There is a direct link between your credit cards and mortgage in Louisville! You believe me, don’t you? And… it does not have to do with using your credit card with a 30% rate of interest to purchase your new home.
The link between your card and your mortgage lies in your credit rating. If your credit is out of whack, you are not going to be able to qualify for a mortgage. If you want to buy a house and get approved for a home loan you need to make sure that your credit card bill payments reflect responsible credit ownership so that the lenders consider you a good risk.
Credit card problems
If you have any credit card problems at all these will be reported to the credit agencies. Just paying one payment late on your credit card bill reflects badly on your credit history. Any time you make a late payment it shows up as a black mark on your credit file and too many of these marks will influence your ability to get a Louisville mortgage.
Always make your credit card payments on time. By doing so, lenders will look at you as a responsible cardholder who knows how to handle credit. When you apply for a mortgage, your credit file will be pulled and these things will be assessed. Having a good credit history is one of the most essential components of being approved for a mortgage.
Purchasing with your credit card
Another thing that will be accessed when you apply for a mortgage is how much credit you have available. If you are thinking about purchasing a large-screen TV with all the bells and whistles and using up the credit left on your card, it is best to do so after you have purchased your house. The lender wants to see that you have available credit.
Applying for new cards
Don’t apply for any new credit cards when you want to get a Louisville mortgage. You need to assume the position of not needing any extra credit at the time. Applying for too much credit at the same time will appear desperate to many lenders.
When you are applying for a Louisville mortgage it is best to lay low with your credit and don’t do anything that will possibly raise any red flags. Make sure that you make all of your payments on time on your credit card, don’t apply for any extra credit, and don’t make any big purchases.
These steps will help you when you are trying to get approved for a new mortgage.
