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At the present time, lenders want to see that a prospective borrowers credit card to income ratio is as far below 40% of their income as possible. The further below it is, the better an interest rate. In coming years, it may go signifcantly lower than 40%.
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The amount of credit-card debt a person has?
The amount of credit card debt a person has may hurt them from receiving credit when they apply for loans. It is called debt to income ratio.
Can the bank you have a second mortgage with and a credit card with attach that credit card to your second mortgage after a person is deceased?
Once a person is deceased all debt is completely erased from that person's credit. If they own a home and do not have a will nor a co-signer of the home loan the government will take over the ownership of that home. If they have credit card debt, the debt is forgiven and no longer in existense.
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
Why does closing a credit card have a negative impact on your credit score?
Because 30% of your credit score is based on your debt to available credit ratio. For example, if you have 3K in credit card debts and if you add up all your available credit limit from all your credit cards for a total of $10K. =your current debt/available credit = 3K/10K = 30% Ratio (Ideal Ratio!) Now you close one account with an available credit of 4K, now decreasing you available credit to $6K =your current debt/available credit = 3K/6K = 50% Ratio The higher the ratio the more negative it will affect your credit score.
What is the Difference Between a consumer credit card and a secured credit card?
A consumer credit card is issued to you on good faith that you will build debt and pay it off. A secured credit card is issued to you for the amount that you deposit into a secured savings account. The debt you charge to your card cannot exceed the amount that you have in your account. Once you show good faith that you are responsible enough to maintain your credit to debt ratio and pay your bills on time, the company may offer you a consumer card in place of the secured card. A secured credit card is a great way to establish credit.
The amount of credit-card debt a person has?
The amount of credit card debt a person has may hurt them from receiving credit when they apply for loans. It is called debt to income ratio.
How does increased debt affect the debt ratio?
Your Debt/Income Ratio is simply your total monthly mortgage + installment + revolving debt payments divided by your total month gross income. eg. If your income is $4000 / month, your mortgage payment is $1000/mo, Auto loan is $500/mo, and total credit card minimum payments are another $500/mo, then your debt/income ratio is $2000 / $4000 = 0.5 (50%) In most cases mortgage lenders do not like debt ratios over 45%.
Can the bank you have a second mortgage with and a credit card with attach that credit card to your second mortgage after a person is deceased?
Once a person is deceased all debt is completely erased from that person's credit. If they own a home and do not have a will nor a co-signer of the home loan the government will take over the ownership of that home. If they have credit card debt, the debt is forgiven and no longer in existense.
Can a high credit card balance prevent you from getting a mortgage?
Your debt is always taken into account. If your income can handle the credit debt and the mortgage there should be no problem. High credit card balances do not mean bad credit. Late or no payments make bad credit. Your better off with a high balance on a credit card that you pay regularly than no credit at all.
Why does closing a credit card have a negative impact on your credit score?
Because 30% of your credit score is based on your debt to available credit ratio. For example, if you have 3K in credit card debts and if you add up all your available credit limit from all your credit cards for a total of $10K. =your current debt/available credit = 3K/10K = 30% Ratio (Ideal Ratio!) Now you close one account with an available credit of 4K, now decreasing you available credit to $6K =your current debt/available credit = 3K/6K = 50% Ratio The higher the ratio the more negative it will affect your credit score.
Can a county sheriff serve a warrant when a credit card company files a lien on property for delinquent debt?
Yes, absolutely. Credit card debt is not different from other debts in general. If there is a mortgage on the property, the lenders lien of course has priority.
What is the difference between a credit card and a secured credit card?
A consumer credit card is issued to you on good faith that you will build debt and pay it off. A secured credit card is issued to you for the amount that you deposit into a secured savings account. The debt you charge to your card cannot exceed the amount that you have in your account. Once you show good faith that you are responsible enough to maintain your credit to debt ratio and pay your bills on time, the company may offer you a consumer card in place of the secured card. A secured credit card is a great way to establish credit.
What is the Difference Between a consumer credit card and a secured credit card?
A consumer credit card is issued to you on good faith that you will build debt and pay it off. A secured credit card is issued to you for the amount that you deposit into a secured savings account. The debt you charge to your card cannot exceed the amount that you have in your account. Once you show good faith that you are responsible enough to maintain your credit to debt ratio and pay your bills on time, the company may offer you a consumer card in place of the secured card. A secured credit card is a great way to establish credit.
What is the difference between a debt card and a credit card?
The diffference between a debt card and a credit card is ,in a debt card it's money from your account .In a credit card is when you borrow money from the bank.
Where can I get advice on credit card debt solutions?
I am so in debt and I am worried about paying my credit cards. Where can I get advice on credit card debt solutions?
Could You Get Garnished For A 1900 Credit Card Debt?
There were no credit cards in 1900, hence no credit card debt.
When are you in credit card debt?
A person is in credit card debt when they have charges on their credit card and can not pay them. A person can make charges on a credit card and make payments at a later date. When a person charges on their credit card, the charge is now a debt that must be paid.
