Credit Card Mania
Most people know that a checkered credit history can disqualify you for a home loan, and maxed-out credit cards can do the same thing. But what most people don't know is that merely having a large number of credit cards, even with low balances and a history of timely payments, can disqualify you for a home mortgage loan just as quickly.
According to credit experts, having a number of credit cards can be just as detrimental to the granting of further credit as a history of late payments. Lenders look at it this way: If you have ten credit cards, each with a limit of $5,000, that means you have the potential to run up $50,000 in debt virtually any time you choose. That mere possibility makes you a greater risk, from their point of view.
The moral of the story? If you are planning to apply for a home loan in the future, keep only those credit cards you actually need to use and cancel the others.
Do These Real Estate Tips Really Apply to YOU? We've learned these tips through years of experience as top real estate agents. But we know that YOUR situation might be different. That's why we're here. It's our job to personally advise homebuyers and sellers. Ask us if any tip that we've included here really applies to your situation. Do any of these tips raise questions for you? Didn't find what you're looking for? Let us know! We are happy to answer ANY questions. It's our job! There's no obligation, and we promise to get back to you quickly...
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How many step are there leading to the top of the Eiffel Tower in Paris, France?
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| A |
Visitors who walk to the top must go up 1,792 steps. |
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