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Member Since: July 2014

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Credit card utilization and your credit score

Jul 14, 2014

Thinking about refinancing my current mortgage from a 22 year remaining term to a 10 year mortgage, would raise my mortgage payment by about $200/mo. No credit cards or credit card debt, just have operated on a cash basis for my purchase, 1 auto loan original term 4 years, paid my balance down from 16,000 loan to 3500 in a year a 1/2...have applied for credit cards simply for mileage benefits not that I need a credit line, as I have managed to maintain without credit cards and declined...I know credit limits with credit cards can affect an approval for a mortgage whether used or not..was a mortgage underwriter years ago, have since changed careers..wondering whether I should refrain from applying for a credit card while going through the re-finance process?  Credit score 730, no late payments on current open accounts, no collections, not quite understanding why not approved for a credit card except no credit card history..most important to me at this point is not a credit card, but reducing the term of my mortgage loan from 22 years remaing to a 10 year loan..only carrying my auto loan to report payments on time for 2 years rather than paying the loan off..previous auto loans paid in full and on time any suggestions from mortgage underwriters out there?