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About Granby - Moving to Granby, Connecticut? Get info here... About Simsbury - Moving to Simsbury, Connecticut? Get info here... About Suffield - Moving to Suffield, Connecticut? Get info here... School Reports - Reports for Granby, Simsbury and Suffield schools kindergarten, elementary, and high schools. Relocating? - Free real estate information & relocation package if you're relocating to Granby, Simsbury and Suffield, in County CT. Go to Main Sitemap - Main sitemap sections include Find Granby, Simsbury and Suffield Homes, For Home Buyers, For Home Sellers, Granby, Simsbury and Suffield Information, Real Estate Resources, and About Barbara Berkowitz. |  | | | holcomb farm | |
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Financing Your Home >Credit Card Mania
Most people know that a checkered credit history can disqualify you for a home loan, and maxed-out credit cards can do the same thing. But what most people don't know is that merely having a large number of credit cards, even with low balances and a history of timely payments, can disqualify you for a home mortgage loan just as quickly.
According to credit experts, having a number of credit cards can be just as detrimental to the granting of further credit as a history of late payments. Lenders look at it this way: If you have ten credit cards, each with a limit of $5,000, that means you have the potential to run up $50,000 in debt virtually any time you choose. That mere possibility makes you a greater risk, from their point of view.
The moral of the story? If you are planning to apply for a home loan in the future, keep only those credit cards you actually need to use and cancel the others.
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| Q |
What is considered the primary factor distinguishing buyers of prestigious properties from the average home buyer?
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| A |
Financing doesn't worry these buyers; they often put down 40 percent or more or pay cash for a property |
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