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Credit report: paid off mortgage update, new credit card.

I see my scored dipped 20/21 points due to a recent card. It brought down my average age of cards significantly. I assume I would just have to explain this recent activity to a lender.

Q: sold house, would pay off existing mortgage. But this would take some time to show on my credit report prior to new mortgage app?

Q: in todays world, is it still advised to apply MANY mortgage applications at once ? Or only apply to a few. To my understanding the many inquiries would count as ONE inquiry as it’s shopping for the same loan.

submitted by /u/RayAllenGame6
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/rppgcu/credit_report_paid_off_mortgage_update_new_credit/
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