Getting a credit card while waiting to close escrow on a home?
CHOSEN1 asked:
Can this affect my chances not getting my home loan, I applied for store credit at walmart it was only $800 limit, I have yet to use the card. If this was not on my original loan application can this affect my chances of securing the loan and falling out of escrow
secured credit application
Can this affect my chances not getting my home loan, I applied for store credit at walmart it was only $800 limit, I have yet to use the card. If this was not on my original loan application can this affect my chances of securing the loan and falling out of escrow
secured credit application
Tags: Credit Card, Escrow, Walmart
October 15th, 2009 at 1:58 pm
secured credit application
Technically yes, but as long as you do not use the card until after you have closed on the new house, you should be okay.
October 17th, 2009 at 9:03 pm
secured credit application
Probably not but even if you don’t use it, having that additional card will affect your credit score.
October 18th, 2009 at 10:47 am
secured credit application
It could make you ineligible for the loan. They take into account the debt that you currently have, and open credit available to you. As the others said it can also lower your score.
If the company you are getting your loan with re-runs your score and it dropped because of this they may deny your loan or have to counteroffer you to a higher rate.
So yeah that wasn’t the greatest idea, but at least you didn’t quit your job.
October 18th, 2009 at 5:25 pm
secured credit application
Yes changes your debt to income ratio, sorry to be blunt but a real stupid move
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