ONCE PRE-APPROVED DON'T DO ANYTHING TO CHANGE YOUR CREDIT REPORT

By
Real Estate Agent with Ebby Halliday Realtors

Once pre-approved, don't do anything to change your credit report

Once you're pre-approved, do not buy anything on credit, or even let anybody do an inquiry on your credit until you close your new home; many lenders re-check customers' credit before funding. An inquiry is recorded on your credit history when somebody checks your credit, like a car dealership. It lowers your score, and can cause a loan to be denied if you're marginally approved. An actual credit purchase also raises your back-end ratio, which is even more dangerous. Talk to your loan officer before you consider making any credit purchase.CONTACT TONYA PEEK OR TIFFANY SHARKEY 214-356-4472 FOR ALL YOUR REAL ESTATE NEEDS.

Comments (5)

Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

It seems that no matter how many time I try to drill this into the heads of consumers I still end up with a client once a month who decides to write an offer and then goes out and buys $40k worth of furniture or a new truck.

 

Oct 06, 2009 07:02 PM
Bill Ladewig
LoanOfficerSchool.com - Escondido, CA
Experience Is Your Advantage

Your FHA GuruHi Tiffany and Tonya, excellent advice.  There are some more ideas on the same subject at:  Avoid Closing Cost Nightmares

Oct 06, 2009 07:04 PM
Mari Montgomery
Mari Realty - Huntsville, TX
Mari Realty

Tiffany and Tonya--Great point.  How many times do I hear myself have that conversation  with a buyer hoe they should buy furniture AFTER Closing.

Oct 06, 2009 07:23 PM
John Novak
Keller Williams Realty The Marketplace - Las Vegas, NV
Henderson, Las Vegas and Summerlin Real Estate

This is definitely something to be sure all buyers understand. We tell them "don't decorate the driveway until you have the keys to the house."

Oct 06, 2009 07:28 PM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Great post - thanks for sharing - will pass this on!

Oct 06, 2009 11:33 PM