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I'm in a weird position. I'm in the process of closing on a home. I've signed all the papers, but we found an error in the HUD-1 so it will be few more days before I sign again and close on the property.
My situation is that my company is sending me on travel and they need me to apply for a corporate credit card so that all my expenses go onto that card. Unfortunately, they do a hard credit check on me during that process as I would be responsible for paying the balances (then get reimbursed by the company).
So, question is can I go ahead and apply for the card now, or should I still wait until I get the keys to the home in my hand? There is a sense of urgency as my travel date is coming up quickly and it takes 5-10 business days to get the credit card.
My credit score is close to 700 and don't want it to go any lower.
Ideally, I would wait till the investor purchases the loan from the lender. Since that isn't practical, I would make sure everything is fine and dandy and then wait another week after that. Not that you couldn't apply before this time period, but you don't want any issues with your loan whether it's your fault or not.
Will you have any new charges on that card before you close? You are only required to have a valid explanation and no new debt. I would think with a letter from your immediate supervisor (on letterhead) detailing this is needed for corporate travel, you would be fine, EXCEPT if you suddenly have airline tickets and hotel rooms on that credit card.
Personally, I would wait until AFTER. I find it hard to believe the only way you would be reimbursed if it's on that card. More likely, it's the only way that debt wouldn't be co-mingled with your own. But even if you put it on a personal card, they will be watching for an increase in balances and you would have to go back into underwriting if those balances move up over 5%.
This is a situation every employer is going to have to be sensitive to in the future.
Don't change anything. They can and most likley pull a last minute CR.
yep
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