credit scores

[PKMAN]

Debt ratio is just as important as good credit score. My credit scores are 737 (Experian), 810 (Equifax) & 808 (TransUnion). But my loan officer told me that equally important was the fact that I have no debt; no mortgage (rental), no car payment, no student loan, no child support … no debt of any kind whatsoever and it has been this way for nearly 5 years.

Thus combining with good credit score, I easily qualified for a loan with the absolutely lowest rate.

I had feared that being debt-free may hurt my credit (especially that I pay off my credit cards every month and never let the banks collect interest fees) but it actually helped. Go figure.

[Raybyrnes]

La Jolla Renter
This strategy does not work aswell these days because they now charge 3% for balance transfers. Additonally you would not wnat to open 4 card at the same time because you would use up all the good ones. A better idea would be to stagger your credit card openings. Open up 1 with lets say 20K. Use it for 9 months and the final 3 make large payments to get this to 0. Next years comes do the same thing.
The only downside to this from a credit standpoint is utilization. Once you get past 30 % utilization on your CC you will see a drop of about 15 to 20 points if you are starting out at 800. Big deal. Now you are 780. You still qualify for preferred loan rates.

[Raybyrnes]

La Jolla Renter
This strategy does not work aswell these days because they now charge 3% for balance transfers. Additonally you would not wnat to open 4 card at the same time because you would use up all the good ones. A better idea would be to stagger your credit card openings. Open up 1 with lets say 20K. Use it for 9 months and the final 3 make large payments to get this to 0. Next years comes do the same thing.
The only downside to this from a credit standpoint is utilization. Once you get past 30 % utilization on your CC you will see a drop of about 15 to 20 points if you are starting out at 800. Big deal. Now you are 780. You still qualify for preferred loan rates.

[Raybyrnes]

La Jolla Renter
This strategy does not work aswell these days because they now charge 3% for balance transfers. Additonally you would not wnat to open 4 card at the same time because you would use up all the good ones. A better idea would be to stagger your credit card openings. Open up 1 with lets say 20K. Use it for 9 months and the final 3 make large payments to get this to 0. Next years comes do the same thing.
The only downside to this from a credit standpoint is utilization. Once you get past 30 % utilization on your CC you will see a drop of about 15 to 20 points if you are starting out at 800. Big deal. Now you are 780. You still qualify for preferred loan rates.

[Raybyrnes]

La Jolla Renter
This strategy does not work aswell these days because they now charge 3% for balance transfers. Additonally you would not wnat to open 4 card at the same time because you would use up all the good ones. A better idea would be to stagger your credit card openings. Open up 1 with lets say 20K. Use it for 9 months and the final 3 make large payments to get this to 0. Next years comes do the same thing.
The only downside to this from a credit standpoint is utilization. Once you get past 30 % utilization on your CC you will see a drop of about 15 to 20 points if you are starting out at 800. Big deal. Now you are 780. You still qualify for preferred loan rates.

[Raybyrnes]

La Jolla Renter
This strategy does not work aswell these days because they now charge 3% for balance transfers. Additonally you would not wnat to open 4 card at the same time because you would use up all the good ones. A better idea would be to stagger your credit card openings. Open up 1 with lets say 20K. Use it for 9 months and the final 3 make large payments to get this to 0. Next years comes do the same thing.
The only downside to this from a credit standpoint is utilization. Once you get past 30 % utilization on your CC you will see a drop of about 15 to 20 points if you are starting out at 800. Big deal. Now you are 780. You still qualify for preferred loan rates.

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