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Further
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How to Refinance Your Home - Tony
Refinance Your Home - There are several reasons why you should consider a refinance mortgage on your home loan. When you refinance your home, you can cut your monthly mortgage payments. In addition, you can tap into your equity, or your...
Who Said Small Business Was Fun and Freedom - Syd Stewart
Who Said Small Business Was Fun and Freedom Learn from Nature - How to Win Fun and Freedom You're working all hours and have no friends or hobbies. Your family think you're a distant relative. You complain about not being able to find time to...
Why PR Packs a Punch - Robert A Kelly
Please feel free to publish this article and resource box in your ezine, newsletter, offline publication or website. A copy would be appreciated at bobkelly@TNI.net. Word count is 775 including guidelines and resource box. Robert A. Kelly © 2003....
CHINESE TAKE-OUT: Oriental Business Principles Demystified For Online Enterprises - Gunnar Berglund
“The expectations of life depend upon diligence; the mechanic that would perfect his work must first sharpen his tools.” - Confucius Chinese people are well-renowned for their industriousness and extraordinary minds for business. Cases of our...
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Good Credit -- Essential for the Prospective Home Buyer
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Written By:
Justin Smith
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Credit is a funny thing. It can be a useful tool in the hands of an informed individual, or a weight of burden to the unsuspecting. One thing is for certain, you must have a decent credit score to attain a quality mortgage loan.
We speak to hundreds of individuals each month that are in the market to buy property. Unfortunately, many of them have less than desirable credit scores, and because of this, are not able to get prequalified for a loan.
There are numerous reasons for bad credit scores: bankruptcies, late payments, large credit balances, and a host of others. There are many legitimate reasons a person may have bad credit, but frankly, most of the people we talk to have simply made poor financial decisions.
In most cases, bad credit can be easily avoided:
1. On revolving credit card balances, make sure you pay your minimum balance each month. You will even receive a slight credit boost if you pay over your minimum amount, so do it if you can.
2. Avoid "maxing" out credit card accounts. Credit cards are good to have to build your credit, but make sure you keep your spending under control. Preferably, you should be able to pay off any CC balances completely in the same month you spent the money.
3. If you need to make any big purchases, avoid the temptation to place the entire purchase on your credit card. Instead, put money aside each month until you have enough for the purchase. Remember, - continued below ...
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just because you have a big spending limit on your cards, doesn't make it your money! You have to pay every penny back plus interest!
4. Try to think of a credit card as a tool for building credit as opposed to a tool for buying the things you want. You spend a small amount each month, and pay it off immediately. This will spike your credit score, and keep you out of CC debt.
5. Make sure to pull your credit rating at least twice a year. This will give you a good feel for what your score is, and most credit score reporting services will give you a detailed explanation for why your score is where it is. If you find any errors, make sure you report and resolve them immediately. It can be long and gruesome work to get a negative mark removed from your credit record, but it can be well worth it when it comes time to buy a house.
I hope some of these tips will be helpful for you as you try to be a good steward of your finances.
You may also want to check out these free resources:
www.FamilyCredit.org
www.DebtFreeChristian.org
Justin Smith is the President of the Christian Real Estate Network - http://www.HisMove.com
About the Author
Justin Smith is the President of the Christian Real Estate Network -- http://www.HisMove.com
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| _Additional Resources ... |
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Top Ten Tips About Communication with your Employees Effectively - Martin Haworth
Employees need to have the most effective communication directed at them to ensure they deliver. Yet managers in business and organisations so often fail to grasp the basics. These Ten Tips will help you to get the message across the most...
Ordering the Right Credit Reports to Repair Your Credit - Todd Disraeli
In this week’s article, I am going to offer some valuable tips and insight regarding how to order the right credit reports needed to repair your credit. Believe it or not, a majority of the credit reports offered on the internet don’t have the...
How Not To Get Hooked By A "Phishing" Scam - Dean Phillips
First of all, for those of you unfamiliar with the term, "Phishing" is a high-tech scam that uses spam or pop-up messages to deceive you into disclosing your credit card numbers, bank account information, Social Security number, passwords, or other...
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