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November 08, 2011 | Carol Morgan | Comments 0

How Mortgages Can Affect Your Credit Card Application

debt on Atlanta real estateThose with mortgages on Atlanta real estate are statistically better risks for credit card companies according to an article by Janet Dedrick on the Equifax Finance Blog. Her article, “Credit Trends: Mortgages and New Credit Cards”  explains that consumers with mortgages are usually overall lower risks. Other credit trends that she unveils are some very interesting statistics of people with mortgages. Those with mortgages represent forty-two percent of new cards issued. And, almost 60 percent of new credit went to consumers with mortgages.

It is interesting to note that about half of the new credit card consumers with a mortgage have property values estimated at $200,000 or below, and thirty-five percent own a home worth between $100,000 and $200,000. However, the vast majority of new credit card consumers have equity in their homes. Of course, this does not take into account how many of these mortgage holders are underwater.

The number of people applying for and getting accepted for credit has increased slightly in 2011. Of course, credit limits are still tight and lenders remain cautious.

Have you applied for a new credit card in 2011? If so, were you accepted? What was your experience? Personally, I have found that department stores are very interested in extending credit and often offer deep discounts along with the new credit for the day the card is opened or perhaps a two or three day period.

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Entry Information

Filed Under: Atlanta Real EstateEconomyFeaturedFeatured StoriesIndustryMortgages

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