help me understand credit scores.. ITT credit stuff.. :confused:

I have a question. Knyte and I are planning on getting a debt consolidation loan (basically a personal loan aimed for paying off debt) from our credit union to pay off all of our credit cards with. The loan has a lower interest rate and ideally, being able to put all of our extra money to that loan, will pay it off faster than spreading it out. Would that be a bad thing to do?
 
kiwi said:
I have a question. Knyte and I are planning on getting a debt consolidation loan (basically a personal loan aimed for paying off debt) from our credit union to pay off all of our credit cards with. The loan has a lower interest rate and ideally, being able to put all of our extra money to that loan, will pay it off faster than spreading it out. Would that be a bad thing to do?
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Nope.
 
Lord Flaccid said:
But if you have more credit than you need it's bad, right? Like for example if you had 4 credit cards but never used 3 of them? It's the same principle, isn't it?
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no, having a lot of credit you never use is actually good.
 
kiwi said:
I have a question. Knyte and I are planning on getting a debt consolidation loan (basically a personal loan aimed for paying off debt) from our credit union to pay off all of our credit cards with. The loan has a lower interest rate and ideally, being able to put all of our extra money to that loan, will pay it off faster than spreading it out. Would that be a bad thing to do?
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No, the only problem with that is having control. Most people do those loans, then charge the credit cards right back up within a year.
 
coqui is right "If you have recently applied for many new accounts, that may negatively affect your score." .

I just got new car insurance and they gave me an explain of why my rate was the amount it was. I am a floater .... meaning I transfer cc balances to new cards to get the 0% interest for a year. This works great by the way (I never ever pay interest and I get the card with $0 transfer bal) .... anyway opening a new card this year hurt my ranking. I am going to be a good girl from now on ...
 
fly said:
No, the only problem with that is having control. Most people do those loans, then charge the credit cards right back up within a year.
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Yea, I know some people that are like that. It's just crazy, our goal is to get out of debt, not so far in debt that we have to declare bankruptcy in 2 years.
 
kiwi said:
Yea, I know some people that are like that. It's just crazy, our goal is to get out of debt, not so far in debt that we have to declare bankruptcy in 2 years.
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LOL

If you have to declare bankruptcy, do it by next month. That's when the new laws kick in...
 
fly said:
Yeah they do. Saved me a shitload of cash on my student loans. Full of elitest assholes, but they are elite for a reason.
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did you see the thread where the dude figured out how to get cash back on tsunami relief funds?

edit: I think it was the same dude that found out that property value in New Orleans was on the rise
 
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elpmis said:
what's the word with the new bankruptcy law?
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From what I understand, there will pretty much be no just writing off debt. They will require some sort of repayment plan (although probably greatly reduced).

People won't be getting off scott-free
 
fly said:
From what I understand, there will pretty much be no just writing off debt. They will require some sort of repayment plan (although probably greatly reduced).

People won't be getting off scott-free
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Good. The madness needs to stop.
 
elpmis said:
did you see the thread where the dude figured out how to get cash back on tsunami relief funds?

edit: I think it was the same dude that found out that property value in New Orleans was on the rise
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:lol:

damn, i always miss the good ones. what cracks me up is the threads where you can make $160 for opening up 16 accounts with a $10k minimum. I wonder if they have better things to do...
 
April23 said:
I'm not going to believe some twits on a online forum.



kekekek
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The more produce you buy the higher your credit score. So always pick up some broccoli when you're out.
 
gottoys? said:
coqui is right "If you have recently applied for many new accounts, that may negatively affect your score." .

I just got new car insurance and they gave me an explain of why my rate was the amount it was. I am a floater .... meaning I transfer cc balances to new cards to get the 0% interest for a year. This works great by the way (I never ever pay interest and I get the card with $0 transfer bal) .... anyway opening a new card this year hurt my ranking. I am going to be a good girl from now on ...
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You also want to have a solid payment history, on revolving and guaranteed loans. If you have credit cards and don't use them, then they do nothing to help you establish credit.

I'm 29 and have problems with my credit because I have "insufficient payment history" because I don't have lots of loans and stuff and the ones I had I paid off already. :lol: So the fact that I was late one time in March of 2003 for my car payment means more than the fact that I made every other payment on time and paid the loan off.

Stupid credit :lol:
 
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