Browse Forums Home Finance 1 Apr 27, 2015 9:22 am Hi Experts, I've already got a formal approval for my land now (and a pre-approval for home+land) As my land title has been delayed for another 6 months i think, do you think it will be a problem if i apply for a credit card now ? Will that affect my credit ratings ? Not sure whether they need to access my credit score again or not when the land is titled in another 6 months.. Thanks Re: Applying credit card while waiting for loan 2Apr 27, 2015 9:28 am HI Annielee, They will certainly do a credit check on you and it can impact on your qualification for the home loan - did you use a broker? Ask them if it fits? Or ask the bank you're working with but safest bet is to wait -or pay it out & close before applying for the loan. The issue is its another credit commitment, so if you were borrowing close to your maximum it will hurt you. Or if your credit file has a lot of enquiries - this can impact on you too. If neither of these are the case its much less of an issue. I've written about it here: http://homeloancomparison.com.au/how-yo ... ream-home/ and check out the link in the post as well - explains very clearly. Best of luck! Bec Rebecca Jarrett-Dalton Property crazy expert mortgage broker, love building new homes! Two Red Shoes mortgage broker http://www.tworedshoes.com.au/building Re: Applying credit card while waiting for loan 3Apr 29, 2015 11:06 am You might like to note that if you have say a credit card with a limit of $20,000 , then to a lender that shows you with a 'debt' of $20,000 even if you don't have anything owing on it. Owner Building at Jimboomba Woods in Logan City Qld. Blog : http://bandlnewhomebuild.blogspot.com H1 thread : viewtopic.php?f=38&t=68283 . Re: Applying credit card while waiting for loan 4Apr 30, 2015 11:00 am thanks for all the reply... the reason i wanted a credit card is to get point for QFF with some purchases that i might be buying before the house/land is ready.. im planning to get a card with just $1k credit limit, will that hurt my credit score/rating ? The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 20092 Hello everyone Please advice me how can I install mesh security window or we cab say mesh flyscreen inside while the pvc plantation shutters are already installed? Is… 0 12234 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 36598 |