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Question By
mike0121

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Closing all credit cards as per agreement with mortgage compnay
I have a quick question for the masses, part of my condition for the mortgage i just got was I have to close all my revolving credit. What I would like to know is how bad will my credit score drop and how long till I could apply for a new card?

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Top Contributor
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I never had to do that.

You'll have to abide by all the conditions of the mortgage holder and, if they said for you to close all accounts, it's not likely they want you to open any in  the future.  Who is this?  And, are these details (including a full explanation) in writing?

Reply by
mike0121

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I was told by the loan officer that Fannie May was th one who stated that my dti was off and the only way to get the loan to be approved was to pay off and close all my cards. If I do not agree to this they will not approve the loan. NOw the cards will not be closed till after the closing and the escrow officer will be paying them and asking then to close. I don't like it because I will be left with out any credit cards and no one has stated I can not open new and no were in any paper work tat I have seen to this date states that I can not. One would assume if they have to pay it off and send out the closed letter anyone that has had this happen could call the credit crd agencies and ask them to leave it open and one would assume they would because they want to continue to make money off of you.

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