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new fha and scared of decline

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Re: new fha and scared of decline

Actually I know it wasn’t. It still 1 more week till it shows as paid down. It was the removal of my collection account that made it go up some. Im going to keep my utilization low for the next 8 months as that is what our build is scheduled for.
Message 11 of 12
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Re: new fha and scared of decline

Just FYI you don't necasarrily have to keep your utilization low for the next 8 months unless you just want to do this for personal financial reasons. Credit scores don't keep a memory so you can charge some stuff for the next few months (even if it reports) if needed. They will have to do another hard pull close to when the home is done as the credit pulls expire in 120 days. So as long as you have your utlization back down for when they do the next credit pull it will be fine. I was in the exact situation although it took them 6 months to build my home and closed with FHA.

 

Good Luck

Message 12 of 12
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