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First Time Home Buyers- Credit Card Traps

It is not unusual for first-time buyers to be free of debt. They have been saving for their first home for many months or even years. But after they move into their new home, the new homeowners are often deluged with pre-approved credit card applications from banks and stores offering credit lines. Before they realize what is happening, they can be overwhelmed with debt.

The consumer credit agencies know that mortgage companies do thorough checks before approving a loan, and those who have passed through that process are considered good credit risks. They also know that new homeowners often need to make major purchases of furniture and appliances at a time when they have depleted most of their savings accounts. After years of disciplined savings, new owners may be faced with a tremendous temptation to just say "charge it" for the things they need.

If you have just purchased a home, be aware--and wary--when those credit card applications start pouring in!
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Posted by Jason Vombaur on 05/03/2007 01:05 AM

Comments (2)

buyer, seller, buying, first time home buyer, first

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2 Comments on First Time Home Buyers- Credit Card Traps

But they sure come in handy when you first move in...the house needs some new curtains, fresh updated colors a few new peices of furnature.....I alwys tell new home buyers to not put there home in order and wait 3 months befor starting to buy things...New home buyers sometimes get shocked with water, sewer and garbage and recycle pick up...don't forget the up front deposit. Up front electrical, cable and phone hookups? What about if we have propane...I had a client that got mad because his realtor didn't tell him it would be about $450 to $500 to fill up the tank...plus the tank rental...

05/03/2007 01:41 AM

by Your Financial Coach

I always try to get the buyers to conserve some cash for that very reason. Often, those first time buyers will ask me how much their payment will drop if they put down another $4-5k. I tell them the monthly payment savings in minimal, but that cash might sure come in handy once they own the home. Keeps them from running up cards like you say!

05/03/2007 07:57 AM

by Marc Brinitzer (Big Valley Mortgage)

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