THE TOP 10 CREDIT DONT'S DURING THE LOAN PROCESS

THE TOP 10 CREDIT DONT'S DURING THE LOAN PROCESS
1. DONT'S DO ANYTHING THAT WILL CAUSE A RED FLAG TO BE RAISED BY THE SCORING SYSTEM. This would include adding new accounts, co-signing on a loan, changing your name or address with the bureaus. The less activity on your reports during the loan process, the better.
2. DONT'S APPLY FOR NEW CREDIT OF ANY KIND. Including those you have been pre-approved credit card invitations that you receive in the mail or online. Every time that you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately. Depending on the elements in your current credit report, you could lose anywhere from one to 20 points for one hard inquiry.
3. DONT'S PAY OFF COLLECTIONS OR CHARGE OFFS during the loan process. Unless you can negotiate a delete letter, paying collections will decrease the credit score immediately due to the date of last activity becoming recent. If you want to pay off old accounts, do it through escrow at closing.
4. DON DONT'S MAX OUT OR OVER CHARGE ON YOUR CREDIT CARD ACCOUNTS. This is the fastest way....read the rest of the article at www.HomeINBrevard.Com http://www.homeinbrevard.com/newspost693-top-ten-credit-donts.aspx