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thumper17201

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With these mortgage company closing credit cards just to get a refi will this affect my credit score
My husband and I are looking to refinance our house occurring to the mortgage company President Obama have set certain rules in place. I tried going with Quicken loans but they wanted me close about 4 or 5 credit cards. We tried another mortgage company Bank Of America. They want us to close all credit cards that have a balance on them. What I am wondering by closing this credit cards won't that hurt my credit score. My credit score at this point is 740

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You may have misunderstood.  I believe they want you to pay down the balances, but don't close them.  I'm assuming your utilization is too high.  Closing good accounts hurts your credit score.  If these are negative accounts (collections, late pays, past due balances), then that's a whole other kettle of fish.  

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