Different companies have different criteria for evaluating good credit. An employer, for example, might consider having zero credit cards as good credit. A credit card company might consider having credit cards that are spent to the limit as good credit, as long as the payment history is perfect. A mortgage company, on the other hand, does not consider maxed credit cards as favorable.

How does mortgage credit differ from other types of credit?

You might hear about the conventional wisdom of good credit. For example, it’s good credit when you have paid off your credit cards in full. Don’t carry a balance on your credit cards. Close credit card accounts when you don’t need them anymore.

While this is good, solid advice for debt management and control, if you’re trying to get a mortgage, it can work against you.

When mortgage companies evaluate applications, they like to see consistency. If you have a credit card, mortgage lenders want to see at least 24-36 months of perfect payment history on it; that is, 24-36 months with no breaks in between. If you’re fortunate enough to be able to pay your credit card off every month, you might want to rethink this strategy if a mortgage is in your future.

If you allow a paid-off credit card to remain that way for at least 2 straight months, your credit report will show a break in your payment history. Over the past 12 months, it might look something like this on your credit report:

CCCC CC CCCC

Mortgage lenders want to see this on your report:

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If you already have perfect credit with high scores, this isn’t much of an issue. However, if your scores are lower, or if you’re trying to rebuild credit, it is very highly recommended that you maintain a consistent payment history with no breaks. How can you do this without getting yourself into a mess of debt? You can put an inexpensive magazine subscription on your credit card, for example. That way, you never need to carry the card around, and it’s automatically charged for your subscription amount. Just make sure that you pay it off every month on time.

Conventional wisdom tells you to keep a zero, or almost zero, balance on your card. When it comes to mortgage lending, however, it is a dangerous trap. If you have a very low balance on a card, mortgage lenders will look at the “potential” of you maxing out that card. If you were to do that, your debt ratio will increase, and you could default on your loan. The higher your credit limit, the more this becomes an issue. A $300 credit card with a $20 balance won’t matter as much as a $3000 credit card with a $200 balance. In the latter scenario, you have the potential to add $2800 to your current debt load.

Generally, lenders like to see around 25% to 50% of your credit line used up. That way, it lessens the hit on your debt ratio if you were to max the card out. While this criterion by itself might not be enough to approve or deny you, it is definitely a factor worth considering.

If you have no balances on your cards, why not close the account? Then the low balance issue is moot, right? Unfortunately, closing accounts will lower your credit score. As well, lenders like to see at least 3-6 revolving accounts on your credit, and at least 1-2 installment loans. If you have too many revolving accounts with no balances, then you might want to close some. But if you’re in that 3-6 range, keep them open.

Obtain a copy of your credit report and see how your credit history reads. Make sure there aren’t any breaks in your history, especially if you’re a borderline applicant. Even if you do have a break, a high credit score will offset any penalties your potential lender might invoke. Keep the score as high as you can, and keep your credit history consistent.

One of the first steps to take in preparing for the “big day” is your wedding budget. A budget is most simply defined as a guide to planning income expenditures, which means it shows how much money you have coming in, plus how much money you have going out.

Sit down with your partner to create your wedding budget. You need to figure your income for the next 12 months) or however long you have before the “big day” (remember the longer the engagement the longer you have to save). You’ll also want to figure up your regular expenses: rent, utilities, gas etc. Finally, decide how much of the money you have left can be put aside each week to cover your Wedding expenses. While you could choose to set money aside on a monthly basis, it’s not usually as effective.

Once you have an idea of how the two of you can spend on the wedding it’s time to call together the parents of the bride and groom. Discussing the financial aspect of your wedding budget may not be the best way to celebrate your engagement, but it’s better to be upfront about these issues to prevent problems and added stress later on.

At this meeting, you want to find out a few important things:

1. What is everyone willing and able to contribute?

2. What things are absolutely necessary and what can be given up easily?

3. Who is going to pay for what?

Finally by the end of the discussion,you should have a list of everything that will be needed, plus you’ll know specifically who will be paying for which expenses.

Now that you know how much you can spend, your next Wedding Budget related task is to spend as little as possible without sacrificing the quality of your Wedding.

Homework: If you were going to buy a car, would you go to the showroom with no idea of the automobile you want, what features you’re looking for, or even how much you would pay? Of Course, you wouldn’t unless you wanted to get ripped off. So why wouldn’t you take the same precautions when planning and budgeting your Wedding?

Research: When purchasing your Wedding products shop around, look on the net and get the best value possible.

Ask Questions: Vendors know that most brides to be are excited and emotional and a sign that you know what you are talking about is to ask questions.

Get Quotes: I always recommend at least 3 quotes, you will be amazed at the price gap.

Many brides-to-be are tempted to take out a loan to pay for their Weddings. You will start your married life in debt. In the end, making a wedding budget and shopping around is your best bet for creating the Wedding you want without bogging yourself down in extra long term expenses.

Remember, to achieve your “Fairytale Wedding”, all that is needed is commitment and your wedding budget.

Good Luck and best wishes on your wedding day and for all the days thereafter.

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