Credit Standards Stiffen: What You Need to Know

Thinking about getting new furniture for the house you just bought? Or maybe you need a new car? You've already completed your mortgage application and your lender has already pulled your credit report, so why not start shopping?

Don't even consider it. Under new rules that take effect June 1 your lender will need to monitor your credit inquiries from the time you apply for the mortgage until the day of closing. While a credit report will still be good for 90 days, lenders that want to sell the loan to Fannie Mae have the obligation to monitor your credit activity until the day of closing.

Fannie Mae recommends a number of ways to do that: