Is it a bad idea to apply for a credit card while in the middle of a mortgage refinancing process?

Question by dude: Is it a bad idea to apply for a credit card while in the middle of a mortgage refinancing process?
I have a high credit score (760), and was approved for my bank’s best rate. The refinancing process is taking awhile, and I would like to get a better rewards card than what I have. Would it be a bad idea to apply for a new credit card before the refinancing closes?

Best answer:

Answer by New_Mum_2_Be!
they say dont apply for anything while another finance/loan etc is going through!

GOOD LUCK

What do you think? Answer below!

This entry was posted in Q&A and tagged , , , , , , , . Bookmark the permalink.

6 Responses to Is it a bad idea to apply for a credit card while in the middle of a mortgage refinancing process?

  1. PoliPino says:

    I wouldn’t think so. Your credit is already strong, so it’s not like they look at you as a ‘borderline’ credit risk. Any pings on your credit score from the lookups the CC company or mortgage company would do should be minimal. Again, since you’re not on the borderline, I don’t think it would drop your score into a lower level.

    But then again, it seems like the banks are looking for any excuse these days, so who knows lol

  2. Spock (rhp) says:

    d’oh — yeah.

    it would look to the bank like you’re trying to increase your total credit outstanding, which might make them rethink the rate they’re going to give you. even a 1/4 percent APR increase is expensive.

    wait until after the refi is complete.

  3. SassyGirl 1 says:

    No definately do not apply till after closing if they rerun your report the inquiry and even approval of the card will change your score.

  4. David Z says:

    wait wait wait. do not risk messing up a mortgage refi for more airline miles!

    Cmon you can wait a few more weeks.

  5. bamaglory says:

    WAIT.

  6. rockcolin says:

    Well, if they already pulled your credit, it probably doesn’t matter…unless your refinance takes long enough to where the credit report is nullified. It’s not a great idea to do it, as it can drag down your score, and if by chance your loan hits any snags and you need to re-apply, your lower score could complicate matters. So it may be best to wait.

Leave a Reply

Your email address will not be published. Required fields are marked *