If you are planning on buying or refinancing a home in the next year you must BEWARE of in-store financing because it will lower your credit score. The mortgage and banking worlds are very focused on your credit score and the lower the score the higher your interest rate.

"Would you like to save 15 percent on your purchase today?" We've all heard the pitch at the department store before.

This kind of instant in-store financing -- along with the offers of zero percent interest on larger purchases like appliances or furniture -- is a favorite among consumers.

But should you go for it? The reality is that opening in-store financing can actually demolish your credit score.

Here's why: A big part of your credit score is based on the amount of your available credit that you're using. Those store cards typically have smaller limits and it's very easy to max them out.

Ideally, you want to stay below 30 percent usage on credit cards of any type. For example, if you have a card with a $10,000 limit, try to use no more than $3,000 of it at any one time.

In the 18 years that I have been in the mortgage business, I have successfully closed over 3,000 loans that total to almost $1 billion in production. My goal is to make your mortgage experience as easy as possible. Call me today for programs including 100 financing. 864-451-7894