Last year, I started searching for a house and got pre-approved for a mortgage. However, I couldn’t decide on a location and was also unsure of what I wanted. I got discouraged and stopped my search.
Now that I’ve had almost a year to think it over, I know what I want. Out of curiosity, I searched on har.com just to see what’s out there. Well guess what? I found the perfect house in just the right location. It’s close to work and to the gym. There’s also a nice park nearby with a man-made lake and the house is in a nice neighborhood. It’s everything I want.
I was excited and decided that I must check my credit score again since it’s been almost a year so I can go ahead and start searching for a mortgage with a good interest rate. Much to my surprise, my score has dropped close to 100 points!!! I was devastated. I couldn’t understand what had happened.
I finally analyzed the report and looked at the indicators. It seems like I’ve had late payments on my credit cards. I looked up my statements for the past year and found some late payments by only 5 days but I always pay in full. In some cases, it took the credit card company as long as 7 days to process my payment. I’m going to call the credit card company tomorrow and I’m hoping that I will be able to get them to remove the late payments (there’s 4) from my credit report. I also found an address error on my credit report and the last one is a rookie mistake on my part… I use one credit card for EVERYTHING and my revolving balance is too high. I’m going to start using cash or checks again so that my credit card balance is closer to 10% of my credit limit.
I’m realizing that I got careless this past year and I’m upset with myself now that I’ve found a house that I think is perfect for me but now I have to raise my credit score before inquiring about a mortgage loan.
Please pray for two things; pray that I will be able to raise my credit score back to what it was as soon as possible AND that the house will stay on the market for when I am able to get a pre-approval letter from a bank.
Thank you for reading my prayer request and I thank you in advance for saying a prayer for me.