What First Time Home Buyers Need to Know About Their Credit Card Balances

Many people who feel they are prepared to enter the real estate market by purchasing their first home have experienced a roadblock to good mortgage rates – their credit cards. Credit cards can play a positive, but also a negative role in the process of purchasing a home.

There is not a doubt that having a credit card can work highly in your favor when it comes time to shop around for your first home.  If you have a consistent history of timely credit card payments this builds a strong credit rating.  Having a high credit score not only will secure you a mortgage quickly, but one with very competitive rates.

Your credit card can be very influential when determining what mortgage you are seeking because the credit card payments are added to what the payments ‘would be’ on a possible mortgage to determine how much can be afforded.
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Credit Cards for Excellent Credit

Having excellent credit (usually 750 or higher) is good for more than mortgage and car loan rates.

An excellent credit score can also yield you a credit card that offers better benefits such as longer balance transfer periods, low introductory APR interest rates, cash back bonuses, better rewards, and better general benefits.

Below I’m going to highlight some of the best credit cards for excellent credit.  If you are looking for a new credit card, and you have excellent credit, see if any of the following cards fit your spending needs.

To keep things simple, I’ve left out specialized cards like airline miles cards, travel rewards cards, small business cards, or hotel rewards cards.Continue Reading

How to Figure Out How Much Life Insurance You Need

One of the biggest questions many have when it comes to financial planning has to do with how much life insurance they need.

There are some rules of thumb, such as getting seven times or 10 times your yearly salary in coverage, but, really, how much life insurance you need comes down to your personal financial situation, and what you hope your life insurance will accomplish.

Why Are You Getting Life Insurance?

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