Should you apply for that new credit card or loan?
By Jana Schmidt, Jana L. Schmidt
(John L. Scott Renton)
Managing credit is tricky. You need to open and maintain accounts to show prospective lenders your trustworthy of managing credit, yet if you open too many at once, they may judge your harshly for it. Opening new accounts shortly before or duing your mortage application process can derail your entire home buying plans and dreams. It's critical to discuss any new credit applications with your mortgage broker or lender before giving permission for someone to run your credit.I once bought some new clothes at Nordstrom's and at the check out was informed I could save up to $80 dollars by opening a department store credit line. I wasn't in the market to buy a home at the time, so I went ahead and took advantage of the opprotunity to save a little money. I noticed a couple months later that i...
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