It’s important to stay on top of your credit report on at least an annual basis – and now, you can obtain a free copy of your credit report – with no strings attached… IF you go to the right website. If you pick one of the 3 major credit agencies website, there are strings.
To obtain your bonafide free copy of your credit report – go here.
In today’s crazy lending world, credit matters more than ever. Lenders are tightening the strings and you want to make sure you know what you should do.
Here’s a few things:
- Get pre-approved (not just pre-qualified) before looking at any properties
- Do not make a single purchase using a credit card until the day AFTER your property closes and records
- Do not make a single purchase that isn’t CASH or DEBIT – no new cell phones, no new utilities, NOTHING.
- Do not open ANY new lines of credit, no matter what
- Do not close ANY lines of credit, no matter what
- Do not pay off ANY lines of credit (unless your lender specifically tells you to do so).
These are incredibly important steps to follow right now. We’ve had people with extensive income and credit become disqualified because of opening a new cell phone account, opening a new store card that they promptly pay off at the register, etc. If you want your new property enough, everything else can wait.