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.
The Moulton Team Moulton & Associates Realtors 1910 SW Shops Lane Ankeny, IA 50023 Phone: 515-965-7876 Fax: 515-965-7881 Cell: 515.210.3345 Email Heath: heath@weselliowa.com Email Julie: julie@weselliowa.com
The Moulton Team is one of Iowa's largest producing Real Estate Teams serving Des Moines and surrounding suburbs. The only Number1 Expert Realtor in the Greater Des Moines area, our team specializes in offering our clients below market interest rates that allow our buyers to save thousands of dollars in monthly payments on any home
they purchase. With over $300 Million in career volume and over 400 homes sold in the last 3 years, The Moulton Team can help you find your next home when moving to the Greater Des Moines area.
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