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Beware of the rules of Lending, 6 of 12 Maxing Out
DON’T MAX OUT OR OVERCHARGE CREDIT CARDS— One of the quickest ways to destroy your chances of getting your home loan is to go on a spending spree during the loan process. Remember we covered that this also includes just applying for new credit, another DON’T.
If you max out your credit cards, or even worse, go over the limit, it can instantly drop your credit score.
Try to keep your credit card balances BELOW 30% of the available credit limit. Your credit score will love you for it.
Does all of this sound foreign? Are you used to living on the edge of your credit? Have you always had dreams of home ownership but thought that your credit wasn’t good enough?
Please contact us at the Groves-Team and we can get you back on track to owning your own home!
May 22, 2012 by Elise Groves · Leave a Comment
For over 17 years my advice and personalized high tech, but high touch service has provided the critical information borrowers need to make appropriate financing decisions, tailored to their unique circumstances. Licensed since 1977, I have the depth of experience that few of my peers possess and have built a loyal referral base of happy and delighted clients, many of whom have become friends. I would like to earn your trust, and your business, so please call me today!
