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| Stretching Every Dollar |
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| My husband and I are planning to build a house next year, and we need to improve our credit scores. We have credit cards that we normally pay off every month, but we are going to start keeping a balance in order to improve credit, and we are working hard to increase our savings. Any ideas of what else we can do? |
| Posted by Marcia on 02/13/2008 06:59 PM
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| I don't think that leaving a balance on your credit cards will improve your score. My husband and I just got our scores for the same reason and they were really high and we don't ever have a balance. I think having multiple cards that are paid off each month demonstrates credit, as do car payments and savings/stocks/iras. Good luck! |
| posted by Katie on 02/13/2008 07:36 PM
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| I have always been told paying off the balance each month is the same as paying cash and does nothing for your credit score, since you aren't using your available credit. I'll have to look more into that. Thanks |
| posted by Marcia on 02/13/2008 07:46 PM
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| Leaving a balance and making payments ontime while leaving a balance absolutely builds your credit score. You also have to look at your good debt to bad debt ratio. Having a mortgage is a good debt, even though it is a large debt, having a cell phone for example is not a good debt. There are a number of informational sites, and my cousin does all of this stuff, she works doing closings on homes, and finacial advising. I will get a hold of her at some point today and pick her brain, give me at least a day or two and I will get back to you. |
| posted by on 02/14/2008 08:50 AM
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