I always tell my buyers after you close watch out for the new credit opportunities coming your way. After all you worked so hard to get your credit cleaned up, pay down or pay off the credit cards, settle all of the write off accounts, etc. you just don't want to go back down that aisle and jeopardize your house payment. Your credit score is going to go up and companies are going to send you offers for new credit cards...but RUN! Throw those offers in the trash.
Sure you can 'afford' the additional credit because you have great income now, but the rubber meets the road when you are staring all of the payments in the face again and the great income is not there. Be sure to be prepared to stay in your home. Build your savings and commit to reducing debt or being debt free.
Watch that credit meter! When the needle on the dial starts going towards the red, it's time to stop and seriously assess the financial picture. You might just want to get mad at 'credit' now and make the spending adjustments before the dreaded day comes. Check out your debt to income ratio. Is it still below the 45% you needed to qualify for the mortgage loan in the first place? The DTI may be the starting point to indicate if you need to cut back.