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Can I apply for a credit card a few days before I close on my refinance?

Posted on: 08th Sep, 2010 07:13 pm
I've heard that a freeze gets put on your credit but wasn't sure if this is true
hi kmcan!

welcome to forums!

you can get a credit card just before you close on your refinance. however, it is always better to go for the credit card after you receive the refinance. in my opinion, you should let the lender know about the fact that you've applied for a credit card.

feel free to ask if you've further queries.

sussane
Posted on: 08th Sep, 2010 09:00 pm
There is no freeze on your credit and you can apply for a credit card before closing.

However, do not do it.

With new mortgage quality control guidelines. lenders must get another credit report before closing. The inquiry for your new card will show up on that last minute new credit report. You will then have to explain why the inquiry and if it will result in a new extension of credit. If you say it will, they will want toknow what the monthly payments will be and add that to your debt ratio. You may still qualify, but, you have probably delayed the closing.

To apply creates a potentila mess that is not worth waiting for a few days or a couple weeks. Apply after closing.
Posted on: 10th Sep, 2010 10:26 am
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