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Dez asked in Business & FinanceCredit · 3 weeks ago

I'm afraid my home loan will now get denied?

So my boyfriend stupidly went and opened a Lowes credit card and bought a dishwasher right before our house closing and his original credit report was 790 to 760. He did pay off the dishwasher in full so he owes nothing but I'm afraid we will now be denied home loan because he opened that card

33 Answers

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  • kswck2
    Lv 7
    3 weeks ago

    His credit rating will drop a few points, but not enough to be denied a home loan. 

  • 3 weeks ago

    With a puchase like that, I would not worry. I would worry about taking out a mortgage with a boy friend. 

  • 3 weeks ago

    Most home buyers should not not make any large purchases until escrow has closed and the key has been received.  The buyer must retain cash, credit and low debt-to-income ratio because the lender may check these again and again right up until the close of escrow.

    Attachment image
    Source(s): LA Loft Blog
  • 3 weeks ago

    If the card carries no balance now why would you be denied? Store credit cards without a current balance won't impact your credit report much. Stop worrying. And call your bank if you have questions. 

  • Summer
    Lv 4
    3 weeks ago

    You sound paranoid. Chill. That should only help his credit rating.

  • 3 weeks ago

    No. a 760 is still a good score.

    BTW, what concerns me more is you are buying proeprty with someone you are not married to ????

  • Anonymous
    3 weeks ago

    Right before your closing. Your loan officer will run your report again. 

    If lowes ran his report as a hard inquiry then yes. Regardless if he paid off the dishwasher.

    You might have to come up with a little more down payment.

  • 3 weeks ago

    It will have no effect.

  • Anonymous
    3 weeks ago

    If you're well qualified buyers this will have no effect at all.

    Buying a house with a bf is unwise.   Get married first.

  • Tasm
    Lv 6
    3 weeks ago

    Might affect your interest rate is all. 

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