Do's and Don'ts During Your Home Loan Process:

Stay current on existing accounts – One 30 day late can cost you

Continue to use your credit normally – Any changes can cause a red flag which can lower your credit scores

Call your loan officer anytime you have any questions about doing anything with your credit!


  • Don’t apply for new credit – when you co-sign on a loan or apply for a new credit card, furniture or car loan (etc), this can make your credit scores go down
  • Don’t payoff collection accounts or charged off accounts – Believe it or not, this can actually make your credit scores go down as well!
  • Don’t consolidate your debt or close credit card accounts – when you do this it makes it look like your balances are higher on the cards you have open and your ratios higher as well.
  • Don’t over charge your credit accounts – try to keep your balances 30% below their limit during your loan process and if you pay down balances, do it equally with all of them
  • Don't buy anything during your loan process that could affect your debt ratio's - this could result in a denial of your home loan
  • Don't be late on any payments - could affect your credit score resulting in denial of loan or loan you originally qualified for.

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Tim Schuck

Broker Mobile: 207-356-1211

NextHome Experience

57 Washington Street
Bangor, ME 04401