Don't Max Out Your Credit Cards

By
Mortgage and Lending with Primary Residential Mortgage Inc. NMLS 3094 NMLS # 260747

Credit scores are a major component in getting approved for a mortgage loan.  Maxing out your credit cards can have a major impace on your credit scores. 


Yesterday I met with a client who had a $300 limit on a credit card, but had  a balance of $275. Becuase of this, the credit scores were 30-50 points less than they could have been if that balance was -0-!

If you, or you have clients that are comptemplating getting approved for a mortgage loan, reveiw your revolving debt and take a look at your limits and balances and see what you can do to get them paid down. Low credit scores can be the difference between qualiyfing for a loan program and defintately on your final interest rate and closing cost. 

Posted by

Rick Costa

rcosta@bayeq.com

707-981-7349

www.rickcostamortgage.com

@rickcostamortg

 

 

NMLS # 260747 Representing Bay Equity Home Loans NMLS # 76988

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Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Good information and something I see so many folks doing!

Jul 07, 2016 01:09 AM #1
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Rainer
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Rick Costa

FHA/VA/USDA expert
Doing the hard to get done loan!
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