You are excited about buying a Los Angeles home and have been very good about keep your credit immaculate. However the holiday season looms putting your hard work in jeopardy.
Your shopping list sits in front of you beckoning. You are probably not going to pay cash for all those gifts, or write a check. You may open store credit, apply for a new credit card, or simply jack up your balance on your existing credit card. Too many enquiries on your credit in a short period of time is going to cause your credit score to drop. Simple opening a new line of credit can cause your score to drop by 52 points and raising your credit card debt can also decrease your score by around 68.
This drop in score can cause a potential homebuyer to miss out on getting the best mortgage rate. If you are thinking of buying a Los Angeles home, The Mortgage Reports advises caution, especially during the holiday season. Don’t open any new lines of credit, finance any expensive purchases, increase your credit limit, or make any other rash financial moves.
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2 thoughts on “Thinking of Buying a Los Angeles House? Rein in your Spending this Holiday Season!”
Jane – good advice for buyers of Los Angeles homes. I think that this is great time to buy a home, and if you have the credit and the downpayment, you are going to get a great deal.
It is as good a time as any for sure.