Attention home buyers please be advise to not go on an "applying spree" after you qualify for a home loan. It can adversely affect their credit scores, causing the scores to drop before the loan closes. Damage can come from: 1. applying for department-store credit cards; 2. getting an auto-insurance quote; 3. opening new bank accounts; 4. co-signing on someone else's loan; and 5. returning the application for preapproved credit cards.
These steps may not seem like a very big deal, but believe me it can make a difference between obtaining or not obtaining a loan.
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