Answers to some questions..
I received quiet a few questions regarding a previous APP-O-RAMA that I helped my friend with. He is a 20 year old college student that doesn’t live with his parents. He doesn’t have a Job,but makes a few K a year on the side. He was able to secure over 65k without having to make anything up on the application. He wrote that his annual household income was 110k per year. The money figure is actually what both of his parents make per year combined. It’s ok to state your parents income as household, because after all ,they are the only ones that will take you back into their house when your girlfriend kicks you out of hers 
. He was never questioned about the income and he put down that he is self employed and used his address and phone number as the business contact info. Sole proprietors aren’t required to incorporate their businesses and therefore they can use their own names as the business names if they wish. Although exaggerating your income is not always a good thing especially when doing it with an American Express card (read:financial review!) you should be able to get away with it if its fairly reasonable number like high $xx,xxx per year to a $1xx,xxx per year.
As far as questions about Interest Rates. In my opinion rates will be going down even further. Our economy is really headed down in the foreseeable future. With all the borrowers on Jumbo (500k+ houses) mortgages hanging by a thread the government will do anything to bail them out, even if it means devaluating our currency even further so they can afford to pay for their McMansions. I’m going to lock in a nice 9/12 month cd rate hopefully at around 5.5% if I can still find that somewhere online. I just don’t see interest rates going up any time soon. Although its not heading the way of the Japanese yen or the Swiss frank where there is almost no interest.
Filed under: Interest Rates, 0% balance transfer Credit cards
