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Credit Card Wisdom

By
Mortgage and Lending with Castle & Cooke Mortgage, LLC, NMLS #1816289 NMLS #37810 /1251

Paying revolving credit cards down is generally more beneficial than paying down student, mortgage or auto loans. Always leave a 30 percent or higher gap between what you owe on the card and the card's limit. Lenders look for this minimum gap, use cards with care even if you pay off balances each month, depending upon statement dates, the lender may see big balances.

Pay down the cards closest to their limits first for speedier credit repair. The lending bank will then see the gap it wants to see. Do not ask a creditor to lower credit limits. Generally, carrying smaller balances on several cards is better than one large balance on one card. Check your credit card limits to make sure the report is correct. Limits may not be reported on all cards.

Never make a late payment on credit cards or any loan.

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Comments (4)

Stephen L. Skakandy, CRS
RE/MAX Elite Realty Group - Camp Lejeune, NC
Expert Communicator, Skilled Facilitator

Suzi,

You wrote a great, quick post; thank you for sharing. The 30% rule of thumb is a great number for people to keep in mind. This should help a lot of folks out.

 

Jul 25, 2014 05:58 AM
Suzi Boyle,Manager 37810/1251
Castle & Cooke Mortgage, LLC, NMLS #1816289 - Boise, ID
Awarded"Nation's Top 200"--10 times

Thanks Stephen

Jul 25, 2014 06:11 AM
Randy Shamburger
Movement Mortgage - Greenville, SC
FHA, VA, USDA and Conventional Mortgage Expert

Excellent tips, thanks for sharing.

Have a Big day,

Randy

Jul 25, 2014 06:17 AM
Anonymous
Suzi Boyle

Thanks Randy

Jul 26, 2014 01:04 AM
#4