Protect Your Credit



Protect Your Credit

Credit is easy to lose and may be even harder to build.  Think of it as your personal reputation.  You would want one to see you how you are not as you are perceived to be.  As a former Credit Manager, it was often daunting to review case files of people who really did not understand the nature of credit and how precious it really is.

You should seek advice from those in the field; however I will touch on a few points as it relates to your getting approved for a home loan.

  1. Job History is important
  2. Open Lines of Credit should be paid timely
  3. Do not close or pay off lines of credit unless instructed to do so as it negatively affects your credit score
  4. Do not change jobs or open any new lines until after you close
  5. Lenders/Underwriters can request a Verification of Employment (VOE) as well as re-pull credit up to and including the day of your closing.

I know that you want to buy new things for your new home.  However, opening the new credit card, purchasing a new car, etc. will affect your overall credit score as well as raise your debt to income.

Your lender can give you a thorough understanding of your credit bureau as well as help you maintain or improve your score.

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All information is believed to be accurate, however, it is subject to change.