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I recently, about two weeks ago, have opened a personal

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Hi, I recently, about two weeks...
Hi,
I recently, about two weeks ago, have opened a personal credit card for myself and my spouse since we do not want to use the ones that charge interest. We also are planning to refinance our house within a few months from now for equity purposes. Along with that, I run an online business in which I need to apply for a second business credit card since the 0%APR from the one I am using is about to expire. How can this affect our refinancing process? Is there a period of time to wait before applying for another line of credit?
Thank you
Submitted: 11 days ago.Category: Finance
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Answered in 36 minutes by:
2/7/2018
Financial Professional: Lev, Tax Preparer replied 11 days ago
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 31,203
Experience: Personal Investment, Tax Preparation
Verified

The fact of having credit cards will not likely impact your qualification for mortgage refinancing.

They will be looking for your current income and your expenses - so balances on credit cards will affect your expenses - and potentially may affect your ability to pay.

Thus try to keep your balances lower if your income / expense ratio is too high.

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Financial Professional: Lev, Tax Preparer replied 11 days ago

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If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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Lev
Lev
Lev, Tax Preparer
Category: Finance
Satisfied Customers: 31,203
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