You just got your first credit card. Congratulations!That piece of the shiny metallic card provides you with great purchasing power. But with great power comes great responsibilities.What a common line we here from an all-time favorite superhero comic book. But such line in a fictional story holds so much truth in the real world.Your first credit card gives you many … [Read more...] about How to Not Screw Up With Your First Credit Card
Your FICO score determines your eligibility for a loan. Certain things like late payments or overextending your credit obviously hurt your score. What about credit look-ups? Do they hurt your score? You might be surprised to learn the truth – it’s probably not as bad as you think. Defining a Credit Look-Up First, let’s look at credit look-ups and what they are. They occur … [Read more...] about What Kind of Credit Look-ups Hurt Your FICO Score?
In today’s tougher mortgage lending marketplace, a good credit history is essential. It used to be that you could easily qualify for a purchase home loan with low credit scores or a recent mortgage late payment, bankruptcy, or foreclosure, but not so these days. It’s a much stricter lending environment than during the heady days of the housing boom, so you need to make sure … [Read more...] about Preparing Your Credit to Qualify for a New Home Loan
If you are in the market to purchase a house or you are planning on refinancing an existing mortgage, you need to keep a watchful eye on your debts. Sometimes, however, circumstances require you to take out a new debt, whether it is due to a medical emergency, car trouble or any other personal disaster. When you are faced with several different methods of obtaining the cash … [Read more...] about Which Debts Affect your Credit the Least?
When you apply for a mortgage, your credit card balances play an important role in the process. Even if you have a decent debt-to-income ratio, sometimes the high credit balance that you carry will affect your approval as well as your credit score. Before you apply for a mortgage, you should take a careful look at your outstanding credit card balances in relation to your credit … [Read more...] about Credit Card Balances and their Role in your Mortgage Application