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Is it a bad idea to switch credit card companies right before applying for a home equity loan?
I need to switch credit cards due to my variable rate going up, however, I'm looking at a home equity loan within the next month. Would the credit card switch affect my equity loan?
I ended up calling my bank. They said it was best to get the loan first.
I don't need a lecture about credit card debt. My only credit card debt is from grad school classes, which is being paid back from my work. I just have to wait a semester to get it back. My wife and I both have a credit score of 750+.
1 Answer
- Go with the flowLv 710 years agoFavorite Answer
Yes - it is extremely dangerous. Do not make this move.
The inquiry will lower your credit a bit, and "new credit" will lower your score for about 6 months.
Also note that carrying credit card debt is also extremely dangerous to credit scores.
It is best to pay them off in full each month
Ask here how that credit card is lowering your rating (in another question)