Credit Reports Under Extra Scrutiny

Credit reports are under extra scrutiny.  If you are a buyer under contract hoping to close before Nov. 30 when the first-time home buyer credit expires, you should refrain from buying items on credit.  Lenders are running credit checks prior to closing day and any increase in credit card or other debt can jeopardize the loan.  Don't even check out a new large purchase because an inquiry on a credit report could scare a lender.  What it comes down to is ... don't look until you've closed...stay out of the stores.