Homeowners Effectively Managing Credit
A recent Realty Times article reported on an Experian Inc. consumer survey which posed the question, “Who’s got the higher credit scores — homeowners burdened with heavy mortgage debts, or renters who have no mortgage debt whatsoever?” Surprisingly the answer was homeowners. The highest scoring homeowners were those that were not only carrying a mortgage, but were also carrying a second mortgage or an equity credit line.
According to the article, the average revolving and consumer debt of renters in the Experian sample survey was $4,565, compared with an average of $24,565 for homeowners with one mortgage and $42,511 for owners with seconds or equity credit lines on top of their first. The sample found that homeowners also use their available credit more extensively than non-owners. The typical homeowner had a 35 percent utilization ratio on revolving credit trade lines compared with 18.5 percent for renters.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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