Top 10 Credit “Don’ts” During Your Real Estate Loan Process
- Don’t do anything that will cause a red flag to be raised by the scoring system (buying auto loans, increasing debt, co-signing for others……etc)
- Don’t apply for new credit of any kind
- Don’t pay off collections or charge offs
- Don’t max out or over charge on your credit card accounts
- Don’t consolidate your debt onto 1 or 2 credit cards
- Don’t close credit card accounts
- Don’t pay late
- Don’t allow any accounts to run past due-even one day!
- Don’t dispute anything on your credit report
- Don’t lose contact with your mortgage and real estate professionals
Content provided by Linda Ferrari, leading nationwide credit expert and President of Credit Resource Corporation.
Feel free to contact me with any questions or for more information.