Me and my wife are going through a refinance on our home. She was originally the only one of the loan, for the refi I will be added. I asked the question about applying for CC's for bonuses to a prominent travel blogger and was told I should be fine after closing.
My question is how can this be true? I had read that people waited years even after a refi before applying for cards. If anyone had an idea as to why it wouldn't affect me as much I appreciate the input.
Trying to cast a wider net here for more responses on the issue as opposed to asking him directly in case anyone was thinking about that.
well after the loan closes you dont have to be worried about being turned down for the home loan, you may or may not be affected on your approval for credit cards.
I often question why someone wants to get a joint home loan unless you need the combined income to qualify, I have our home loan in my name and the house title is joint with wife and I, she always says that she will keep the house and i get to keep the loan.
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I was recently approved for a HELOC even with my churning. TD Bank questioned my multiple recent apps and was satisfied with the truthful answer. It may have helped that the local branch knows me as "the coin guy"
I have never slowed down churning after closing a loan.
The only effect from the refi is the number of hard inquiries on your account and your total debt, but I believe they count all the inquiries for a mortgage in a certain time period as one (someone more expert than I am please weigh in). Mortgage debt shouldn't be an issue - actually, should be in your favor unless you have had late payments.
Otherwise, I've done apps after refis in the past few years (two properties) and no problems. Will do more next month after another refi.