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I'm afraid my home loan will now get denied?
So my boyfriend stupidly went and opened a Lowes credit card and bought a dishwasher right before our house closing and his original credit report was 790 to 760. He did pay off the dishwasher in full so he owes nothing but I'm afraid we will now be denied home loan because he opened that card
33 Answers
- kswck2Lv 73 weeks ago
His credit rating will drop a few points, but not enough to be denied a home loan.
- 3 weeks ago
With a puchase like that, I would not worry. I would worry about taking out a mortgage with a boy friend.
- 3 weeks ago
Most home buyers should not not make any large purchases until escrow has closed and the key has been received. The buyer must retain cash, credit and low debt-to-income ratio because the lender may check these again and again right up until the close of escrow.
Source(s): LA Loft Blog - Christin KLv 73 weeks ago
If the card carries no balance now why would you be denied? Store credit cards without a current balance won't impact your credit report much. Stop worrying. And call your bank if you have questions.
- Raymond L.Lv 53 weeks ago
No. a 760 is still a good score.
BTW, what concerns me more is you are buying proeprty with someone you are not married to ????
- Anonymous3 weeks ago
Right before your closing. Your loan officer will run your report again.
If lowes ran his report as a hard inquiry then yes. Regardless if he paid off the dishwasher.
You might have to come up with a little more down payment.
- Anonymous3 weeks ago
If you're well qualified buyers this will have no effect at all.
Buying a house with a bf is unwise. Get married first.
