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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: pdxvandal on April 06, 2018, 10:14:54 AM

Title: Credit hit (new bank account) months before pre-qualification?
Post by: pdxvandal on April 06, 2018, 10:14:54 AM

Hi folks.

I recently sold my house and looking to get pre-qualified for a mortgage in May/June. I'd like to put the down payment, roughly 125k, into a high-yield savings account. Is it worth taking a minor credit hit by opening a new account (CIT Bank is at 1.85%) or just throw it into an online account I already have (Ally -- 1.55%). My credit score is 800, so not sure taking a 10-15 point hit will matter as I'm comfortably above the threshhold for the best mortgage rates. Another factor is I don't really know when I'll buy a new primary residence, as I'm renting at the moment. It could be 3 months, 6 months, 12 months away.

Is it worth chasing these higher rates, or should I fuggitaboutit? Thanks for your insight.

Title: Re: Credit hit (new bank account) months before pre-qualification?
Post by: Catbert on April 06, 2018, 10:30:40 AM

I wouldn't worry about it given your steller FICO.

Title: Re: Credit hit (new bank account) months before pre-qualification?
Post by: Finallyunderstand on April 06, 2018, 01:23:51 PM

It won't make a difference.  Most of the best rates are given to 720+ scores.  You are still way above that.