Increases And Decreases Of Credit Scores During Mortgage Process in 2019

Increases And Decreases Of Credit Scores During Mortgage Process in 2019



hi my name is Alex Carlucci with Gustin show comm I want to talk to you about your credit score and how it gets monitored during the process of getting a mortgage and what you need to know to make sure it doesn't affect you so what happens in an FHA process is we run your credit report it will last for 90 120 days we will not reap pull that credit report but that doesn't mean you can be derogatory or late or open your credit but it's a lot better than conventional so we're not going to be up monitoring your score but sometimes they use something happens we have to rerun it so you want to lay low so when we run your credit I'm gonna tell you not to breathe I don't want to don't don't do anything on any don't be looking for credit cards don't be shopping for furniture don't be looking for anything on your credit report don't don't even be switching jobs don't do anything but when it comes to your credit report just be quiet don't run it so if you do that then nothing's gonna change during your process not with conventional they're constantly monitoring your credit report daily so if you go out and charge 500 ollars their credit card they could ask us to report your credit if they feel like we're really at the cusp of something if you're at a 620 credit score you're going with a 49.9 DTI and also they see an increase in your balance of $500 they may ask its Laura credit report they always do one last soft pull at the very end to make sure that there's no new debt and out there and they'll find things and it will kill the deal so conventional loans do not breathe at all FHA they're not doing that but it can still hurt you so I still recommend you don't do anything so credit your you your credit will fluctuate constantly so you don't want to horse the underwriter into pulling your heart report by triggering any kind of noise so don't don't that now when it comes to increasing your credit during the process that's okay we can do that so if we know that you're going to be the next week or two you're paying some debts office and make your score go up as long as we don't lock the loan we can update your credit report and unlock the law as long as the process to within the process of the loan application you don't lock it we can do get the new credit report the higher score and then use that new squar so that's the good news about credit fluctuate on the upside is we can use it as long as we don't lock it so we know that's happening we can plan for it but if your score goes down we plan for it to go up and it goes down we're stuck with the new credit report so be careful to make sure you know exactly what you're doing when you're trying to increase your credit report so that's that's what happens with credit fluctuations in the process of getting a loan and just want to keep you informed lael all don't breathe don't switch your jobs don't do just don't do anything no cash deposits just put your payroll in during the process alone everything you're doing is getting monitored it can come up and bite you the body don't let your driver's license expired all your green card expire don't put cash in your bank account don't run your credit shopping for cars don't breathe that's what I say don't move then if you like this video please subscribe below go to Gustin short I come to see some more of our videos or blogs and my name is Alex Carlucci can call me at six-30 nine eleven five seven five five zero

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