Real Estate News About Woodbridge, Mount Vernon, and Lorton Virginia: Buyers Avoid Using Credit Cards Between Contract And Closing

Buyers Avoid Using Credit Cards Between Contract And Closing

Buyers Avoid Using Credit Cards Between Contract And Closing

Do Not Open New Charge Accounts

Do Not Buy ANYTHING With A Credit Card

Underwriters Now Required To Pull A Fresh Credit Report On Your Settlement Date And If Your Score Has Changed The Deal Could Be Dead

erick blackwelder woodbridge realtor exit realtyIn days of old, lenders would pre-approve buyers, based on credit scores, employment, income, and debt amounts.  Next, the loan package would be reviewed and blessed by an underwriter.  Done deal.

Not anymore...

Underwriters are now required to pull a fresh, updated credit report the day you close the sale to see if your credit score has changed.  If your score has dropped even one point, the loan is cancelled.  

You're stuck with your belongings in a truck, with nowhere to go.

So don't go out prior to settlement and buy a flat screen TV for your new family room with your Visa card; Don't open a charge account at a furniture store to furnish the house; If you MUST make a major purchase, call your loan officer first.

You can do all that AFTER you close the loan and take possession of your home.


 Text my phone at 703-677-1120, or call my cell at the same number, or contact me now by email Click Here 

Erick Blackwelder -Woodbridge VA 22192Peggy James Lake Ridge VA 22192


Erick and Company-Top Realtors Woodbridge VA

Contact Peggy James or Erick Blackwelder  of Erick and Company - Exit 1st Choice Realty,14029 Crossing Place,  Woodbridge VA. 22192. Realtors®, call 703-851-3085 (Peggy) or 703-590-2252 (Office) to list your property for sale or to purchase a property in Lake Ridge, Westridge, Old Bridge Estates, River Falls, Middle County, Manassas, Montclair, Dumfries, Occoquan, Dale City, Gainesville area's

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Erick BlackwelderCall or text Erick Blackwelder right now for help finding a home, or help selling your house.  

Don't worry... Erick doesn't bite, and you won't get a sales pitch.  Text or call Erick now at 703-677-1120 for a FREE consultation.

CLICK HERE NOW to search the Multiple Listing Service (MLS) for homes for sale in and around Woodbridge, Lorton, and Mount Vernon.

Exit Realty Associates
8998C Lorton Station Blvd
Lorton, VA  22079
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Comment balloon 2 commentsErick Blackwelder • August 26 2010 04:51PM


Get used to operating on a cash basis, paying credit card balance and not carrying them month to month.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) over 9 years ago

We used to run all our business expenses through an American Express account.

Then I read a marketing book (cannot recall which one) that compared folks who pay cash vs those who pay with plastic.

Those ones who pay with plastic are more likely to buy more and spend more when they shop.  In fact, they often add impulse purchases at the check-out aisle.

Whereas cash buyers carry a limited amount of cash, and think through each purchase before they spend the money.

So I cancelled the Amex, began paying recurring business expenses with a debit card, and my wife gives me a weekly allowance of cash.

Our net pay has improved, and our spending is given more consideration.

Posted by Erick Blackwelder, Text or call Erick now at 703-677-1120. (Cell: 703-677-1120) over 9 years ago