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Added for You - New Credit Advice: Don't Pay off Those Credit Cards!
How good are you at selling?Have you ever wondered?You might make a handsome living, right now, selling whatever it is that you sell.But what would happen if suddenly, your profit margins shrank, competition boiled over or you were forced to sell something else. Would you still be on top?A few years ago, graphic designers were in great demand, especially those who could build customized web sites. I spent many thousands of dollars to have my site designed, www.custome
Qualifying Ratios
Lenders want the total debt ratio (the percentage of total monthly payments, including the new mortgage, to income) to be less than 33% for a typical conventional mortgage. This means the new mortgage payment, credit card payments, and all other monthly debt payments should not equal more than about one-third of the monthly income.
Lenders want the mortgage debt ratio (the percentage of the new mortgage payment to income) to be less than 28%.
Non-prime loans have lower standards; some le
It is easier to make additional money from your current clients than it is to go out and find new ones! See 21 simple ways in this three part article series.PART TWO:Here are seven more great ways to make more money from your existing clients, continued from part one.8. Give people a huge discount to your subscription product if they subscribe for a longer period of time.Example $9.99/mo, or $21.99 for 3 mo., (equals out to $7 and some change per mo.), or $36.00 for 6
Contrary to what many credit advisors say, paying off credit cards each month is not always the best action to take. When making credit card payments, don't pay the balance in full each month -- let a little roll over. Carry a balance on your credit card every other month --as little as a dollar. Paying balances in full does not increase your credit score; paying balances in full may in fact lower your credit score. Accounts with zero balances do not compute significantly in your total score. For instance, a credit card with a perfect payment history and no balance will not raise your credit score as much as a credit card with a low balance. Any balance keeps the card active so it computes in your credit score.
You most likely have been advised to cut up your credit cards and close your accounts. Following this advice degrades many credit scores.
Canceling Credit Cards
Canceling credit cards can lower your credit score. Keep your longest-term credit card account open to show long-term credit history. If this account has prior late notations, negotiate with the creditor to drop negative reporting on your credit history file. Slowly close out newer accounts after they are paid off. Keep your best accounts open -- those paid on time or reporting "pays as agreed" and with the longest history.
Credit card companies may raise your rate if you cancel a card before it is paid off; it is best to keep accounts with outstanding balances open until you pay them off.
Perfect Balance of Credit
1. Mortgage over one year old with all payments on time
2. Visa Card or Master Card with less than 10% of available credit as balance due
3. Discover or American Express Card with less than 10% of available credit as balance due
4. Auto loan either paid off or paid down with low payments compared to monthly income.
Debt-to-Income Ratio
Credit scores do not reflect income -- credit bureaus do not have income reported to them. However, real estate lenders look at the consumer debt-to-income ratio -- the amount of monthly debts in relation to the amount of earnings. Consumer debt is more highly regarded/scores higher if total debt is under 20% of net income, or total monthly payments on all debts is less than 35% of monthly gross income.
Qualifying Ratios
Lenders want the total debt ratio (the percentage of total monthly payments, including the new mortgage, to income) to be less than 33% for a typical conventional mortgage. This means the new mortgage payment, credit card payments, and all other monthly debt payments should not equal more than about one-third of the monthly income.
Lenders want the mortgage debt ratio (the percentage of the new mortgage payment to income) to be less than 28%.
Non-prime loans have lower standards; some len
Gone are the days when it was an effort to find time, space and peace and quiet to read a good book for self-improvement. Many people find, prior to having a family and starting a career, they could read as often as they pleased. As bitter sweet as it is, life can become very hectic for some of us, and self-help audio book downloads are the answer to staying motivated, inspired and improve your mind without infringing on your daily schedule.Almost every household today has a computer an
You most likely have been advised to cut up your credit cards and close your accounts. Following this advice degrades many credit scores.
Canceling Credit Cards
Canceling credit cards can lower your credit score. Keep your longest-term credit card account open to show long-term credit history. If this account has prior late notations, negotiate with the creditor to drop negative reporting on your credit history file. Slowly close out newer accounts after they are paid off. Keep your best accounts open -- those paid on time or reporting "pays as agreed" and with the longest history.
Credit card companies may raise your rate if you cancel a card before it is paid off; it is best to keep accounts with outstanding balances open until you pay them off.
Perfect Balance of Credit
1. Mortgage over one year old with all payments on time
2. Visa Card or Master Card with less than 10% of available credit as balance due
3. Discover or American Express Card with less than 10% of available credit as balance due
4. Auto loan either paid off or paid down with low payments compared to monthly income.
Debt-to-Income Ratio
Credit scores do not reflect income -- credit bureaus do not have income reported to them. However, real estate lenders look at the consumer debt-to-income ratio -- the amount of monthly debts in relation to the amount of earnings. Consumer debt is more highly regarded/scores higher if total debt is under 20% of net income, or total monthly payments on all debts is less than 35% of monthly gross income.
