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Credit For Buying A Home Not The Same As Credit For Buying Cars

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					Presented by Daniel Toriola
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Credit For Buying A Home Not The Same As Credit For Buying Cars By Jeanette Joy Fisher

Forget what you've been told about credit. Qualifying for a real estate purchase requires different credit than automobile financing or retail credit. You may be shocked at some of these tips because this information runs contrary to what other so-called credit experts tell you. Common Credit Myths 1. You need to pay off your credit cards 2. You need to close credit accounts 3. You need perfect or good credit to buy a house Credit Facts 1. Paying off your credit cards lowers your credit score 2. Closing credit accounts lowers your credit score 3. You don't need perfect credit to buy real estate Why not pay off credit cards? Because paid-off credit cards do not compute in your credit score. Real estate lenders like to see open, active accounts with low balances. Why not close accounts? Closing accounts before the payoff often costs consumers more money because credit card companies raise interest on closed accounts. You can buy real estate with poor credit, but you will save thousands in loan costs if you maintain good credit. A bad credit report leaves home buyers with non-prime loans which have higher point charges, prepayment penalties, and higher interest charges, which therefore cost more money. For instance, a mortgage loan of $150,000, 30-year, fixed-rate mortgage, interest rate of about 5.72 percent costs
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around $870 a month; poor credit scores raise the interest rate over 9 percent and the payments over $1,200. As you see from these payment differences, good credit means that you can finance a more expensive house with the same income, or save $330 each month. Credit Requirements for Mortgages Credit needed to buy real estate is not the same as good credit. Besides your credit score, mortgage lenders consider your debt-to-income ratio and other credit matters, unlike other credit grantors. Your debt-to-income ratio is the comparison of mortgage payment, including taxes, interest, and insurance to your total gross monthly income. Real estate lenders also consider your employment qualifications and your overall debt ratios. Understanding the difference between good credit and the credit needed to obtain real estate financing helps you buy houses! Copyright (c) 2005 Jeanette J. Fisher. All rights reserved.

Jeanette Fisher, author of Credit Help! Get the Credit You Need to Buy Real Estate, Doghouse to Dollhouse for Dollars and other books, teaches Real Estate Investing and Design Psychology. For more credit articles, tips, reports, and newsletters, see http://www.recredithelp.com

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Getting A New Car In College By Tom Tessin

Most students go to college far away from their homes. Even if it is just an hour or two away, they still need transportation. Many universities don’t allow freshmen to have cars on campus, so that gives them a year of saving to come up with a down payment for their new car. However, sometimes it’s hard for freshmen to work. Luckily, there are always student credit cards to help out! A great solution to the financial crunch many college kids find themselves in is a student credit card. That’s because students can apply for the card, receive it within a couple weeks, and then have the buying power they need. They will also start their credit history, which they will need if they want to buy a car! IT is highly recommended to begin this process when a student turns 18. That means they will get their first credit card, start building a credit history, and then have the credit rating and buying power to get their first new car in their own name! Some credit cards also offer points for money spent throughout the year and then give discounts on cars. There are many student credit cards out there and some offer special benefits for buying a car. So, students need to do the research so they know what kind of vehicle they want to purchase so they can choose the best card for them. How to Get Started? Students should start the process by doing a little research. Once they find the right credit card then they need to apply for it. Most credit cards can be applied for over the Internet and even receive an instant credit decision. This is great because it lets you know immediately if you are approved or not. If you are approved, you will be given your credit limit so you know what your buying power will be. This is excellent for those who want to start shopping around for the car of their dreams. Once you have the credit card then you can start shopping for the car you want. Not to mention you will know how much of a limit you are working with as far as a down payment goes. You may want to talk with a dealer and find out what kind of budget you are looking at so far as what credit you would be approved for. This is important because if you want a $20,000 vehicle but your credit rating, down payment, and income only qualify you for a $12,000 car then you will want to know that so you can shop within your budget. Getting your first car can be a hassle when you're on the hunt. Make sure that you take your time when you're making a big purchase like a car, especially if it's for school. You're going to want something that's dependable and something you can rely on. If you make a bad choice, you may be stuck with it! Finance your next car with a student credit card located at http://www.findcollegecards.com where you can also find more of Tom's work.

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