Credit score has dropped after getting new credit card, will this affect mortgage application

Firsthomehope

I only applied for the card because I was so anxious about my credit score and wanted to boost it and now it’s taken 77 points off my score and I’m expecting hard checks to be done in the next 2 weeks for my mortgage application.

The card only has a 200 pound limit as it’s a starter card, I don’t need this money to survive and they should know that by looking at my pay, how much I spend and save per month. It does say that I have an outstanding 28 pound on the card but I paid that last week so that information is old.

will this affect things, will this change anything? I’m genuinely feeling sick, the anxiety is frankly crippling me. Please no horrible or unhelpful comments. I know I post a lot but like I said I’m very anxious.

Gem_M90

Was it declared when you applied or did you take it out afterwards? Or have you not applied yet?

Firsthomehope

I have mentioned my anxiety about the credit card to my broker if that’s what you mean? But the report has just come through with the drop so I need to contact her I’m assuming. 

bradders1983

No lender sees the made up score anyway, so stop obsessing over it.

Gem_M90

I could be wrong, I'm sure someone with more knowledge will confirm... but I'm pretty sure the actual score number doesn't matter to lenders and they'll purely look at whether you have good or poor credit rather than the actual score number. Did you have a particularly bad credit score before? If you already had a good credit score and have no bad credit, your broker will probably just want to explain your reasons for taking out the card. That youve taken it as a boost, rather than for purchases. I'm sure it will be fine if you were already in a decent place and your broker explains it away. 

Firsthomehope

I have a series of adverse credit but that’s all declared and I have had no missed payments for over a year now. I mad the mistake at uni and since going into full time employment I have turned it around. My broker knows about the card a I mentioned it but I will call tomorrow just to make sure that everything is declared. Sick of stressing about it all, it’s making me ill 

bradders1983

Declare? The lender will see your credit cards when they run a credit check, you or a broker doesnt have to "declare" anything.

Nobody can really answer how any lender will see a new credit card 2 weeks before a mortgage application. Some will like it, and some wont. In any case they dont see the made up 3 digit score.

Firsthomehope

I see a lot of people saying that they have to "Declare" information and that if lenders see something that you have not discussed or "declared" you are likely to be declined. Please correct me if I am wrong or if you know any different.

Gem_M90

Of course when your broker applies for your mortgage they will have to state which sources of credit you currently have and any balances on them. You're using a broker though so I wouldn't worry, that's their job. They won't put in an application that they know you'll have no chance of getting. Just make sure your broker has your most up to date credit report and let them do their job Only they can advise you, nobody here knows your circumstances well enough.