(Closed) Mortgage and Credit Scores

posted 8 years ago in Home
Post # 3
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

Eek… We were told when we were in the process of buying a house to NOT buy any more stuff until after closing. I didn’t even want to put our furniture on a credit card so I paid cash. If there is ANY way around it (even maybe renting a car for a few weeks if necessary? or carpooling?) I would do that. 

Post # 5
Member
3762 posts
Honey bee
  • Wedding: May 2010

Eek that is really tough.  I know its not ideal, but could he rent a truck for a couple weeks until you close?  I wonder if you do a longer rental if the company would get you a good rate.  I know its hard to rent a truck but maybe?

We were also told not to do anything to our credit until after we closed.

Post # 6
Member
11325 posts
Sugar Beekeeper
  • Wedding: February 2011

Maybe call and talk to your contact at the bank? The nice thing about mortgages is that they do look at you as a whole person vs. JUST the numbers. We had some issues with my job because I’m a sole proprietor as well (technically) and only have 18 months of job history. But– we worked with them and got the appropriate letters from the appropriate people assuring them I’d have money coming and it did work out. Because he could maybe buy the truck for his work (even if it hits his credit) they might understand because they can’t really expect a business to freeze its accounts for a month like people generally can. 

Post # 9
Member
3709 posts
Sugar bee
  • Wedding: May 2011

They do pull your credit report right before you close on a house, right before the settlement papers are completed I think it what I was told. I went through the process abt 10 years ago now and my little sister is going through the whole process of buying a home now. She is in VA and her car got totalled during all of the rains and her bank told her if she were to go out and make a purchase like a car prior to closing that she wouldn’t get approved. They told her to rent, borrow, whatever she had to do but under no circumstances was she to go out and finance a car. Luckily for her, she was able to purchase a used car from her leftover insurance settlement money. She said she told the guy from the bank who is processing her mortgage application that she bought a car and he almost had a heart attack…until she explained she paid for it in full.

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