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Yes Posted by Scott Paterson [Email]  (#13)  [Profile/Gallery]
(more from Scott Paterson) on Mon, 15 Aug 2005 17:22:33
In Reply to: doesn't that affect your credit score?, Bob M, Mon, 15 Aug 2005 10:56:57 Members do not see ads below this line. - Help Keep This Site Online - Signup |
It does. Each card is potential debt. Having even one lowers your score, but also having no credit history lowers it too... I had to get a law firm to deal with Discover about a year ago. They had moved our card over to Platinum as a courtesy and rolled over the $300 balance but didn't zero it out on the old card and so it showed up as an outstanding balance. Lowered my credit score by about ten points (which is negligible), but it always came up when we got our mortgage, refinanced, and refinanced again (15 year 5.125, woo hoo). The lawyers were not expensive and remedied it in a week whereas my months of letter writing was to no avail. I always got denied and told the record would remain.
I did just take advantage of a 1.9% loan from one card which I can have for the life of the loan as long as I don't charge anything else to that card and ALSO pay off all my other cards (we only use one other card currently since I'm enjoying the Amazon certificates) on time which we always do - never carry a balance. I put it towards my originally 4% home equity loan which has been raised on schedule at every opportunity to a now 6%. Paying off that one aggressively.
Hoo boy, it does take some effort to keep everything balanced on paper, but online payments to cards has also been nicely convenient.
-Scott
_______________________________________ Saabnet.com Webmaster Saabs Owned: 1973 Saab Sonett III (Current) 1983 Saab 900 Turbo 1985 Saab 900 Sedan 1990 Saab 900 1992 Saab 900S 1999 Saab 9-3 Turbo 2005 Saab 9-2X Aero (RIP 95K/Accident-guy ran stop sign) 2005 Saab 9-2X Aero (Current) 2007 Saab 9-3 SportCombi 2010 Saab 9-3X Wagon Winner 1996 Saab Owners Convention Rally Novice Class Winner 1999 Saab Owners Convention Rally (All Classes) Also Founder of two non-profits: Poverty2Prosperity.org RunClubMenloPark.org
, Tue, 16 Aug 2005 13:00:01, Mon, 15 Aug 2005 20:16:20, Tue, 16 Aug 2005 09:11:23, Mon, 15 Aug 2005 17:17:44
, Mon, 15 Aug 2005 09:44:50, Mon, 15 Aug 2005 17:22:33 <-- Viewing This Message
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