I'm going to give this a shot once my CC debt is cleared up. Seems like an easy and fun way to make a few grand with just a few hours of work a year. Thanks for the advice.
Opening up too many revolving credit accounts (especialy with low limits like less than $5k) will be a negative factor on your score. a credit score of 750 will save you a couple of interest points as opposed to a score of 700. If you're buying a house, this is ALOT of money. Just something to consider
Actually I think it is sort of true... When me and my wife were about to buy a townhome I thought to myself that I didnt have enough of a downpayment with a below average credit score. As a matter of fact I brought my dad to cosign knowing I didnt have the credit. But what surprised me was that I didnt need him at all.. I asked the lender how come and she said alot of it has to do with the income you are receiving monthly. She said even though my credit wasnt that hot she said my monthly income out weighed my debt enough to grant me the loan ... By the way it was 30 yrs and 6% fixed.
It plays a hand in it. Say if you go to a lender and they have a income to debt ratio of 28% and 36%. They won't give out the loan if it's more than 36% on the back end. Now different lenders have their own systems of numbers so that's why it's important to not mess everything up by buying all new furniture using credit. You go from being approved for the loan to no longer being approved according to the debt ratio. Just something to keep in mind.
Right now rates are 6% and higher. If you bought back when the getting was good with low rates, 4 or 5 years ago, it was good! My sister has her's at 4.5% fixed.
heres y i dont buy it.... say somebody has a low 500 credit score and makes about 4000$ a month. they have 10k in collections and have high debt ratio as well. Without putting 20% down odds are not in their favor....
Guess I should wait for the market to drop before I purchase a home I still have 2-3 years to finish up some business before I go house hunting.
Houston has been one of the few real estate markets where prices did not go crazy. Unless there is an actual real estate major crash, chances are the prices for Houston real estate are pretty much correct.
Yes Houston market isn't crazy like others. I think what he's referring to is for the rates to get lower. By the way Chow_Yun_fat I'll be waiting for you in 2-3 years to help you out . By the way DFWRocket. Dave Ramsey is an absolute must read if you're high in debt. Great tips. But basically if you follow the advice you've written, You should be free of debt in no time. And it feels good when you're free of debt.
I don't know, I've been with Capital One for about 4 years now and never had any problems. Of course, I pay it in full every month, but I lost my card once and they were nothing but helpful.
Were there any charges not made by you when you lost your card? All I know is, even after my mother in law filed a police report and the police found that someone in Nevada had stolen her identity and that it was not linked to anyone in her house, Capital One came back and said they needed the Police to do a check of the entire apartment building she lived in before they would accept it. It was utterly ridiculous. To top it off, Capital One even sent a new credit card to an address in Las Vegas after the police report got filed. Someone had changed the address and got Capital One to send them a new card AFTER the complaint was filed and the police report sent to them. They wanted her to pay the full fraudulent charges $3,000 something. She refused and tried to take them to court. They said nvm, we'll write it off instead. Guess what, 5 months later, her credit report has all three credit agencies saying her capitalone account was delinquent, etc. When I had Capital One, the telemarketers would call me every Saturday 3 or 4 times starting at 9:00AM on the dot. I didn't even figure out they were connected to Capital One until my friend told me about it. When I asked Capital One about it, they admitted it and basically told me that it came with the card. One of the telemarketers even had the nerve to sign me up without my permission and charged me $250 for something when my credit limit was $200. Of course that put me over the spending limit, and I got a $50 fee out of that, then because I didn't know I had a charge on my card (since I never used it because I got it trying to build credit) and didn't check my statement for that month, I got a $30 late fee for not paying the charge. Ridiculous.
thats crazy... well i just got my creditinform report today in the mail just now .. and my credit score went down about 5pts because i didn't pay in full this past month and capitalone is the only one who reported it.. so.. i guess you're right. And capital one is the only one who tries to sell me insurance and all this other crap by phone and mail so they're also annoying!
That's horrible, hotballa. I don't doubt any of that, but it's the same kind of garbage pretty much any CC company will do if you don't watch them. With me, the number I gave them when I applied is a land line number that I've since cancelled. I didn't update my number in their files so I wouldn't get calls like that. But yeah, I had the same kinds of things happen to me when I made the HORRIBLE mistake of applying for a Cross Country CC. You want to see some crap, google 'cross country bank' and see what happens....
