Christmas Time For Visa

Here's a little video to get you in the holiday spirit...

Credit "Horror Stories"

...And how to avoid them!

Being in the mortgage business for over 14 years, I have encountered many credit “horror stories.”  I would like to share a few different situations that you may be experiencing, or can watch out for to avoid repeating these mistakes:

A) If you decide to claim bankruptcy, student loans are not considered a “forgivable” debt.  Do not stop paying or you will find getting a mortgage will be nearly impossible for a considerable period of time.  (Also, watch out for a blog entry in following weeks all about bankruptcy).

B) Even one single late payment on a credit card damages your chances of being able to purchase a home for up to a year thereafter.

C) Do not make payments to credit cards online too close to the due date.  Allow time for the payment to be received and posted (3 business days at least, weekends don’t count).

D) Typically, VISA and MasterCard are more “forgiving” when it comes to late payments.  Be wary with cards like Sears, CTC, HBC, gas station cards (Esso), etc, because if you are even one minute late from the due date, these credit companies will often record and penalize you, lowering your credit score.\

Overall, keep paying student loans, make credit payments in advance to due dates, and watch out for less mainstream credit cards and their policies regarding lateness and penalty.  If you have more questions, or would like any advice or more information about your specific “horror story,” please e-mail me at slaney81@gmail.com or call 519-426-9842.

[Cartoon from http://misstrade.files.wordpress.com/2007/08/englehart.jpg]