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I was informed that my capital one card is eligible for a CL increase but am hesitant to go for it. I have a mortgage loan in underwriting at the moment and wonder if this will have any effect on it. Does anyone know if this could effect my home loan?
@LissW wrote:I was informed that my capital one card is eligible for a CL increase but am hesitant to go for it. I have a mortgage loan in underwriting at the moment and wonder if this will have any effect on it. Does anyone know if this could effect my home loan?
The general rule is to not alter your CR's while in the process of obtaining a mortgage. to be safe contact your LO or UW
It probably wouldn't make a difference, but I would wait until after you close and fund on your mortgage.
Most mortgage underwriters don't care about your CLs, only the debt owed (and utilization as it factors into your FICO). They will sometimes punish you for HELOCs, untapped margin accounts, etc. by assuming they are fully drawn even if they have $0 balances, so there may be mortgage lenders that do the same for credit cards.
@LissW wrote:I was informed that my capital one card is eligible for a CL increase but am hesitant to go for it. I have a mortgage loan in underwriting at the moment and wonder if this will have any effect on it. Does anyone know if this could effect my home loan?
I wouldnt make any changes. Reason being is that there is a chance that the lender will pull your report after you sign and before they fund your loan. If you are boarder line on your approval a slight change on your credit available for usage (even if your not using it) might hurt you.
I closed on my home last month and didnt make any changes to my credit till after I funded and recorded title.