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NFCU CLOC Mortgage

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Short and sweet:  I want to move to make NFCU my primary checking account for my family, and I wanted to apply for the CLOC and so does my wife.

 

Should we wait until AFTER our mortgage closes before we apply for CLOCs?

 

We know it's a line of credit...but it's for a checking account.  Shouldn't hurt, right?  Or wrong?

 

Thank you for your help!

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The general convention is to never apply for any credit related product when you're expecting to have a mortgage funded. If there is an inquiry or the account reports as a new tradeline it may complicate the process.

 

good luck on the mortgage!

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Agree with Hege, especially since it is just "nice to have" vs. a necessity. 

 

Applying for credit while getting a mortgage isn't a bad thing on it's own, it just depends on your circumstances. If you have FICOs comfortably above the threshold for the best rate, no issues with DTI, etc. it is much less of a concern, you'll probably just have to explain it to the U/W and it'll be a non-event.

 

The issue comes in when you get new line of credit and the INQ and new account now lowered your credit score and you no longer qualify for the best rates, or you take out a loan and it changes your DTI, etc. and now you have done something to jeopardize your mortgage approval.

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