Qualifying Ratios
Lenders want the total debt ratio (the percentage of total monthly payments, including the new mortgage, to income) to be less than 33% for a typical conventional mortgage. This means the new mortgage payment, credit card payments, and all other monthly debt payments should not equal more than about one-third of the monthly income.
Lenders want the mortgage debt ratio (the percentage of the new mortgage payment to income) to be less than 28%.
Non-prime loans have lower standards; some le
We all know that achieving better alignment, synergy and cooperation between company marketing and sales departments is vital, but oh so elusive. Despite all the talk and more talk in the media and at national business gatherings, nothing significant ever seems to happen.The reason nothing happens is that there is only one person who can truly make it happen: The Company CEO. Unfortunately, CEOs don’t seem to be getting the message.Why is the CEO the key?In virtually every c
Credit card companies may raise your rate if you cancel a card before it is paid off; it is best to keep accounts with outstanding balances open until you pay them off.
Perfect Balance of Credit
1. Mortgage over one year old with all payments on time
2. Visa Card or Master Card with less than 10% of available credit as balance due
3. Discover or American Express Card with less than 10% of available credit as balance due
4. Auto loan either paid off or paid down with low payments compared to monthly income.
Debt-to-Income Ratio
Credit scores do not reflect income -- credit bureaus do not have income reported to them. However, real estate lenders look at the consumer debt-to-income ratio -- the amount of monthly debts in relation to the amount of earnings. Consumer debt is more highly regarded/scores higher if total debt is under 20% of net income, or total monthly payments on all debts is less than 35% of monthly gross income.
Qualifying Ratios
Lenders want the total debt ratio (the percentage of total monthly payments, including the new mortgage, to income) to be less than 33% for a typical conventional mortgage. This means the new mortgage payment, credit card payments, and all other monthly debt payments should not equal more than about one-third of the monthly income.
Lenders want the mortgage debt ratio (the percentage of the new mortgage payment to income) to be less than 28%.
Non-prime loans have lower standards; some le
A new year means a new beginning, and it's a good time to think over your ideas and tactics for 2006.The plans you have for your business in 2006 will depend on where your business is in the business cycle. You'll have different tactics if it's your first year in business, to someone whose business has matured and who has passed the five-years-in- business mark.If your business is new, recognize that more businesses fail in the first year than at any other time. The failur
3. Discover or American Express Card with less than 10% of available credit as balance due
4. Auto loan either paid off or paid down with low payments compared to monthly income.
Debt-to-Income Ratio
Credit scores do not reflect income -- credit bureaus do not have income reported to them. However, real estate lenders look at the consumer debt-to-income ratio -- the amount of monthly debts in relation to the amount of earnings. Consumer debt is more highly regarded/scores higher if total debt is under 20% of net income, or total monthly payments on all debts is less than 35% of monthly gross income.
Qualifying Ratios
Lenders want the total debt ratio (the percentage of total monthly payments, including the new mortgage, to income) to be less than 33% for a typical conventional mortgage. This means the new mortgage payment, credit card payments, and all other monthly debt payments should not equal more than about one-third of the monthly income.
Lenders want the mortgage debt ratio (the percentage of the new mortgage payment to income) to be less than 28%.
Non-prime loans have lower standards; some le
Trade show swag usually includes a few pads of Post-Its, maybe a coffee mug and a hundred pens. When you choose novelty plastic pens for your promotions, you can stand out in the sea of pens and pencils. If you choose properly, the trade show attendees will be using your pen long after they’ve culled the plain stick pens and used up the computer-shaped sticky notes.Carabiner Pens Moms and involved dads will tell you that looking for a pen to write down directions or phone numbers on
Qualifying Ratios
Lenders want the total debt ratio (the percentage of total monthly payments, including the new mortgage, to income) to be less than 33% for a typical conventional mortgage. This means the new mortgage payment, credit card payments, and all other monthly debt payments should not equal more than about one-third of the monthly income.
Lenders want the mortgage debt ratio (the percentage of the new mortgage payment to income) to be less than 28%.
Non-prime loans have lower standards; some lenders allow debt-to-income ratios as high as 55%. Borrowers with less than perfect credit qualify more easily for a non-prime loan compared to an "A-paper" loan.
Once you total your monthly expenses and determine your debt ratio, you can estimate how much you can afford for a house payment. For example, if your income is around $3,000 per month, you can afford a home with payments around $1,000 per month (including taxes and insurance) with a conventional loan, if your other debt does not total more than 5% of your income.
For investors, these equations change. Lenders expect 10%-25% down on investment property and allow about 75% of the rental income to offset the debt ratio.
Understanding your credit helps you manage your credit so you can obtain real estate financing, either for the house of your dreams or for your financial future.
(c) Copyright 2005 Jeanette J. Fisher. All rights reserved.
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