MortgagesUndressed

Comment by Larry Cragun: One of the easiest ways to trash your credit score is to max out your limits. A FICO employee told me, she acted like it was hush hush, that when you exceed 20% of your approved amount of your credit limits your score starts to go down. She said as you come close to your limit, say $9,000 out of $10,000 it punishes your score severely. The greater percent you use up, the greater the effect compounds. Also, if you go over your limit, it is a massacre to your credit score, for a while.

It is this issue that is of importance to you. Make sure you read and understand this article. Pay off your Capitol One card and stop using it. Don’t cancel it. Just keep a 0 balance on it. More advice will be forthcoming later on this issue.

In this market environment, the credit card providers, these abusers of interest rates, are suffering huge setbacks. They have raised their interest rates and increased the payment they require monthly. A large amount of people have transferred their credit card debt to second mortgages on their homes. The point here, you should be able to at least transfer your balance to another provider, probably at a lower rate. DO It NOW!

A portion of the article from Dan Greens Mortgage Report.

Capital One called out on a national stage

Click above for the complete article off of Dans blog.