15 Things That Can Lower Your Credit Score

Dated: 04/30/2014

Views: 3707

Your credit score is a confusing thing. Even small things can reduce your credit score or cause loan approval problems and you may not even realize it. If you are applying for a mortgage loan, consult with your loan officer before doing any of these things. 
  1. Apply for any new credit card, or loan.
  2. Change jobs, even for a better job. Consult first.
  3. Pay a bill in collections. Consult with your mortgage broker about when to pay it.
  4. Open new bank, credit, utility or service accounts. Don't Inquire about lowering your interest rates on any current account.
  5. Shop for furniture, a new car, or any major items, which may result in your credit being run.
  6. Deposit over $300 into a bank account you may have to document the source and reason.
  7. Use funds from family or a friend to pay for things related to the purchase of your home (like the down payment, appraisal, earnest money ), gifts are NOT allowed by some major loan providers.
  8. Let your bank statements to go into a negative balance. You might be required to give those statements to the bank.
  9. Miss a payment on a credit credit card, utility or service.
  10. Transfer money from one account to another. Keep your accounts easy to explain and understand.
  11. Close existing bank or credit account.
  12. Co-sign on any accounts.
  13. Make large purchases such as furniture, vehicles, jewlery etc.
  14. Stop paying any bills for services or utility.
  15. Give notice to a tenant to move out, or your landlord  30 day notice.
If you need help getting your credit record corrected or brought up to date please contact us. We can help you turn a mortgage NO into a YES and help you start moving forward in your financial growth. 

Joel Robertson
Realty Central
joel@realtydayton.com
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David Cooper

Real Estate Broker....

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