Tag Archive for: debt

Credit Pitfall: High balance on a small credit card

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One of the biggest credit pitfalls people fall into is when they have a high balance on a small credit card. For example:

You have a $500 credit card and charge $400 on it. When creditors see you’re using 80% of your available credit, they mark you as HIGH risk. Now, let’s say you have a $1,000 credit card and charge $400 to it. Guess what? You’re no longer a risk because you’re only using 40% of your credit instead of 80%. To creditors, this means you’re a responsible, savvy, frugal adult.

Go you!

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Do you think credit is out of reach?

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Do you think credit is out of reach? Guess what? It’s not. Even if you don’t have any credit, you can still get credit. There are people out there who have a total credit score of zero. In fact, almost 11% of Americans either do not have credit or have too little credit to score. But, it’s always available. You just have to work for it.

To learn more credit strategies, and how you can get a mortgage when the bank says no, go to smartwithdebt.com.

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What’s a Good Credit Score?

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What does a good, solid, lender-friendly credit score look like?

In the mortgage industry, lenders like to see scores above 760. Anything under 660 could get a Simon Cowell-like rejection. Okay, maybe not that harsh, but still. You’ll risk hearing “No” more than “Yes” if your credit score is too low.

Do you know what your credit score is? To find out for free, go to AnnualCreditReport.com. You can also pay to get your FICO scores by going to MyFico.com.

To learn more about credit, and how you can get a mortgage when the bank says no, go to smartwithdebt.com.

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How Can Smart with Debt Help You?

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As Smart with Debt team, we want to cheer you on, and train you to avoid heartbreak during the homebuying process. Our goal is to teach you:

  • What the heck a credit score is.
  • How your age affects your credit.
  • Why bad credit will cost you more—a lot more—by the time you reach retirement.
  • How to manage your credit cards.
  • How the mortgage approval process works and how to get approved despite poor credit.
  • The myths and truths about credit.
  • How to deal with pesky collectors.
  • How to avoid common credit traps.
  • How to keep your credit and enjoy life more!

Essentially, we want to show you how to live the life you’ve always dreamed of.

To learn more about credit, and how you can get a mortgage when the bank says no, go to smartwithdebt.com.

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How is your credit score calculated?

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So, how is your credit score calculated? Let’s see what Kal Penn has to say about it!

 

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