Lender Won't Close, Need to Start Over

[Anonymous]

Hello,

My lender has been stringing me along for fivemonths and I need to start over.  My mortgage score is 650 with no lates in 10 years, just high credit card usage.  If I apply at 4 places at once, will this cause an issue with my credit.  I am 2 years S/E and also have a 2nd job.  Looking for 50% LTV cash out for about 450k.  Thanks.  

[SouthJamaica]

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@Anonymous wrote:

Hello,

My lender has been stringing me along for fivemonths and I need to start over.  My mortgage score is 650 with no lates in 10 years, just high credit card usage.  If I apply at 4 places at once, will this cause an issue with my credit.  I am 2 years S/E and also have a 2nd job.  Looking for 50% LTV cash out for about 450k.  Thanks.  

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Yes it will cause an issue with your credit.

Any new applications in anticipation of a mortgage will hurt you.

You should not be applying for anything for at least a year prior to a mortgage application.

I misunderstood your question. I thought you wanted to know about improving your FICO scores, since the post is under "Understanding FICO scoring".  @dragontears set me straight.

I don't know the answer to your question. Sorry. 

I think this post doesn't belong under "Understanding FICO scoring".

[dragontears]

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@SouthJamaica wrote:

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@Anonymous wrote:

Hello,

My lender has been stringing me along for fivemonths and I need to start over.  My mortgage score is 650 with no lates in 10 years, just high credit card usage.  If I apply at 4 places at once, will this cause an issue with my credit.  I am 2 years S/E and also have a 2nd job.  Looking for 50% LTV cash out for about 450k.  Thanks.  

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Yes it will cause an issue with your credit.

Any new applications in anticipation of a mortgage will hurt you.

You should not be applying for anything for at least a year prior to a mortgage application.

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I think th OP was referring to applying with new mortgage lenders not other credit.