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Old 06-15-2018, 12:49 PM   #1 (permalink)
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Default Good way to improve your credit score.

Found this out recently regarding revolving credit (credit cards other than American Express). Credit agencies give you a nice bump if your revolving debt is less than 30% of your credit limit.

I have two Visa cards with a total credit limit of $21,500. After selling the house I paid them both down quite a bit. I currently owe $4,547 on them which is 21% of my credit limit.

My Fico score went up almost 40 points just by getting below 30%!
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Old 06-15-2018, 12:54 PM   #2 (permalink)
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Sorry man, but if I hadn't seen it was you who started this thread I would have thought "SPAM!" right away....

A better way to improve your credit score:
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Old 06-15-2018, 12:57 PM   #3 (permalink)
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If you have a lot of debts and aren't sure about how to pay them down fast: https://www.daveramsey.com/blog/get-...-snowball-plan
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Old 06-15-2018, 12:58 PM   #4 (permalink)
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I think Fight Club had this covered.
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Old 06-15-2018, 01:09 PM   #5 (permalink)
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Originally Posted by Chula Vista View Post
Found this out recently regarding revolving credit (credit cards other than American Express). Credit agencies give you a nice bump if your revolving debt is less than 30% of your credit limit.

I have two Visa cards with a total credit limit of $21,500. After selling the house I paid them both down quite a bit. I currently owe $4,547 on them which is 21% of my credit limit.

My Fico score went up almost 40 points just by getting below 30%!
You don’t you just pay them off completely?
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Old 06-15-2018, 01:38 PM   #6 (permalink)
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You don’t you just pay them off completely?
Actually it's better to have some debt and pay it off monthly, on time. Weird but true. Never being late on a payment is a huge factor in your credit rating.
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Old 06-15-2018, 01:40 PM   #7 (permalink)
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Actually it's better to have some debt and pay it off monthly, on time. Weird but true. Never being late on a payment is a huge factor in your credit rating.
Not weird that capitalism rewards you for being subservient.
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Old 06-15-2018, 01:41 PM   #8 (permalink)
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You should already have a pretty lengthy history of that with your mortgage payments and previous payments. Paying them down but keeping them open so that you have a few credit lines open will accomplish the same thing and similarly decrease your DTI.
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Old 06-15-2018, 01:43 PM   #9 (permalink)
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Not weird that capitalism rewards you for being subservient.
You sign up for a card and agree to the terms. They let you spend money you don't have. You just have to pay them back on time. Pretty simple actually.

Stop using big words. It doesn't suit you.
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Old 06-15-2018, 01:44 PM   #10 (permalink)
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Actually it's better to have some debt and pay it off monthly, on time. Weird but true. Never being late on a payment is a huge factor in your credit rating.
At this point why pay interest on money that should be earning interest?
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