Credit Help Center

Remember Catch-22 and that “damned if you do, damned if you dont” mentality? Well that is exactly how credit works these days.

If you are responsible, pay off all your debts on time and live a relatively debt-free, all cash life, you can be penalized by mortgage companies when you want to purchase a home. Even though, you are financially responsible and living completely within your means.

Oftentimes, mortgage companies penalize a person for having too little credit and of course, you get penalized if you have too much credit or if your credit is less than stellar.

Mortgage companies like to see at least 3 open lines of credit to make sure that you are credit-worthy. So if you would like to live a relatively debt-free life and the only reason you want to get a mortgage at all is because you didnt have the large pile of money that it would cost you to buy a house just sitting around in your bank account waiting for you to find the perfect home, you may be in for a big shocker. You can be penalized for having too little credit as much (or maybe even more) than for having too much credit or too poor credit.

Yes, its a Catch-22, youre “damned if you do and youre damned if you dont.”

Similar Posts:

• Responsible Credit Card Use
• Self Growth and Your Credit
• Halt On Foreclosures Will Hold Up The Market Further
• Does Debt Get Passed On or Inherited?
• Most don’t qualify for best mortgage rates, and 1/3 may not qualify at all