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Credit... Your Greatest Asset

 

Credit... Your Greatest Asset

http://www.newamerica.net/programs/education_policy/higher_ed_watch/student_loan_scandal

In my first post, I discussed what to look for on your credit report, such as checking for accurate data.  Starting with the basic information like you name, employment, and address.  Then moving on to your payment history to ensure the creditors are publishing the payments and there aren’t any lines of credit open that you are unaware of.

 

In my second post, I discussed how to Build or Rebuild Your Credit.  These techniques are basic and can help you whether you filed for Bankruptcy in the past or maybe have never had credit at all.

Credit Card Images at Infomerchant.net   So... Why is Credit Your Greatest Asset?   Credit Card Images at Infomerchant.net

 

The simple truth is that good credit saves money.  In some people’s minds the system works backwards.  Those that can least afford it pay the highest interest rates and other fees for using someone else’s money.  People that save, spend wisely, and use credit sensibly  are rewarded with lower rates and greater opportunities to borrow money and use credit cards.

As I mentioned in the previous posts, when it comes to buying your home, the difference you pay for your loan may amount to thousands of dollars.  Even starter homes in most markets cost over a hundred thousand dollars, and in many areas they’re far more than that.  Just one percentage point in interest multiplied over the life of the mortgage mounts up quickly.  Additionally, if you are considered a high risk, you are sure to pay more in other fees and be required to take out mortgage insurance.

Too many people concentrate on how much they pay each month for their house, car, or other major purchases.  What they should look at instead is how much the loan is costing them over its lifetime.  Wouldn’t you rather pay $25,000 for a mortgage than $75,000?  Make it your new habit, if you don’t already do it, to calculate how much each credit card or installment loan is really costing you.  Once you start, you’ll be excited to learn how much you can save by using smart financial practices.

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Make it your goal to ensure that your credit truly is Your Greatest Asset.  There isn’t a better win-win situation in which to find yourself.

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Are you are looking to buy or sell a home in Frisco or another city in North Texas?  If so, then I can help.  I am a licensed Mortgage Consultant located in North Texas with over 15 years experience in the industry.  I can help you get pre-approved for your new home loan in Texas and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call any time or visit my website for more details.

John Cannata    p# 214.545.5604  

www.TxMortgageConsultant.com

 

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 5 commentsJohn Cannata • October 07 2008 07:58PM

Comments

Excellent advice.  If more people would listen maybe our country wouldn't be in such a big financial mess.

Posted by Linda Box Taylor, Your Plano, TX Realtor (Castle Connections Realty) about 10 years ago

Hi John... Outstanding!  Credit can work for you or against you, this is why it is important for each of us to do the right things regarding our personal credit.

Posted by Steve Shatsky about 10 years ago

Excellent post - Great credit is sure better than no credit! Good credit can get people in a home with lower interest rates, A little off subject, I think education on credit should be a required course in our high schools, along with college level economics 1 and 2. Think how much easier the lives of everyone would be with these two required courses.

Posted by Linda Breeding (Keller Williams Realty ) about 10 years ago

Hello John,  Your post is very good information for the people that do not know or understand what good credit can do for the bottom line.  I have always taught that indeed good credit is worth more than money, because you can at times be low on cash but with good credit you can always get a loan to cover your needs.

Posted by Don Eichler (Eichler Properties) about 10 years ago

Very true Linda T.  Many people do not pay attention to their credit and just figure it must be good because people continue to loan me money.  We know that to be very incorrect.

Steve, I mentioned this subject because I had a customer recently that did not pay attention (well... I have had several, but the latest one is what caused the posts).  Anyway, he thought his credit score was much higher.  In all honestly, it would have been fine except he opened up too many lines of credit.  With no history to go off of, the bureaus really hit his score.

You have that right Linda B.  This is a subject that should be taught.  We all took economics in school, but I do not recall credit being covered.  It is sad how kids get themselves into trouble at an early age because they were not aware of what they were doing.  Maybe they witnessed mom and dad do it and didn't think anything of it.

Good point Don.  With good or great credit, you can do just about anything.  Of course for a truly great deal, always pay with cash.  :-)  No interest and you can usually get a discount.

Posted by John Cannata, Texas Home Mortgage - Purchase or Refinance (214-728-0449 http://TexasLoanGuy.com) about 10 years ago

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