The Link You Didn't Know Between Your Credit Card and Your Mortgage

     Believe it or not, but there is a link between your credit card, and your Louisville mortgage. However, it doesn't have to do with using it with an 30% interest rate. The link lies in your credit rating. If your score isn't pleasing to the eye, you may find it much more difficult to get obtain a mortgage. If you want a loan, you need to make sure your credit card payments reflect responsibility, so this way the bank will consider you a safe risk.

     Credit Card problems- If you have or had any credit card problems they will be reported to the credit agencies. Just paying one bill late can have a significant impact on the look of your score. Black marks show up anytime your payment is late; and too many of these black marks will inhibit your ability to get a loan. Always make your credit card payments on time! Lenders will see you as a responsible credit card holder. When applying for a credit card, these files will be pulled up and assessed. Having good credit history is one of the most important part of getting approved for a loan.

     Purchasing with your Credit Card- Another thing that will be looked at is how much credit you have available. If you are considering buying the newest HD TV, you should wait until you get a mortgage first before buying it.

     Applying for new Credit- Do not apply for any new credit cards when trying to get a mortgage. It is best to look like you do not need any extra credit; and when you appear like you need more credit, it will turn lenders off. When applying for a mortgage, it is best to lay low with your credit so you don't raise any red flags. Make sure you pay every bill on time, and do NOT apply for any new cards.

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