Good credit is critical when it comes to obtaining the best interest rates and terms on a mortgage.
Here are some credit do’s and don’ts when looking for a mortgage.

  • DO stay current on existing accounts
    One 30 day notice can cost you.
  • DO continue to use your credit as normal
    If it appears you are changing your pattern, it will raise a red flag and your score could go down.
  • DO call your Loan Officer before making changes
    Call before making any address or credit changes that may affect your scores.
  • DON’T apply for new credit
    Every time you have your credit pulled by a credit card, store card, and/or installment debt...getting 10% off or buying furniture for a home you do not own can cost you your loan and your home. This includes co-signing for a loan.
  • DON’T close credit card accounts
    If you close a credit card account, it may appear that your debt ratio has gone up. Closing a card will affect other factors in the score, including credit history. Keep balances low, but don’t pay off accounts. Paying off accounts could negatively affect your score as it appears you lose that trade-line.
  • DON’T max out or over-charge credit card accounts
    Try to keep your credit card balances 30% below their limit during the loan process. If you pay down balances, do it across the board.
  • DON’T consolidate your debt
    When you consolidate all of your debt onto one or two credit cards, it will appear that you are “maxed out” on that card and you will be penalized.
  • DON’T deposit any un-sourceable cash into your bank accounts
    Keep transfers between accounts to a minimum as well.
  • DON’T take cash advances from credit cards
  • DON’T change your employment
    Although it may not affect your credit score, changing your employment can affect your ability to qualify for a loan! Do NOT go on leave either. We can’t close your loan if you aren’t working!

Contact Us

Gravity Home Loans - The Ashley Stockrahm Team
5240 Babcock St NE Suite 201
Palm Bay, FL 32905
Phone: (321) 458-3725

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NMLS # 1393960
Company NMLS # 2434986

Equal Housing Lender