| Topic : Life on Credit |
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Posted in Community :
Credit Risk Management
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Activity:
16 views;
last activity : 07 06 2010 20:18:09 +0000
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Pay and avoid
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Cash Reserves
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Invest Consulting an Investment Expert
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Have you taken out credit cards, personal loans or an auto loan? If you have high interest credit cards, consider paying them down and avoid using more than 10% of your cards' limit at any given time. However, if you are debt-free, you can possibly go for a bigger mortgage depending upon other factors.
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No supporting Arguments for this idea
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I think most lenders will require you to have cash reserves/savings equal to at least 6 months of mortgage payments apart from what you'll pay for closing costs and down payment. However, not all programs require this but it's better to have some cash reserves so that in case there's an emergency you don't miss a payment and bring down your credit score.
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No supporting Arguments for this idea
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My idea is, you may like to invest in stocks, bonds, and mix and match options to build up a strong portfolio. However, investment options are subjected to market risks, so it's worth consulting an investment expert in order to get maximum returns. An estimate of such returns will help you decide whether it's worth investing or getting a mortgage.
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No supporting Arguments for this idea
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