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@Cstone87 wrote:
Hello board, Is it a bad idea to open a new CC before applying for a refi on my existing Home Equity Loan? My income is solid, scores are great, AAoA 5+ little debt, the card I would be applying for is through the same CU I am applying for the refi of the Home Equity I don't know if that's taken into consideration too. I believe Equity loans are less stringent underwriting polices than Mortgages. If anyone can provide clarity. Thanks PS-The reason why I want to apply for the CC now is the special offer is ending and I really want to dump one of my current cards that I keep a small balance on from time to time but whose interest rate wont budge despite my depository relationship with them. I truly am sick of them.
Welcome to the forum
We will need more info
What is your UTL?
Any baddies?
AAoA?
i would personally do the refi first since that's more important than a CC...after you've done your refi i would go ahead and app IMHO
JFYI...inquiries over 12 months no longer count they stay on your reports for 2 years, but impacts only for 12 months
@Cstone87 wrote:
My UTL is 5% EQ 747 TU 777 EX 767 All per MyFico Income 155k Equity Loan requested to refi 32K, no lien aside from the Equity, House Value 197k per County assessor AAoA depends on what report but avg 5.6-6 years oldest account, closed in 2005 opened iin 1980.
Sorry for the late response
I would say your good to good after the home equity loan is closed then pick the cards you want and go for it. Just make sure you app before the new loan reports to CR's
@myjourney wrote:
@Cstone87 wrote:
My UTL is 5% EQ 747 TU 777 EX 767 All per MyFico Income 155k Equity Loan requested to refi 32K, no lien aside from the Equity, House Value 197k per County assessor AAoA depends on what report but avg 5.6-6 years oldest account, closed in 2005 opened iin 1980.Sorry for the late response
I would say your good to good after the home equity loan is closed then pick the cards you want and go for it. Just make sure you app before the new loan reports to CR's
Agreed. I look at any Refi like app'ing for a mortgage. Make sure you have no current inq's and make sure you don't look desperate for credit. Granted, on CC does not make someone look desperate, but it doesnt help.
You are solid once your refi goes through!