Today I found a great article from one of my favorite mortgage writers, Dan Green of The Mortgage Reports. Dan writes about The Hidden Cost To Your Mortgage When You Open A Store Credit Card To Save 10 Percent. Dan points out the pitfalls of opening a new credit card account and how it is such a short sighted move, especially if you’re about to apply for a mortgage.
As Dan points out, when you open up a new credit card account, it can have a substantial impact on your credit score (FICO). Now that lenders are getting much more stringent, that newly opened credit card account just might prevent you from getting the loan you want or you may have to pay more for it.
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