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Can I apply for a credit card after I signed loan docs? Will it damage my credit?

But should i even care since I have already signed the loan doc? by jerryholmes196 from Cincinnati, Ohio. Jun 26th 2014 Reply


T.C. Strait (TCstrait)
#72 ranked lender in Ohio - 18 contributions

I always advise my clients not to apply for any new credit until after they sign the closing documents and the loan has funded (purchases fund the same day as closing, refinances fund 3 business days after the closing).

Jun 26th 2014
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Dan Moyle (dmoyle@amerifirst.com)
#53 ranked lender in Michigan - 6 contributions

Steer clear from applying for new credit until your mortgage loan is closed. It may not damage your chances, but you're better safe-than-sorry when it comes to your loan & keeping your finance the same during the entire process.

Jun 26th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

During the mortgage loan process, you should not apply or take on any new credit until the loan has funded and recorded.. typically a lender will re pull credit after you have signed doc's but before they fund.. if they see any credit inquiries, they will stop funding and verify that if you did agree to take on additional debt, then your file goes back to underwriting to be sure you still meet qualifying debt to income ratios.. this could delay your closing as much as a week.. it's best to wait.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Jun 26th 2014
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

If your lender sees an inquiry, when they pull credit on the day prior to funding (which they often do), you could kill your loan. Don't do it!

Jun 26th 2014
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

Hi Jerry;Your Loan Officer should have told you in the beginning of the process to notapply for any new credit until After your loan closes. Any change in your credit, income, or asset base can cause your loan to not close. Be patient and wait untilafter the closing.

Jun 27th 2014
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Sean Young (SeanYoung)
#1 ranked lender in Colorado - 1,112 contributions

Hi Jerry, please don't apply for any new credit until your home loan is closed, your handed the keys and your buying pizza for the people helping you move in. After that you are good to go. Best wishes, Sean

Jun 29th 2014
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