Hi friends. Heres some tips on getting your mortgage applications approved in regards to the credit cards you have. Firstly, please do not utilize more than 85% of the credit limit of any one credit card of yours as this labels you as a high risk customer. Secondly, Its better to spread your spending. For example,having 2 different bank credit cards with a balance of 4500 each against a limit of 10k for each card is better than having 1 card with a balance of 9000 against a limit of 10k. This is because each card is only at a usage of 45% against one card with a usage of 90% Thirdly, please do not think of having too many credit cards as a bad thing. If you have numerous cards with low usages this gives you an overall better profile in the eyes of the bank as you are viewed as a customer with lots of credit available but you choose not to use it. ;) Remember, its the discipline in using the cards that counts the most. Finally, having NO credit cards is a bad thing as this usually means the bank will give u lower margin as credit cards is the best way for a bank to assess what are your repayment and financial habits Hope these tips help you guys! Cheers. :)
Posted on: Mon, 19 Jan 2015 10:32:09 +0000
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