“My wife and I plan to buy a La Jolla home this summer. Is there anything we should do now regarding getting a mortgage?”
Answer:
Yes, I suggest you call a reputable mortgage lender and get qualified now to find out if you need to do anything to improve your credit. And here are a few things to avoid unless cleared by your lender:
1. Major purchases – Could lower your FICO credit score
2. Moving your money around – May make it harder to verify your funds
3. Opening or closing credit cards and accounts – Could lower your FICO score, even closing accounts that you’d think would raise it
4. Quitting or changing jobs – Quitting obviously lowers your income. Even changing jobs for more money could hurt if it’s in a different line of work.
5. Being late on any bills – Need I explain?
6. Having your credit run by different categories or several times over a few months – Can lower your FICO score
7. Co-signing on a loan – Not everyone realizes co-signing for someone shows on your credit report as an obligation or debt
