AOL real estate has a great article with 10 very detailed credit card moves buyers and sellers should consider making in 2010. This is especially timely because lending guidelines are tightening (again) and the new Credit Card Accountability Responsibility and Disclosure Act (CARD) takes effect on February 22, 2010.

There are a number of provisions in the CARD Act with significant implications and action points for homebuyers and sellers (most of the latter of which will also be homebuyers soon). One, in particular, is to request credit limit increases – if you qualify for them and need a boost to your FICO score – before the act takes place. Afterwards, the CARD Act will make it harder to obtain an increase.

If you’re applying for a mortgage soon, you might also want to use any accounts you have that have been inactive. Credit card companies are highly likely to close those accounts, in this marketplace, which reduces your debt-to-available credit ratio – a major component of your FICO score. I know this seems like a penalty for being responsible, and it is to some extent, but fair or not, it makes sense to avoid inactive accounts being closed by simply using them and paying the balance off ASAP.

Homebuyers wanting to jump into the dawning Era of Conspicuous Frugality might want to look at the free spending and credit management tools referenced in the article.

Check it out! Get the article, here.

lending guidelines are tightening (again) and the new Credit Card Accountability Responsibility and Disclosure Act (CARD) takes effect on February 22, 2010.