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Posted in Mortgage
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Question By
Ferdling

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Mortgage lender wants me to close one of my 2 credit card accounts. Does this make sense?
Have good credit score (765), Have paid off car and both (2) credit cards. Figured this would more damage than good. Why do they want me to close the one account?
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Top Contributor
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Most Helpful Response

Helpful to 2 out of 2 people

I think in this case "silence might be golden".  Would be interesting to see what they would though.

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Helpful to 2 out of 2 people

My thoughts exactly.  Unfortuntely they have 500 of my money and according to their web page, if I reneg, then they get to keep the 500.  Think I'm gonna sit tight and let them (Quicken) reject me.  Do you know any other way to accomplish this?   

Top Contributor
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Yes, maintain your credit score for two reasons.  Many lenders will check your score sporadically during the loan process and two you could be applying with another lender soon.

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Reply by
Ferdling

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Helpful to 2 out of 2 people

New information.  Now they want me to divulge the particulars of my personal savings by sending them a copy of my account activity for last month (including deposits and expenditures).  Of course they don't need this information....so why?  Doing some research with FDIC documents about on-line mortgages and such.   Shoulda been careful....."if it's too good to be true, it probably is".  BTW, copies of paid receipts weren't acceptable, they want certified signed documents from the Credit Union where I had the car financed.  More coming up at ten.  Getting deeper by the minute......

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I am going through the same situation. My lender is telling me to close 3 credit cards that have zero balance. I don't know why. I am worried about my score dropping. It is high so why close? I have no debt with any of my other cards.

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A Probable answer

This is typical--the lender doesn't want you to go back out and run up the balances on the credit cards again since this might put you in a position where you can't make the mortgage payment.  If you want to pay off your credit cards and consolidate the debt, then you should not have a need to use your credit if you are in 'get out of debt' mode. 

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