This is certainly more geared towards the guys, but once I saw the headline it made me want to read and share with everyone.
It’s a list of 5 things you can learn about credit from popular gangster movies.
Here is the link, enjoy! Credit Advice From Gangster Flicks
One of the most important factors that affects your credit score is the total balances versus the total available credit limits.
Most people don’t realize that the balance on your credit card can affect your credit scores almost as much as a late payment. Now, it doesn’t matter the balance on a specific credit card, unless you only have one card open, but the total amount of all balances of your cards versus the total available credit.
Example: If you have 3 credit cards, all with credit limits of $1000, your total available credit is $3000. If you have a balance of $300 on all three cards, your total balance is $900. Take $900 (the total amount of balances) and divide that by $3000 (the total available credit) and you will get a percentage of 30%. If this percentage exceeds 30%, it will start to affect your credit scores.
Some people ask if they should close a credit card account, because they don’t use it anymore or want to avoid using it. Well, this could affect your credit score.
Take the example above and let’s say you transferred that $300 balance to one of the other cards and closed that credit card account. Now, you have two credit accounts open, but you still have the same total balance of $900. Take the $900 in total balances and divide that by the total available credit, which is now $2000 and the percentage becomes 45%. This will affect your credit scores.
Before you close a credit card, figure out your total balances and total available credit, so you will know if it will affect your credit scores.
Learn more about credit:
Credit Advice About Choosing A Credit Card
Understand The Simple Steps To Build Credit Scores
Top 3 Things To Improve Your Credit Score
Money management has become very important, since many American households have lost some sort of income.
This website that has become very popular with helping people manage their money for free.
Recently they have created an iphone application. Go here to read about it.
What I think is great about this site having an iphone application is that you have immediate access to your daily money management budgets. Since the purpose of this site is to manage your daily expenses to help stay on track with budgets, this iphone application is a must for those iphone users that are on there phone constantly throughout the day.
Hope this website helps you with tracking your day to day expenses. Heck, you may just realize how many StarBucks you drink in a month!
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It’s important to our readers that you find all the mortgage advice and credit advice you can possibly find. So, I have taken the time to list a few places that you should visit and soak up all the mortgage advice you can take.
Hope this helps!
Mortgage Advice Forums- I personally subscribe to this forum and help answer questions that people may have. Bruce Brown, the creator, is very good at responding to everyone’s questions and concerns when looking for mortgage advice.
Zillow- Great place to get all kinds of advice, not just mortgage or credit advice. Zillow has been around for awhile now and has been very popular with real estate in general. If you haven’t heard of them yet, take the time to browse over the available advice and go from there.
Mortgageloan.com – I personally get many questions from the site, because of the amount of people that go to it for questions and advice. Great place to soak in some more mortgage advice and mortgage news.
Lexington Law – Credit Report Repair - Credit advice for anyone that needs help with correcting things on their credit report. What’s great about them is that you can call their 800 number and talk to someone that will tell you if they can help you or not, right from the start.
Ask Max – Very helpful information when it comes to credit advice. There is also advice about paying off debt or debt consolidation. I even browse this for myself from time to time.
Equifax - Not just a place to pull your credit report. They have a learning center that is very educational for credit advice. It also very important you look into identity theft protection, since this is the highest form of theft today.
I cannot stress enough the importance of your credit scores, whether you are thinking about buying a home or buying a new car. I’ve talked about understanding the simple steps to correct your credit scores, but some people still don’t realize the importance of the credit scores.
Your credit scores will have a major impact on the type of interest you will pay on your mortgage. I’ve gone over how important your credit scores are in “Credit scores are very important, but how important?”.
Your credit scores will also have a major impact on whether or not you will get approved for a credit card. It’s important to take the time to check your credit report for errors and get things corrected if needed.
As for mortgages today, most lenders are requiring a minimum of a 620 middle credit score for approval. I say the middle score, because in the mortgage world we pull credit on all three major credit bureaus. Of the 3 different credit scores, the middle one will determine approval and interest rate.
There is one mortgage program called Rural Housing, which allows below a 620 middle credit score. The lowest middle scores I’ve seen get approved with this program lately is a 600. In order to get a 600 middle credit score approved, you will need compensating factors. Examples of compensating factors would be liquid assets, a lower debt to income ratio, larger down payment, etc.
As our economy slowly gets better over the next few years, lending guidelines will continue to be tighter. Again, please take the time to look at your own credit report at least once a year. Take a look at freecreditreport.com and get access to your credit scores, along with credit protection.
If you need help with fixing your bad credit, Lexington Law – Credit Report Repair is a very good company. A bunch of my own clients have said their service is great and they will tell you upfront if they can help you or not.