Skip to main content

Saying Yes to that New Store Credit Card: Can it Derail Your Dreams of Buying a Home?

Saying Yes to that New Store Credit Card:  
Can it Derail Your Dreams of Buying a Home?  

     My wife and mom went shopping together one day this last week.  Both have already started thinking about Christmas shopping.  Seems they're not alone.  

     If you've watched much TV over the past couple of weeks, you've probably caught a commercial or two already heralding the approaching holiday retail shopping season.  Holiday decorations to put you in a holiday shopping mood have popped up in stores too. 

     Yep ... the "push" for your holiday shopping dollars has officially begun.   And boy, do I mean ... push ...

     Both my mom and wife related that they received multiple invitations to open up new credit cards and "save" on their purchases at store registers.  One clerk in particular, had been relentless.  

     This clerk had gone as far as suggesting to my mom that she open up a second card at the store, in addition to the one she already has, to get her "savings".  My wife was a bit alarmed at how dogged this clerk's pursuit of my mom (a senior) was. 

     I've written on the topic of opening up new credit around the holidays before.  But the advice and message contained within that older post, as well as this one, is sound and valuable at any point in the year ... especially if you're presently in the process of buying a home or refinancing ... or hoping to buy a home or refinance at some point in the future

     When facing this scenario at a register, you must stop and examine it.  Simply ask yourself ...  

     Is the new account or credit card actually as big a savings to you as the clerk  says? 

     To answer, you must consider this:  

  • What other credit obligations or credit cards do you have?  
  • Do you know the total amount of your debt?  
  • How would opening the new account effect your Credit Scores? 
  • Will you pay off the new account's balance in full every month or carrying a balance?  
  • Do you know what the terms of your new account will be?  
  • More ...

     It's a bit more complicated than presented at that register, isn't it?  That seemingly minor credit card?  It might end-up costing you big time.  Not only in dollars.  But also in your Credit Score and your ability to obtain financing now or in the future.

     So stop and think prior to saying "yes" at that register.  What are your true priorities?  

     What ultimately means more to you?  Saving a minor amount on a retail purchase you're making today ... or being financially and credit capable of buying the home you want now or in the future? 

     Saying Yes to that New Store Credit Card: Can it Derail Your Dreams of Buying a Home?  While you're standing at that register, you must decide ...

     *  Hoping to Buy or Refinance a home in Will County, or elsewhere in Chicagoland?  Contact me!  I'll put my 40+ years of mortgage experience and expertise hard to work on your behalf.
     I'm easily found at:

Gene Mundt
Mortgage Originator  -  NMLS #216987  -  IL Lic. #031.0006220  -  WI Licensed

American Portfolio Mortgage Corp.
NMLS #175656

Direct:  815.524.2280
Cell/Text:  708.921.6331
eFax:  815.524.2281

Gene Mundt, Mortgage Originator, an Originator with 40+ years of mortgage experience, will offer you exemplary mortgage service and advice when seeking: 
Conventional, FHA, VA, Jumbo, USDA, and Portfolio Loans in Chicago 
and the greater Chicagoland region, including: 
The Lincoln-Way Area, Will County, (New Lenox, Frankfort, Mokena, 
Manhattan, Joliet, Shorewood, Crest Hill, Plainfield, Bolingbrook, 
Romeoville, Naperville, etc.), DuPage County, the City of Chicago, 
Cook County, and elsewhere within IL & WI.

Referrals are Appreciated and Welcomed!





Popular posts from this blog

Property Addresses: Gettin' Down to the Nitty Gritty

Property Addresses:   Gettin' Down to the Nitty Gritty

Take just a second and read through the following statements ...

“The devil is in the details” 
... "in life, it is often the tiny details that end up 
being the most important"

"Get Down To The Nitty Gritty"

“Little details have special talents in 
creating big problems!” 

“Sweat the details”

"Success is the sum of details"

Details ...Details ... it's all about the details ...
     And I'll admit it, I'm a bit of a nerd about them.  My whole family is.  Details, the intricacies, the little things ... they matter to us.
When I was growing up, a typical conversation (and argument) between my brothers and myself at the dinner table or in the backyard centered around "details".  It didn't matter what the topic was, it was the minor differences ... the details about the topic ... that we argued about.  I'm sure we drove our parents crazy.  
Sports statistics and games ... minutiae rega…

Ready for Fall? It's Arriving Soon

Ready for Fall?  It's Arriving Soon

Friend ...

Maybe it's because football season has started. Maybe it's the kids being back in school. Or because the night air is cooler. But a sense of Fall has arrived here in Chicagoland ...

The Fall Season brings changes with it. Changes in temperatures. Changes to the clothing we wear. Our focus seems to shift with the coming of shorter days, falling leaves, and crisp air.

Fall can be the perfect time to do a multitude of things. You can prep your home for the upcoming winter weather ... or for Fall listing and sale. 

But whether you're moving on or staying put, Fall is a great time to declutter and organize your home inside and out ... and your finances too.

I've googled like crazy to find interesting articles filled with Fall info, ideas, tips, and photos. Articles that will help you usher the Fall Season in at your house. I hope you enjoy reading the articles offered below and that they inspire you to make any needed changes.


Paper or Paperless billing? Which serves YOUR needs best?

Paper or Paperless billing?  Which serves YOUR needs best?

These days, companies are under pressure to go "green" and become more environmentally friendly.  As a result, an increasing number of businesses are offering their customers a paperless option with which to receive and pay their bills. 

There are obviously many positives to be found within these paperless services:

Trees are saved  Reduced postage costs  Less paper documentation to organize or save/storePossible rewards for switching to paperlessPayments can often be made/posted same-dayAutomated payments can be set-upMore
But I can tell you from my vantage point as a Chicagoland/IL/WI Mortgage Originator, there are also negatives to be found within paperless methods.  For some of my mortgage clients, the choice of going "paperless" just hasn't worked well.

 For some, an email or text reminder regarding payment of bills has not been enough. They NEED a paper billing to arrive in their mail. 

Their paper bil…