Originally Posted by
monkeywrencher
With a cash out refinance, the bank will typically give you a check at closing. You can then use that money to do whatever you want. After you pay off your credit card you can close it by customer.
If your bank insists on paying off the CC directly because you would not otherwise qualify for your new loan you can close your CC now with a balance left on it. Then when you refinance the bank can pay that off and your report would still indicate closed by consumer.
Thanks, Monkeywrencher!
We heard again from the bank last night and they're now offering enough for us to finish our remodel/landscaping without closing that CC. Good to know there was a way to do it, though, without it negatively affecting our credit standing with the credit card companies.
I love this forum and all the great information everyone shares! I'm sure this thread will one day to be helpful for someone else asking the same questions.
Now to sign the final papers and get back to earning miles! I know I need to wait until closing, though, because sometimes they'll pull the credit report again before the closing date.
Thanks, everyone!!