How Changes To Credit Card Rules May Affect Your Credit Score

Credit is important to obtaining a mortgage and I want people to know that the rules that credit-card companies have to live by changed dramatically with the enactment of new regulations last month. Now, some of the rules for consumers striving to maintain good credit are
changing, too.

For the most part, card holders would still do well to pay on time, keep their balances low and refrain from applying for too many credit cards at once. But some of the old tenets may not
always hold up, as credit-card companies continue to adapt to the new environment and look
for ways to run their for-profit businesses.

Case in point: Many issuers introduced annual or inactivity fees in the weeks leading to or
immediately after the Credit Card Accountability, Responsibility and Disclosure Act went into effect. "Now folks have to decide -- do they want this card badly enough to pay the fee, or do they close it," says Barry Paperno, the consumer operations manager at FICO (FICO). It's a
question of more than just losing a credit line. Closing a credit card can have a big impact on one's credit score. That is, unless you do some groundwork in advance.

In the next few blogs, I will discuss how you have to approach credit differently than before the act and what you need to do to continue to qualify for a Minnesota Mortgage.

Please call Dominic at 612-247-8322 for more information or to access the MLS Minnesota.

Time is Running Out For First Time Home Buyer Tax Credit

There are only 45 days left to take advantage of the Minnesota first time home buyers program. A signed and accepted purchase agreement has to be in place by April 30th and a closing by June 30th. A first time home buyer is someone who has not owned a home in the last 3 years. Please call Dominic at 612-247-8322 for more information.

If you are looking for a first time home buyer seminar, visit http://www.firsthomeguide.com

$8,000 First Time Home Buyer Tax Credit is not the only home ownership help available to Minnesota Homebuyers

Time is running out on you as you try to purchase your first home and beat the deadline of April 30th and be one of the privileged American's to enjoy the first time home buyer tax credit. The city of Phoenix is offering down payment assistance that does not need to be paid back if certain requirements are met. The city of Minneapolis is offering the city living program. The state of Minnesota is very proactive educating the consumer on option and choices made available to the public through The Minnesota Home Ownership Center and the Minnesota Housing Financing Agency.