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Updated over 7 years ago,

User Stats

77
Posts
10
Votes
Byron W.
  • Chicago, IL
10
Votes |
77
Posts

Should I avoid opening a new line of credit for my business?

Byron W.
  • Chicago, IL
Posted

I have a very small business that I'm looking to expand upon. Currently I'm only grossing about $600 per month. However, I would like to expand my services by opening up a line of credit with a bank that would allow me to get supplies quicker and increase my monthly income for my business. I was planning on applying for a mortgage in about 6-7 months from now. Should I avoid applying for the line of credit for a better chance at being approved for my house loan? I've been avoiding applying for new credit cards or any other hard pulls on my credit in the past year in preparation for applying for my mortgage

Bit of info about me:

Current salary: $90k

Mortgage amount I'm looking to get approved for: $300-$400k (duplex or triplex home)

Credit score: 720

Any help and advice is appreciated!

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