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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.
What Newport, Rhode Island mansion was built as a birthday present and incorporates 500,000 cubic feet of white marble?
A
The Vanderbilt Marble House was constructed by railroad baron William K. Vanderbilt for his wife Alva, who later divorced him, remarried and moved into a mansion down the street.
Christopher Ogden Realty Promotions 2 West Main St. Port Jervis, NY 12771 Christopher's Cell: 845-800-2208 Office: 845-856-2700 Fax: 845-856-7111 christopherogden@BestImageAgent.com
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Real estate agent(s) for Port Jervis, Middletown and Glen Spey, New York
