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Hello All,
I'm in the process of a mortgage. I've been pre-qualified, and am being underwritten now.
During this process, I of course can't and don't want to negatively impact my credit. So my questions is;
If I try to PC one of my Cap1 Sub-prime cards, will it close the account and open a new one - negatively impacting my score, or does it just change the account and keep history, etc?
I have a Cap1 Secured Platinum, that was my first/builder card, it only has a $300 CL.
I also have a QS1 with a $500 CL.
I want to try PC both of them if no negatives will happen and it's only a SP.
Anyone with experience with this? Should I just wait until after I close (In April).
Thanks!
That's what I was hoping for!
Anyone have luck with Cap1 Secured PC to unsecured?
Thanks!
@Anonymous wrote:That's what I was hoping for!
Anyone have luck with Cap1 Secured PC to unsecured?
Thanks!
Unfortunately Capital One's secured card does not graduate (secured -> unsecured).
Food for thought ... sit on any credit actions until you are cleared on the mortgage. Your choice but underwriters like everything boring and clean during the process. Truth ... do you have to do it now?! During my mortgage underwriting experience they made me explain (in writing) every item that I changed on my credit for the prior year (most folks don't have to do this) and then the underwriters investigated?! So think about it.
@Spider15
I appreciate the advice. I've researched this more today and it doesn't seem possible anyways. With that said, YES, I need to wait to do anything and I apprecaite the advice.
Thank you!
In general, I just wouldn't rock the boat when it comes to mortgages. You just don't have anything to gain by doing the PC, even if you could.