don't make any big purchases until you close. The last thing you want to do is lower your credit score and not be able to close for one reason or another. Instead of putting things on credit I would just save up and buy them. In today's society too many people charge big items on credit and get into alot of debt. If you are still wanting to open a line of credit for your furniture I would wait at least 30 days before opening one. Most credit agencies see how many lines of credit you open within a 30 day period and you might not be approved.

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  • 5 years ago

    I think the question was how long after closing can you open a line of credit. But as a ex-teacher I see people don't read questions they give advice. To be safe wait 48hours and you should be good. Congrats on your new house. I was a loan officer and for you to get approved for a home that reflects you are responsible. Congrats!!!!!

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  • 1 decade ago

    I would hold off on buying a whole bunch of new stuff. I just bought a home and was tempted to do exactly what you're asking about. I wanted to buy new window coverings, appliances, and furniture. Thankfully my husband talked me out of it. We received our utility bills and they were CONSIDERABLY more than they were in our apartment. We had to adjust to paying a bigger housing payment and we had to do some maintenance on the house.

    Save until you can afford it or buy used. That's what worked for us.

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  • 1 decade ago

    One hour after closing the house is yours and you can do anything you like. No, the lender is done doing credit checks on you.

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  • Tony D
    Lv 5
    1 decade ago

    Wait until the loan has funded, the deed is recorded and you are the owners. Then, go for it. But don't overdo it.

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