Author Topic: Mortgage Refi and Credit Cards (Read 6158 times)

montey · « **on:** June 06, 2012, 03:10:56 PM »

If you are about to refinance a mortgage, is it best to hold off on opening new cards?

AJK · « **Reply #1 on:** June 07, 2012, 01:48:20 AM »

Quote from: montey on June 06, 2012, 03:10:56 PM

If you are about to refinance a mortgage, is it best to hold off on opening new cards?

Common sense would say yes, though of course some have reported no ill effects.

Hamavin · « **Reply #2 on:** June 23, 2014, 11:28:54 PM »

How close to mortgage should you start to slow down?

?

TC610 · « **Reply #3 on:** June 25, 2014, 09:09:31 AM »

Quote from: Hamavin on June 23, 2014, 11:28:54 PM

How close to mortgage should you start to slow down??

The OP was asking about a refi, but I don't know if you're referring to the initial mortgage so I'll share my experience. I stopped my shenanigans about 6 months before applying for mortgages with multiple lenders. Of the three lenders I worked with, all said that I qualified for the lowest rate they were offering. I didn't resume until after the loan was disbursed.

incendia · « **Reply #4 on:** June 25, 2014, 10:00:47 AM »

a bigger issue than hard pulls is utilization ratio so if I were you I would cut cc spending and hard pulls 6 months before you start the process

ez1985 · « **Reply #5 on:** February 11, 2015, 01:27:53 PM »

How would I explain to a mortgage broker all the deposits into my bank account from my target redcard if i've been withdrawing the money to my checking account and then paying the bill from there.

coralsnake · « **Reply #6 on:** February 11, 2015, 01:42:06 PM »

Quote from: ez1985 on February 11, 2015, 01:27:53 PM

How would I explain to a mortgage broker all the deposits into my bank account from my target redcard if i've been withdrawing the money to my checking account and then paying the bill from there.

Broker doesn't care.

The bank underwriter- that's a different story.

ez1985 · « **Reply #7 on:** February 11, 2015, 01:51:21 PM »

Quote from: coralsnake on February 11, 2015, 01:42:06 PM

Broker doesn't care.

The bank underwriter- that's a different story.

So what would I tell them?

yoruel · « **Reply #8 on:** February 11, 2015, 01:54:56 PM »

i needed to write a letter about AP deposits. I wrote "for credit card points".

layid · « **Reply #9 on:** February 11, 2015, 03:34:58 PM »

Applied for 3 cards about 2 weeks before doing a refi. Had to write a letter explaining recent inquiries and whether new credit was issued as a result. Was truthful and had no problems. No ill effects. But that may have had something to do with high credit score and very low util rates, so YMMV. Candidly had I known I was doing the refi I wouldn't have applied so soon before.

knowitall · « **Reply #10 on:** February 11, 2015, 04:18:15 PM »

I know it's not all about pulls but if you think the lender will pull TU you should do bumpage.

zlt123 · « **Reply #11 on:** February 11, 2015, 05:17:27 PM »

You clearly dont knowitall if you could write such a post about mortgages

lunatic · « **Reply #12 on:** February 11, 2015, 05:25:21 PM »

What is bumpage anyway

zlt123 · « **Reply #13 on:** February 11, 2015, 05:29:45 PM »

He prob. means to bump off hard pulls by puting on a lot of soft pull, either way he really thinks he knows it all, & from all his posts i dont think he has any idea whats flying. (no pun intanded)

greatdeals · « **Reply #14 on:** February 11, 2015, 07:30:57 PM »

I am about to refinance my mortgage,
I hope I won't have any problems.
I have a good credit score but I did open a few credit cards recently.
I had no idea I was going to refinance.
How long should I wait after I refinance to open up new
credit cards?

mochada · « **Reply #15 on:** February 11, 2015, 07:35:14 PM »

Quote from: greatdeals on February 11, 2015, 07:30:57 PM

I am about to refinance my mortgage,
I hope I won't have any problems.
I have a good credit score but I did open a few credit cards recently.
I had no idea I was going to refinance.
How long should I wait after I refinance to open up new
credit cards?

Immediately after you close you can

knowitall · « **Reply #16 on:** February 12, 2015, 07:44:04 AM »

Quote from: zlt123 on February 11, 2015, 05:29:45 PM

He prob. means to bump off hard pulls by puting on a lot of soft pull, either way he really thinks he knows it all, & from all his posts i dont think he has any idea whats flying. (no pun intanded)

Wow that's harsh! I forgot they pull all 3 by refi also. Regardless, if you spend about $50-$75 and a little bit of time, you can bump all your hard pulls off Transunion and Equifax.(B* doesn't work for Experian)

greatdeals · « **Reply #17 on:** February 19, 2015, 03:30:52 PM »

Quote

Immediately after you close you can

if the bank already ran a credit report and everything is fine
do I have to wait till closing?

ez1985 · « **Reply #18 on:** February 19, 2015, 03:35:04 PM »

Quote from: greatdeals on February 19, 2015, 03:30:52 PM

if the bank already ran a credit report and everything is fine
do I have to wait till closing?

You should because they often repull the report right before closing in case anything changed.

coralsnake · « **Reply #19 on:** February 19, 2015, 06:59:59 PM »

Quote from: ez1985 on February 19, 2015, 03:35:04 PM

You should because they often repull the report right before closing in case anything changed.

+1