When applying for a mortgage loan.
An initial mortgage pre-qualification is an estimate of how much you can afford based on the information you submit.
Including pay stubs, bank statements, proof of earnest money deposit and other docs requested by your lender, as they will be required prior to closing.
Just one 30-day late payment on a loan or credit card can kill your mortgage qualification.
Including marital status, change in household size or change in household income (increase or decreased).
Homeowners insurance must be provided prior to closing.
Red flags are raised easily with the scoring system. If it appears that you are changing your pattern, it will raise a red flag and your score could go down.
Your pre-approval is based on your current job history and income, so making a change - even if it is moving to a higher-paying job - could change your ability to qualify for your new home.
This is fastest way to bring your score down 50-100 points immediately. Try to keep your credit card balances below 30% of their available limit at all times during the loan process.
New debt - even as a co-signer - will affect your debt-to-income ratio and credit score.
Even if they have a $0 balance. This could negatively affect your credit score.
When you consolidate all of your debt onto one card, it appears that you are maxed out in that card, and the system will penalize you.
Every time you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately.