Mortgage Myth 4A
Payoff your credit cards by consolidating in to one card. This is a bad idea. It is better for your credit to have multiple cards with low balance/limit ratios, not one maxed out credit card.
Mortgage Myth 4B
Payoff and Closing my credit cards is great for my credit score. Actually, paying them off is good, closing them is not. Four zero balance cards is actually good, but make a small purchase on each every couple of months and pay it off immediately will be best for your credit. It is good to have long term credit, do not open, payoff, then close over and over again. This doesn't help.
Mortgage Myth 4C
Having your parents add you as an authorized user helps build (or rebuild) your credit. This was the case in the distant past, but now this does nothing for your credit or re-establishment of credit.
There are lots of other mortgage and credit myths out there, but experienced and knowledgeable mortgage agents are able to read your credit report and qualify you on the spot for a favorable mortgage and give you tips on how to make your credit better for the future.
Call me if you have any questions.
Brent A. Wood
License Mortgage Agent
NMLS#327581
Direct 702-629-9555
brentawood@hotmail.com
All Western Mortgage
770 Coronado Center Drive Suite 160
Henderson, NV 89052
NMLS #14210
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