Credit Card Balances Affect Any Ability to get an Encino Mortgage Loan

August 4th, 2010 by admin

Credit Card balances also have a crucial impact on your score. Maxed out credit cards will decrease your score. It is a good idea to keep credit card balances around 10% of the credit card limit. This means that if you have a $3000 credit card limit, then you do not want to keep more that a $300 balance on the credit card. Paying down your revolving debt or consolidating your revolving debt into an installment loan will help increase your score. Installment encino mortgage loans are loans with terms that once the term is completed, the debt is paid off. You also cannot add new debt on an installment loan. On a revolving debt, you can payoff and add debt.

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