Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

2 of 6
BACKNEXT
2. Buying a car before a house
2. Buying a car before a house
Anytime consumers open new credit accounts -- credit card, auto loan, etc. -- their FICO score could drop, according to Craig Watts, a spokesman for Fair Isaac, the creator of FICO scores.

"Hence the admonition to not open other new accounts while your mortgage application is in process," he said.

A big purchase would use up a considerable proportion of a borrower's total credit limit, which results in a drop in the score. Lenders often continue to check credit scores in the weeks before closing.

"The lender will likely slam on the brakes if the applicant's credit scores have suddenly dropped below the minimum required for the requested loan rate," Watts said.

NEXT: 3. Skimping on home inspection

Last updated April 21 2010: 2:51 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
More Galleries
Toy Fair surfaces holograms, robotic animals, dolls for boys The Toy Industry Association's annual fair revealed countless tech-enabled toys -- and some fresh takes on old classics. More
Super Bowl bound? Things to do in Houston besides the big game If you're one of the thousands of fans are headed to Houston for the Super Bowl Sunday, here are five things to do when you're not at the stadium. More
Sneak peek at Super Bowl 51 ads The ghost of Spuds MacKenzie and an ad about immigration steal the show in the swell of upcoming Super Bowl ads. Advertisers are paying, on average, $5 million for 30-second spots during Sunday's game on Fox. But if you want to watch something other than commercials, the New England Patriots happen to be playing the Atlanta Falcons. More

Special Offer