topic Re: Question: job change-app before or after in Credit Cards

Question: job change-app before or after

Duncanrr — Thu, 17 Jan 2013 19:24:23 GMT

I'm contemplating a job change. It will be same general line of work ice done since 2005 but with different company. It would double my salary, get more benefits and have international travel as a regular part of job. It would also require me to move 5 hour drive from current residence.

Ill keep current home but buy condo in new city. I was thinking about apping for some new cc's after refi.

So would you refi and app for new cards before job change or after?

Re: Question: job change-app before or after

09Lexie — Thu, 17 Jan 2013 19:31:57 GMT

Duncanrr- boy are you busy! It seems to me the most important thing is to close on your refi. IMO, I would not app until thats finished. If your job is going to be in the same line of work AND its for an increase- then that will not hurt your refi application. You would only run into a problem if you were going from a salary to commission or different line of work.

Good luck!

Re: Question: job change-app before or after

koalablue — Thu, 17 Jan 2013 19:29:09 GMT

I would app before the job change. Sometimes applications will ask how long you've been at your current job, and often, if you have to recon, the agent will ask how long you've been at your current job. If you've been there a while, you look like a more stable candidate.

Re: Question: job change-app before or after

Duncanrr — Thu, 17 Jan 2013 19:33:33 GMT

It's still a ways off, a couple months. I haven't negotiated deal nor have I taken position but its a great opportunity with fortune 100 company. Just trying to be proactive with everything. (Credit included).

Re: Question: job change-app before or after

Revelate — Thu, 17 Jan 2013 19:39:07 GMT

koalablue wrote:
I would app before the job change. Sometimes applications will ask how long you've been at your current job, and often, if you have to recon, the agent will ask how long you've been at your current job. If you've been there a while, you look like a more stable candidate.

I don't think this matters at all for credit card applications or most other things (auto loans) but mortgages might at least ask.

"Why have you not been at this job for more than one month?"

"Because my new employer doubled my salary."

Done deal frankly assuming no gap in employment and similar job. Even with my pathetic credit report, nobody gave me any grief either for an auto loan or credit cards only a few weeks into my new job and I had the two requisite pay stubs to document income. I don't really think they care honestly for things below mortgages for the most part, but I've been in my career for a while.

Re: Question: job change-app before or after

09Lexie — Thu, 17 Jan 2013 19:35:46 GMT

koalablue wrote:
I would app before the job change. Sometimes applications will ask how long you've been at your current job, and often, if you have to recon, the agent will ask how long you've been at your current job. If you've been there a while, you look like a more stable candidate.

As a loan underwriter, I would not look favorable on new debt. Your scores are good and it probably will not result in a refi loan decline but why risk it? What's more important; the lower mortgage payment or more plastic ( although its tempting)?

Just my .02.

Re: Question: job change-app before or after

Revelate — Thu, 17 Jan 2013 19:38:04 GMT

09Lexie wrote:
koalablue wrote:
I would app before the job change. Sometimes applications will ask how long you've been at your current job, and often, if you have to recon, the agent will ask how long you've been at your current job. If you've been there a while, you look like a more stable candidate.
As a loan underwriter, I would not look favorable on new debt. Your scores are good and it probably will not result in a refi loan decline but why risk it? What's more important; the lower mortgage payment or more plastic ( although its tempting)?

Just my .02.

Lexie, random question if you work in this line but since you mentioned it, would it matter in Duncan's case if he were doing a FHA refi vs. a conventional or other loan type?

Re: Question: job change-app before or after

Duncanrr — Thu, 17 Jan 2013 19:43:05 GMT

Also, to add to Revelate's question, would it matter that it was no longer my primary residence?

Re: Question: job change-app before or after

09Lexie — Thu, 17 Jan 2013 19:47:43 GMT

Duncanrr wrote:
Also, to add to Revelate's question, would it matter that it was no longer my primary residence?

The place you are doing the refi is it a second home or investment property?

Re: Question: job change-app before or after

Duncanrr — Thu, 17 Jan 2013 19:52:26 GMT

It's my home/primary residence. I would probably rent for a bit in new location if took job but I wouldn't be living in home. Ultimately, it would be investment or second home.

Re: Question: job change-app before or after

09Lexie — Thu, 17 Jan 2013 19:57:51 GMT

Revelate wrote:
09Lexie wrote:
koalablue wrote:
I would app before the job change. Sometimes applications will ask how long you've been at your current job, and often, if you have to recon, the agent will ask how long you've been at your current job. If you've been there a while, you look like a more stable candidate.
As a loan underwriter, I would not look favorable on new debt. Your scores are good and it probably will not result in a refi loan decline but why risk it? What's more important; the lower mortgage payment or more plastic ( although its tempting)?

Just my .02.
Lexie, random question if you work in this line but since you mentioned it, would it matter in Duncan's case if he were doing a FHA refi vs. a conventional or other loan type?

Generally speaking, It would depend- some refi's are 'streamlined' where uw only looks at the borrowers payment history with that lender ( also they will not ask for income docs- just a phone verification) Assuming he is not pulling cash out of course- conventional refi loans will ask for income docs and will pull credit. it would also depend if he's changing lenders/investor packages.

Most FHA/VA loans are streamlined.

Re: Question: job change-app before or after

09Lexie — Thu, 17 Jan 2013 20:12:17 GMT

Duncanrr wrote:
It's my home/primary residence. I would probably rent for a bit in new location if took job but I wouldn't be living in home. Ultimately, it would be investment or second home.

So your 'intent' is a primary residence? I would keep it simple - not suggesting you lie but your plans are not set. If you are planning to move in to the home- I would go with that information.

Re: Question: job change-app before or after

Revelate — Thu, 17 Jan 2013 23:23:33 GMT

Thanks Lexie!

Re: Question: job change-app before or after

webhopper — Thu, 17 Jan 2013 23:50:12 GMT

Its possible to do an Fha streamline refi on an investment property... I did that in 2012. In your case though; you intend the house to be a primary residence; so just refrain from renting it until you close on the refi. Also; you are on the same line of work with good credit history so I really don't see you having an issues with approvals. Be choosy on your apps; make them count with long term goals in mind.

Re: Question: job change-app before or after

Duncanrr — Fri, 18 Jan 2013 00:10:25 GMT

Thanks for all the input. Appreciated. I only app for cards I intend to have for a while. The only two throw away apps I've done in my rebuild we're for my secured cards (but they were necessary at the time).

Re: Question: job change-app before or after

pdog661 — Fri, 18 Jan 2013 00:51:11 GMT

As you re-fi you must state its your primary residence.

If you get another mortgage with say, 1-2 months, you may experience some pain. The mortgage company you are working with to re-fi will know that you have turned your residence into a investment IE different insurance policy for their review.

Speak with a re-fi agent about moving it to an investment property. You may be surprised what they can do. You can certainly explain away why you stated a home as a primary residence and then changed the game plan, but not with a month or two.

If you re-fi I would also suggest you do so before the job change. 1-2 month in a new job may spook the re-fi underwriters.

Re: Question: job change-app before or after

FrugalRican — Fri, 18 Jan 2013 00:51:43 GMT

Also, if you are looking to move that far away from your home, you might want to look at possible tax benefits/deductions for doing so.

I know that's random, but something you want to look at as well.

Re: Question: job change-app before or after

Duncanrr — Fri, 18 Jan 2013 05:13:12 GMT

I actually makes more financial sense for me to do that and accept their relocation package. However, home is home. Im not sure I can do that just yet. Still aways before I have to make that decision but in terms of job opportunity, I'll be hard pressed to find a better offer (of course, I'll not tell them that in the negotiations)