6 Credit Donts For First Time Homebuyers

6 Credit Donts For First Time Homebuyers

Tips on how to keep your credit as high as possible:

  • Don’t apply for several credit cards in a short period of time.  Looking for new credit can be seen as a higher risk and lower your score (most likely the FICO score).  However, mortgage or auto loans credit inquiries in a short period of time shouldn’t affect your score

  • Don’t move your debt around.  It is best to pay down your revolving credit instead of moving it around.  Actually owing he same amount on fewer accounts may lower your score.

  • Don’t close unused credit cards to raise your score. Closing an account doesn’t make it go away.  It still appears on your credit report and may count towards your score.

  • Don’t open several new credit cards you don’t need to increase available credit.  This can backfire and may end up lowering your score.

  • Don’t quickly open lots of new accounts if you are starting out.  New accounts lower your average account age, which isn’t good.  Rapidly opening new accounts also looks risky for new credit users.  Take it slow.

  • Don’t open new credit cards to have a better mix.  It won’t raise your credit score and may even lower it.  Open only as needed.

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Dated: August 3rd 2016
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