🚀 go-pugleaf

On Sep 7, 4:38 am, j...@kamens.brookline.ma.us (Jonathan Kamens)
wrote:
> sarge137 <rbooth9...@yahoo.com> writes:
> >Right on!  This is the part that most people don't get.  It doesn't
> >matter if you pay your account off every month, and are never late.
> >If a significant part of your disposable income runs through your
> >creditcard(s), it has a very negative effect on your FICO. ...
>
> >If you think it doesn't matter, the next time you need a loan for a
> >major purchase (and you will, it's only a question of when), ask your
> >lender how much lower the rate they're offering you would be if your
> >FICO was 10 or 20 points higher.  There's no free lunch.
>
> As I've mentioned, we use ourcreditcards at every opportunity and pay
> them off every month.  We also have a card maxed out on a 1.99%
> interest rate offer.  They keep making the same offer (with no balance
> transfer fee), so we keep maxing it out.  I'm happy to pay 1.99% on a
> big chunk of money which I'd otherwise have taken out of my home equity
> line at over 7%.
>
> The total of the maximum balances for all of our cards for the past
> year is over $41,000.
>
> We recently bought a new minivan.  We financed it with a $23,000 loan
> (or somewhere thereabouts) from the manufacturer.  We got the best rate
> they were offering -- 2.9%.
>
> You're right thatcredit-card balances affect yourcreditscore.  But
> I'm not sure they affect it as much as all that.  And if they do, then
> there's a simple solution.  If, indeed, you're simply using thecredit
> cards to get cash back, then plan your "major purchase" several months
> in advance and stop using the cards during that time.  Even lowering
> your balances for only a few months will significantly lessen the
> impact of the prior balances on your score.
>
> --
> Help stop the genocide in Darfur!http://www.genocideintervention.net/


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