Credit Low Interest

Is it a bad idea to apply for a credit card while in the middle of a mortgage refinancing process?

I have a high credit score (760), and was approved for my bank's best rate. The refinancing process is taking awhile, and I would like to get a better rewards card than what I have. Would it be a bad idea to apply for a new credit card before the refinancing closes?

Public Comments

1. they say dont apply for anything while another finance/loan etc is going through! GOOD LUCK
2. I wouldn't think so. Your credit is already strong, so it's not like they look at you as a 'borderline' credit risk. Any pings on your credit score from the lookups the CC company or mortgage company would do should be minimal. Again, since you're not on the borderline, I don't think it would drop your score into a lower level. But then again, it seems like the banks are looking for any excuse these days, so who knows lol
3. d'oh -- yeah. it would look to the bank like you're trying to increase your total credit outstanding, which might make them rethink the rate they're going to give you. even a 1/4 percent APR increase is expensive. wait until after the refi is complete.
4. No definately do not apply till after closing if they rerun your report the inquiry and even approval of the card will change your score.
5. wait wait wait. do not risk messing up a mortgage refi for more airline miles! Cmon you can wait a few more weeks.
6. WAIT.
7. Well, if they already pulled your credit, it probably doesn't matter...unless your refinance takes long enough to where the credit report is nullified. It's not a great idea to do it, as it can drag down your score, and if by chance your loan hits any snags and you need to re-apply, your lower score could complicate matters. So it may be best to wait.