Profile picture for puddinpop330

closing this saturday and worried

ok so we are closing on my and my families first home this Friday and we are very excited! but im worried I did something stupid. about two weeks ago I applied for a lowes cc, I was declined on it. my question is though I was denied will I still be able to close?

if it helps any it is a usda loan, all funds are ready, my first years insureance is paid for, and every thing else is good. just waiting for Friday.
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July 09 - US
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Answers (8)

It's best to do Nothing to harm your credit while you are seeking home financing and prior to your closing.

 I'd be concerned about "why" you were declined. You can ask why and where they pulled your credit info from. You are then allowed a free credit report from that reporting agency. Were you asking for a high limit or trying to make a very large purchase that you wanted to finance? They may have seen all the bank/mortgage loan inquiries.

If you're a first time homebuyer (first mortgage) and you want a credit card(s) for home furnishings, appliances, etc. then apply immediately after your closing/move in. That way the Big 3 credit reporting agencies 'probably' won't have your new mortgage listed yet - and your debt-to-income ratio will still be looking a bit better (looking good to the credit card issuer).  This is no guarantee- but it's probably the best time to try.
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July 10
Profile picture for puddinpop330
Thanks everyone for your all's inputs. Its 5:30 haven't herd nothing. But did find out the seller had signed all his paperwork today! So I'm guessing that I'm good for closing tomorrow morning?!?! I'm getting very excited.
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July 10
Discuss with your agent and ask them if you should call your lender and discuss.  
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July 09
I think you will be given the loan. Applying for a credit card, even though you were declined, should not affect your score that much. Your credit had to have been checked though, in order for your application to be rejected. The biggest no-no before closing a mortgage is to make a large purchase, such as a new car. Whoever you are working with at the mortgage company should have warned you not to do anything to jeopardize your credit score. Good luck in your new home!
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July 09
You are more than likely ok. They may pull your credit one more time before you close and it should not be a factor unless your FICO score is just at or above the minimum 
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July 09
I agree you should be OK.  Do you know if "docs have been drawn"?
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July 09
If the lender has issued a clear-to-close, then there is nothing to worry about.  Until then sometimes the underwriting department keeps pulling skeleton's from the closet to cause trouble.  I'm sure all will fine in your case.  Just hold tight.
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July 09
You should be fine. The paperwork should have been done if you are closing Friday.
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July 09
 
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