1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will term you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair
Isaac).
2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% -
30%!
3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have atleast 2 credit cards and 14% of them have 10 or more credit cards.
Mortgage Consolidation & Refinancing Calculator Version 1
If you have 2 different mortgages, this
Mortgage Consolidation & Refinancing Calculator Version
1 will help you decide whether it is economically smart for
you to consolidate both of your mortgage loans into 1 single
loan, with a lower interest rate. It will compare your currently
monthly mortgage payments with your payments on the new refinanced
interest rate, outputting the net savings you will have (Monthly
Payment Reduction). The mortgage refinancing calculator
is so sophisticated that it will also output the break even
point on your closing costs. Here is a sample output generated
from this calculator:
"If you
refinance your current 5.00% mortgage and your current 6.00%
mortgage into a single 4.50% mortgage, your monthly payment
will decrease by $440.03 and you will save $168,303.78 in
interest charges over the life of the mortgage. However, in
order for this refinancing to yield any savings at all you
will need to stay in your current home for at least 23 months.
That's how long it will take for the monthly interest savings
to offset the closing costs attributable to refinancing."
