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Post by jhawkr on Jun 24, 2021 17:23:36 GMT -5
I’ll be using the proceeds for a couple of home repairs I need to make. I don’t need to borrow to get it done but noticed my credit score has suffered going from “Exceptional” to “Very Good” after having no consumer loans for the past 3 years. It was easy. Remember the old days when you had to go to the bank and wait to speak to a VP or loan officer? Not anymore! A few minutes online at the Amex website, applied and got the loan approved in less than 5 minutes. The money was sitting in my bank account this afternoon. I want to keep my credit rating pristine as you never know when you might need it. Maybe this will help boost it back up and get those honey do’s done at the same time.
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Post by Think Floyd on Jun 24, 2021 17:31:18 GMT -5
I want to keep my credit rating pristine as you never know when you might need it. Maybe this will help boost it back up and get those honey do’s done at the same time. Well, if that doesn't boost your score as much as you'd like, feel free to take out more loans and tackle some of my honey do list. You seem like a good guy, so I'm willing to do what I can to help! |
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Post by Larry Madsen on Jun 24, 2021 20:44:15 GMT -5
You could simply put some purchases on a credit card on a regular basis and pay it off each month prior to the due date.
Demonstrates activity, payment record and no late payments.
We don’t do that with conscious effort, but it happens when we are making an odd purchase and we prefer to not have hit the checking account (is that still a valid term?).
Then we will transfer the payoff from whatever account we want it to come out of.
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Post by jhawkr on Jun 24, 2021 20:53:32 GMT -5
You could simply put some purchases on a credit card on a regular basis and pay it off each month prior to the due date. Demonstrates activity, payment record and no late payments. We don’t do that with conscious effort, but it happens when we are making an odd purchase and we prefer to not have hit the checking account (is that still a valid term?). Then we will transfer the payoff from whatever account we want it to come out of. I use my cc’s all the time but always pay them off in full. My credit reports say I don’t have recent consumer debt like car payments, a mortgage, personal loans that demonstrate timely payment on an obligation so therefore I am less credit worthy. It doesn’t make much sense to me except the industry doesn’t like that I don’t pay them interest. I own my house and cars outright. |
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tmc
Wholenote
Posts: 907
Formerly Known As: tmc
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Post by tmc on Jun 24, 2021 21:26:57 GMT -5
I took out a home equity line of credit for household repairs or emergencies. I believe the interest is tax deductible for home related purchases.
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Post by rickyguitar on Jun 24, 2021 21:32:36 GMT -5
Sounds like a plan
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Post by Mfitz804 on Jun 24, 2021 22:47:58 GMT -5
I took out a home equity line of credit for household repairs or emergencies. I believe the interest is tax deductible for home related purchases. I did a credit line when I did my remodel and it worked out great. No interest on it until you use it, which was good because with various delays, we didn’t get started for two years after the loan closed. We used our cash first, then went into the loan. Eventually I refinanced my mortgage and the credit line into a single loan, which along with an interest rate reduction, brought the total monthly payment down by $900 with practically no closing costs (under a grand). The only downside was, that closed the credit line. I would have loved to keep it open and have it to use for other renovations, like my backyard makeover I have still yet to do. I may well re-open a credit line when the time comes. |
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Post by fkaJimmySee on Jun 25, 2021 4:59:08 GMT -5
I do not understand how these credit agencies apply their presto-chango to come up with these scores. We've got a 40-year track record of never missing or being late with monthly payoffs of credit card bills, pretty much live off two airline credit cards, but have no car loans (newest car in the garage is my 2013 Fiat). But our credit scores jump around up and down like jackrabbits.
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Post by ninworks on Jun 25, 2021 5:21:56 GMT -5
My credit score has taken a hit since I paid off the mortgage and retired. All I have are taxes, insurance, utilities, and a wife with an Amazon addiction. All credit cards are paid off at the end of each month. I don't really care what they do to my credit score. I like not having any outstanding debt and there's no way I am going to start any of that up again.
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Post by jhawkr on Jun 25, 2021 10:33:51 GMT -5
I don’t have taxes to worry about so doesn’t matter if it is deductible or not. In the long run it won’t cost me much and I will likely pay it early. Like I mentioned, I don’t need the loan as I have a decent cash pile. We’ll see if a 4K loan will satisfy the credit gurus.
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