Mortgage Man outs banks’ and credit card companys’ latest efforts to harm homeowners.

The Triangle’s Mortgage Man and credit expert, David M. Damaré outs banks and credit card company’s latest efforts to harm homeowners.  Damaré also provides proven methods to secure your credit and ensure you are able to take full advantage of the lowest mortgage interest rates in history.  In today’s world of frozen credit and a depressed economy banks and credit card companies are continuously seeking ways to earn more money by making incredulous ‘introductory’ or ‘balance transfer offers’ only to later change the terms in their favor.  This creates high credit balances and unaffordable payments for some consumers. Damaré says “With the more subtle changes, homeowners don’t normally find out about them until months or years later when attempting to refinance their home and realize their credit has been devastated.  They do follow federal law and mail consumers the changes but we are inundated with junk mail and have you ever tried to read and understand a credit card contract?” Damaré regularly tips his clients to

• Not be delinquent on payments.  Either mail your payment, certified mail at least 15 business days prior to the due date or pay online 7-10 business days prior and print our your payment confirmation.

• Verify any early payoff, as statement balances may not include interest accrued during the current billing cycle.
• Whenever possible, pay off the balance on your credit card each month. If you carry a balance your initial goal should be to get the balance below 50% of the available credit and ultimately carry no balance on any credit card. Those whose balance exceeds 50% of their available credit are considered a higher risk.
• Get rid of retailer’s credit cards.  These are often forgotten about and carry the most onerous interest rates and penalties.  Take the 10% discount if you have to and as soon as you receive the card call them and close the account.
• protect your personal identity. Identity theft is rampant and can take years to correct, so obtain your credit report free from all three credit reporting agencies each year to verify accuracy and correct any mistakes.

By following these simple tips, you can ensure your credit score allows you to take full advantage of lending opportunities that are currently available. Be sure to speak with your licensed mortgage professional to determine the best course of action that fits your short-term and long-term needs.