Refi question
Aug 21, 2012 | 9:26 am
#1
Original Poster
Join Date: Aug 2012
Posts: 20
Refi question
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.
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.
Aug 21, 2012 | 10:03 am
#4
Join Date: Dec 2010
Location: Long Beach
Programs: HHonors Diamond, Hyatt Diamond
Posts: 1,171
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.
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.
Aug 21, 2012 | 10:22 am
#5
Join Date: Feb 2008
Posts: 940
Yeah, you should be fine.
I refinanced my home a couple of years back and then apply for credit cards (no major churns), and it works out just fine.
The conventional wisdom is that you don't want to apply for lots of credit card right before you're going to do a refi. You should be fine.
I refinanced my home a couple of years back and then apply for credit cards (no major churns), and it works out just fine.
The conventional wisdom is that you don't want to apply for lots of credit card right before you're going to do a refi. You should be fine.
Aug 22, 2012 | 6:04 am
#6
Join Date: Apr 1999
Location: Northport, NY
Programs: Advantage 4MM
Posts: 1,742
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.
I have never slowed down churning after closing a loan.
Aug 22, 2012 | 7:18 am
#7
Join Date: Apr 2011
Posts: 366
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.
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.