If you are buying a home, once you get the pre-approval from your lender, do not touch your credit. Nothing. Don't buy gas. Don't buy groceries. Don't even swipe for a pack of gum. You're going back to the stone age and paying for everything with cash (OMG no! Not that! LOL) Certainly don't go out and buy a car or new furniture! Leave your credit ALONE. Don't do ANYTHING until you close. Not clear to close. CLOSE.
Your credit will be pulled *at least* twice – once for the pre-approval, and once before closing just to make sure things are still the same. Count on many more times, but know at least twice. No, getting a new line of credit will NOT help you during this time.
Now if you want to boost your credit before getting your credit pulled – absolutely that makes all kinds of sense! Talk to a lender! Have them help you get ready, so that you'll not only qualify, but you'll get a great rate!
Moving is stressful, even for experts like military families. Buying a home, especially the first time around, can be stressful, too. But it can also be one of the most exhilarating, rewarding experiences of your life! Go for the latter.
Advice from Lori Dake with Kale Realty