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credit tip

Tuesday, August 23, 2011 - Article by: BEDROCK LENDING - Message

Tip for your credit score in anticipation of applying for a loan or while your loan is in process with lender

DON'T APPLY FOR NEW CREDIT OF ANY KIND. Including those "you have been pre-approved" credit card invitations that you receive in the mail. Every time that you have your credit pulled by a potential creditor or lender, you lose points from your credit score immediately. The same goes for "extra 10% off" if you apply for a store card with us at retail department stores, this happens a lot this time of year while school shopping. Depending on the elements in your current credit report, you could lose anywhere fro 2 - 50 points for one hard inquiry. So don't give out that social security number until your loan is complete.

-Sonny Baker

Bedrock Lending

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