Buying A House? Top 10 Credit Do’s And Don’ts

You’re ready to buy a house. Your credit is good. You have your down payment. Don’t wreck it by making credit faux pas during the loan process.Credit cards

1.   DON’T APPLY FOR NEW CREDIT OF ANY KIND. 

2.   DON’T PAY OFF COLLECTIONS OR CHARGE OFFS during the loan process. 

3.   DON’T CLOSE CREDIT CARD ACCOUNTS.

4.  DON’T OVER CHARGE ON YOUR CREDIT CARD ACCOUNTS. 

5.  DON’T CONSOLIDATE YOUR DEBT ONTO 1 OR 2 CREDIT CARDS. 

6.  DON’T DO ANYTHING THAT WILL CAUSE A RED FLAG TO BE RAISED BY THE SCORING SYSTEM. This would include adding new accounts, co-signing a loan, changing your name or address with the bureaus. The less activity during the loan process, the better. 

7.  DO JOIN A CREDIT WATCH PROGRAM.

8.  DO STAY CURRENT ON EXISTING ACCOUNTS. 

9.  DO CONTINUE TO USE YOUR CREDIT CARD AS NORMAL. 

 10. DO CALL YOUR LENDER if you receive something in the mail from a creditor or collection agency.