Credit Do’s and Don’ts During the Lending Process

Did you know that your credit report is pulled twice during the lending process? Once in the beginning during the pre-approval stage and again right before your closing. During this time period it is imperative that you don’t do anything that could impact your credit score or your loan. Here’s what to do and not do to protect your credit while you are in the process of purchasing or refinancing a home.

Don’t Apply For New Credit

Refrain from taking out any new credit cards within the three to four months before you apply for a mortgage or while in the process of securing a loan. When you apply for a new line of credit with a company or retailer they will run your credit report to make sure you qualify for their card. This can decrease your credit score, which can push you into a lesser credit score category…