The holidays are upon us. On TV this morning they were talking about pitfalls of credit cards this shopping season. One thing they mentioned that I wanted to pass on: If you're house-shopping, it's a very good idea NOT TO APPLY FOR ANY NEW CREDIT!
With minimum credit scores and no leeway on qualifying ratios, applying for a new card might lower your ratio or put your debts too high and you could loose that house you were planning on buying. I'd hate to see anyone unable to get a loan because their score was to low because they opened an Old Navy card to save $10 off their purchase. RESIST THE TEMPTATION to open any new credit if you're trying to get a home loan. Even if you've already been to your lender, that credit report can't be more than 120 days old or we have to do another one. Your score may have been high enough, but with inquiries and new credit, a new report might get your loan denied.
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