All Posts Tagged With: "cards"
Bankruptcy Fables Your Lenders Love
Should bankruptcy judges have the right to modify home mortgages? Would that be fair? Or unfair? It’s a political question, of course, and when the time came for the Senate to vote in April the count was 51-to-45 against a measure would give judges the right to change home loan terms and rates. For the [...]
4May2009 | Peter G. Miller | 0 comments | Continued
Has Your Credit Changed?
It’s a combination car, pick-up truck, and SUV. You really want it. The features are great, the style is the latest, and it’s affordable — after the downpayment the cost is only $300 a month. “Would you buy this car today if I can include the genuine wood grain, rubberized, side moldings?” asks the salesman. [...]
15Sep2008 | Peter G. Miller | 0 comments | Continued
What’s “Good” Credit?
While lenders would love to see perfect credit, they realize that few prospective borrowers can meet such a standard. That’s a good thing for lenders — otherwise no one would be able to make loans. If not perfect credit, how about “good” credit? Lenders generally allow some slack in credit activities. Within the past 12 [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
If I pay cash for everything can I have good credit?
Question: I’ve recently graduated from college, pay cash for everything, have no credit cards and live at home. How do I establish credit since I ultimately want to buy a house? Answer: In the usual case mortgage lenders might measure your credit standing by looking at utility bills, car payments, savings and rental information. However, [...]
1Sep2008 | Peter G. Miller | 0 comments | Continued
Must I Pay Off All Credit Cards To Get a Mortgage Loan?
No. Mortgage lenders do not expect individuals to be debt free — though that certainly would be helpful. What lenders do expect is that prospective borrowers will have debt which is within their means — not too much in total, and not too much in terms of monthly payments and always paid in full and [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
Can I Get A Mortgage If I Have No Credit Cards?
While a credit card or cards shows an ability to handle credit, there are other measures as well. For instance, payments for utilities, rent, student loans, auto debt, or a telephone all show financial responsibility. And — interestingly — if you do not have credit cards but have regular expenses and solid savings, there’s an [...]
29Aug2008 | Peter G. Miller | 0 comments | Continued
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