In the early 1900s, we experienced a cultural revolution in regards to the way we spend money. People started to pay for purchases by charging them to a card and paying for them at the end of the month. From there, the credit industry was born!A credit card can be a convenient and beneficial way of paying for everything you want and need if charged wisely. Whether you want to spend your money online or in person, the credit card can allow you to make many purchases, especially if you don’t like to carry cash.Having a solid credit record can help the home buying process immensely. When applying for a mortgage loan, your credit score is high on the list when determining whether or not your loan is approved.One of the best ways to maintain a solid credit record is to use your credit cards, but in a responsible way. Your payment history can be used as a prediction of how you will spend in the future, so make sure that your history accurately portrays how plan to pay off your mortgage.If you suspect that paying on time may be an issue, many banks offer reminders to pay your bills on time allowing you to possibly raise your credit score or keep it at good standing. Do not be afraid to take advantage of this!Oftentimes, the longer your credit history is, the better off you are. As stated before, your history is a prediction of how you will spend in the future so if you have been paying your bills consistently for a long time, it will look better than a shorter history of paying bills.When making decisions regarding homeownership, it is best to talk to a mortgage professional. Contact a member of the Housing Buzz team today to discuss whether buying a home is the right decision for you!
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