- Don’t apply for new credit of any kind. If you receive invitations to apply for new lines of credit, don’t respond. Likewise, don’t establish new accounts or incur more debt.
- Do keep all existing credit card accounts open. If you close a credit card account, it can affect your ratio of debt to available credit and impact your credit score.
- Don’t MAX OUT or overcharge existing credit cards. Running up your credit cards could negatively impact your credit score. Try to keep your credit card balances below 30% of the available limit.
- Do maintain your employment and income at your current job. Employment stability is a big factor in the underwriting loan process. Quitting or changing jobs or even positions within the same company can greatly affect your loan approval. Notify us immediately of any changes to your job, position or income.
- Don’t consolidate debt to one or two credit cards. Look to maintain your ratio of debt to available credit. You want to keep an active beneficial credit history.
- Do pay off collections, judgments or tax liens reported within one year.
- Don’t make any large purchases or change your asset picture. Maintain your current assets. Don’t change investments, close or open accounts during the loan process.
- Do stay current on your existing accounts. Maintaining a good account history is important to the loan process.
- Don’t make any large deposits into any of your accounts. Deposits exceeding past history will be questioned and must be documented and explained.
- Do call us. Our team stands ready and prepared to help through the loan process.