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Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Question: job change-app before or after

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?


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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09Lexie
Posts: 26,609
Registered: ‎09-13-2012
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Re: Question: job change-app before or after

[ Edited ]

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!

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koalablue
Posts: 356
Registered: ‎05-23-2012
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Re: Question: job change-app before or after

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.

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Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Re: Question: job change-app before or after

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).


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Revelate
Posts: 9,751
Registered: ‎12-30-2011
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Re: Question: job change-app before or after

[ Edited ]

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.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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09Lexie
Posts: 26,609
Registered: ‎09-13-2012
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Re: Question: job change-app before or after


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. 

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Revelate
Posts: 9,751
Registered: ‎12-30-2011
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Re: Question: job change-app before or after


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?

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Re: Question: job change-app before or after

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


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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09Lexie
Posts: 26,609
Registered: ‎09-13-2012
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Re: Question: job change-app before or after


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?

 

Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Re: Question: job change-app before or after

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.


Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge

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