In general, how many months prior to applying for a mortgage should one be in "credit lockdown" mode (i.e., not opening any new accounts)? My last tradeline was opened in Nov., and I'm wondering if the effect of adding another good tradeline now will outweigh the decrease in the average age of my accounts, if that makes sense. My timeframe for shooting for a mortgage is maybe 6 - 9 months down the road. Any info would be much appreciated... wajaba
I can't really agree that there needs to be a 'lockdown'. It's basically relative to your scores -- if you are floating in the 720+ area, then I doubt any lender would give two hoots as to what you've done in the past week, month or 6 months. When you're a borderline (based on THEIR score requirements), that's when it can make or break you. As far as I am concerned, you should ALWAYS be in a lockdown mode -- don't apply for credit that you do not absolutely HAVE to have. It just doesn't make sense to do otherwise.
Thanks for the input, jshimmer...unfortunately, I'm pretty much one of those borderline cases. With scores around 620-ish, I think that barely puts me in Fannie Mae territory. Perhaps I'll just cool it until well after I close, God willing... (millcbs.com is great, by the way) wajaba
