CC churn after mortgage

Discussion in 'Other Credit Card Programs' started by cotter77, Mar 14, 2012.  |  Print Topic

  1. cotter77
    Original Member

    cotter77 Silver Member

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    I am gearing up for another churn.
    We are in middle of closing on a house and just got approval and commitment on the big mortgage. All the scores on the mortgage app were 740+
    anyone have advice on how long to wait on a churn?
    should i hold off until after we close?
    would it help to wait longer?
    I wont be so upset if i miss out on C1 offer....
     
  2. Dangjr213

    Dangjr213 Gold Member

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    What type of mortgage did you get? I got an FHA loan and the loan officer told me not to apply for credit until 6 months after closing. Somewhere in the mountain of paperwork they pointed out a line that gave the bank the right to reevaluate your credit after X amount of months. I would think it would be safe after the bundle and sell your mortgage to someone that actually wants to hold the note (which only took 3 weeks for me).

    Take this info with a grain a salt because I am defineatly not an expert, but just wanted to pass along info that was given to me. But of course a bank is going to tell you not to take out more loans
     
  3. deant
    Original Member

    deant Milepoint Guide

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    Believe that, as a minimum, you should wait until after the loan closes. Some banks will make a credit pull just prior to funding the loan just to make sure nothing has changed.
     
  4. cotter77
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    cotter77 Silver Member

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    thanks...thats very good, meaningful advice i was looking for.
     
  5. cotter77
    Original Member

    cotter77 Silver Member

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    gotta talk to bank about this stuff. I have no idea what kind of loan it is or what they do with it....seems like they dont really tell us about this kind of stuff.
     
  6. wrxmom

    wrxmom Gold Member

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    Your loan information will be in that giant stack of paperwork. The giant stack that they loan processor, notary and everyone else sitting at the table, doesn't want you to read before signing and gets irritated when you do. (Was told, "You're the first person we've ever had who read every piece of paper we put in front of them." You bet I did, I don't sign anything unless I know exactly what I'm signing.)

    On your Fee sheet, under loan characteristics, you'll find your interest rate, term, type (FHA, etc), escrow number and title number.
     
  7. infamousdx

    infamousdx Silver Member

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    I waited until all was said and done and the loan was closed; everything was signed. Dangjr213 makes a good point about waiting until your mortgage is bundled and sold off, but I didn't.
     

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