Most credit cards provide some sort of protection against a defective purchase, and with gold or platinum cards, you'll often get double the manufacturer's warranty. You're also not immediately out your own money if something goes wrong.

If your appraisal comes back too low - you don't have at least 10% equity for a conforming loan or 20% for a jumbo loan - you might not be able to refinance at all, at least with a loan that's packaged and sold to Fannie Mae and Freddie Mac. That means you may have to pay a much higher rate.

Anything past 90 days constitutes 'severe,' but all late payments stay on your report for seven years if reported.

Jean Chatzky Quotes