That’s what happens when banks hand out loans like they’re giving out candy.
It would appear you have a mortgage or car payments to show your credit worthiness unless you put a good deal on all your cards and pay it off each month.
and emails, lots of FWD:FWD::FWD Emails
This is true if you have an excellent credit score, and let’s say three credit cards that you decide to pay off in full then cancel, as soon as the credit cards go off your credit (5 years) you will take a serious credit score hit, regardless of how good your history has been.
Like you said to keep it up you need to be paying on something constantly with credit.
He didn’t say radio alone…he said AM radio. Referring to political talk radio.
I have a new car note (first time I’ve ever owned a new car; had five miles on it when I drove it off the lot). I paid off one car a year ago and bought another one this year.
The only thing that hurts me when you break my score down is my average age of credit. I didn’t start seriously building my credit until 3 years ago. So I’m as high as I can go until my average credit age increases. That’s the only reason I’m keeping my starter credit car active. By the time I get to my last year of payment on this car it’ll start climbing up again since I’ll have an average of six years altogether between my two credit cards (one is the starter card I keep active and the other is my high credit line card I use everyday) and the car.
They still hit me with that length of credit history even though I have been working for over 10 years now paying bills. I am not sure when that ends.
Last year was kind of funny yet sad at the same time. When I came home from paying off the last car my granddad told me I had achieved something neither of his daughters had ever done.
My mom nor my aunt (God rest her soul) ever paid off anything, much less a car. My mother was extremely irresponsible financially. She was a hard worker and she made amazing money at the height of her career but she made really bad investments and poor personal choices.
Basically I’m doing the exact opposite of what she did. I’ve got a good job that covers all of my bills and let’s me save money but it isn’t high risk. Her career choice was high risk, high reward; she worked for herself. I chose stability instead.
Once my fiancé graduates we will be doing very nicely. She’ll be bringing in more than I do.
Ooops. I forgot that in my reply also. I do have a mortgage. I also have a pretty high limit CC but it’s an emergency only deal.
Yeah, only I really doubt we will have a “housing crash” the way we did in 08. Mostly due to lending requirements, you now have to prove income and other sources of funds or income. So it is much harder to qualify, yet property on the West Coast is getting scooped up faster then your head can turn.
I live in Southern California and shacks here start at 800k and get bought in cash within weeks
It’s going to keep hitting you as long as you keep opening new accounts. It’s the average age of all of them that is looked at.
AM radio ad: “Are you in trouble with the IRS?”
Judging from AM radio ads, their typical listener is a tax cheating male out to hire a divorce lawyer to keep what’s “rightfully his” while secretly buying overpriced gold coins as part of his retirement account.
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There is no indication that it is conservatives in those states that are messing up the credit scores. You would have to go into detail of the distribution by political orientation.
…with jock itch.
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and we are shocked they voted for Trump?
They don’t just look at your work history. They look at your payment history. Example I don’t have a mortgage or car loan so I keep a balance on a credit card. It shows payment history over the long term for me. The other two cards mostly get paid off each month.
That’s the right personal strategy my friend.
