This is the eighth article in a blog series on how different factors can affect your credit score analysis as you get ready to buy a Northern Virginia home. These are the articles we’ve covered so far: Part 1, Part 2, Part 3, Part 4, Part 5, Part 6, Part 7.
Your Credit Score Analysis – Applying for Credit Continued…
A tip here, if you are looking to apply for car, student or home loan, is to apply to all of your options in under a 45 day period. It will minimize the negative effect on your credit history because, when reported, similar inquiries will be lumped together and looked at as one inquiry, rather than four or five.
Cash Advances
Taking the offered cash advance on a credit card can be tempting but can be looked at negatively, making a lender think you are either desperate for funds or that you may have lost your job. Let's face it, not many people will take a cash advance so that it can just sit there in a bank account untouched. Also, the interest rates on a cash advance are much higher than the interest rates for charges on the same card. Many people don't realize how much taking that cash advance can impact their credit score analysis.
Read Part 9 in my blog series on how lenders will evaluate your credit score analysis.
Email me at DarrenRobertsonHomes@gmail.com for a free report on how you can qualify for down payment assistance when buying a Northern Virginia home!