In the last week I’ve had a couple of customer/clients with credit commit credit faux pas. One customer paid old delinquent accounts to clean up the report. This made an old line new and more relevant and dropped the credit score 35 points. This was all done at the recommendation of a mortgage broker. It matters who you work with.
Another started shopping for a home and evidently much more. This client had almost 20 inquiries in the last month. Numerous recent inquiries will drop you score so if you are looking for a house don’t let anyone pull your credit. Lenders will scan your report at the application and just before the close. If your score drops you may not close.
Bonus Had a client earlier this year get approved to buy, find a house, get it under contract, and just before closing her score dropped. I thought the transaction was dead but my mortgage pro saved it, and skillfully I might add. Its not over until the deed is recorded.
Ron Allen, Fayetteville NC Real Estate Agent
