got mortgage offer today - yay!! will credit rating be up or down?

techmob

Someone told me today that when you get approved for a mortgage your credit rating goes up. can anyone confirm if that is true or not

thanks

opinions4u

Wrong.

I'd suggest not applying for any more credit until after you complete the purchase - if you generate multiple searches before then and the lender re-checks, you could lose your offer.

On the other hand, a homeowner does, generally speaking, achieve a higher credit score. This is often ofset by a reduction in time at address though!