caligeekgrrl

16 Contributions 258 People Helped Top Contributor

Member Since: June 2013

About Me: I am a Disabled USAF Veteran in my 30's, Computer Science is my education and part of my work history. Now I'm just trying to get myself out of my apartment where a neighbor blasting their music can't give me migraines.

To get a place where I can get the quietness I dream of, a good credit score means better interest rates on a home loan. I set up a computer spreadsheet to stay on top of my account balances and keep track of due dates, but I keep automatic payments on just in case I have to go an extended period of time without internet access.

My closest relatives are very good with finances and following their advice as well as that here on Credit Karma has helped me up my score and allowed me to get the credit cards that have cash rewards. But just by paying off my entire balance every month, only using the cards to buy things like gas, groceries, medical stuff, and an occasional upgrade part for my computer, I've actually been making a PROFIT from my credit card use. Pay balance in full = no interest + cash rewards = profit.

With all my credit scores being excellent now, it's time to get rid of stuff and start filling the nail holes in the walls of this apartment, and then just waiting for a dip in housing prices and the right home to catch my eye. And spend a Friday night or two on that block to make sure my potential new neighbors don't have loud house parties.

Most Helpful Contribution

Why a Perfect 850 Doesn't Matter

Jan 31, 2015
Helpful to 88 out of 109 people

I like to carry higher debt on 0% intro APR rate cards with higher credit limits, and then make a single charge on other cards that have higher ARPs and pay them off every month. And yes, staying below the 20% is important. If you've had any of the cards a while and start using them regularly, you can always ask the card company for a credit limit increase. That is a way to carry a larger amount of debt and still be able to keep it below 20%. Just don't spend outside your means, it can be trouble in the long run.

Activity (16 Total Contributions)

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How closing accounts affects your credit health

Jan 31, 2015
Helpful to 2 out of 2 people

Call your bank, you'll probably need to talk to the first person's supervisor, they should (hopefully) be able to transfer you to or give you a phone number for someone who could help fix what was reported to the bureaus. It's not your fault you had to get a different card number, if your bank doesn't want to help repair the damage they did to your credit scores, you may want to consider not doing business with them anymore.

How closing accounts affects your credit health

Jan 31, 2015
Helpful to 13 out of 18 people

That would be a temporary thing, the the length of that loan. When that loan's paid off, there go the years that had added to your credit score.

How closing accounts affects your credit health

Jan 31, 2015
Helpful to 1 out of 1 people

I closed one of my oldest accounts and it lowered my credit score. How much it changes your score depends on a factor of the age of each individual account and their credit limits and how old the card you closed was. My score dropped a chunk, but most of my credit is 3 years old at the most. The credit limit for that card didn't really affect my score because it had a low limit compared to my other cards. I just couldn't rationalize keeping a card that cut the annual fee into monthly pieces, and charging interest on those monthly pieces even if the balance was paid in full. They wanted to be paid for every limit increase they offered.

If the card company's practices are a gip, take the dive and have patience for your score to go back up. Only time will heal the time lost on your credit report.

Sometimes card companies will let you ask for credit limit increase. I found this a great way to bump my score back up a few points.

And the number of on-time payments counts towards your score as well. I try to charge all my cards at least once a month, then paying them back to $0, increasing the number of on time payments that get added every singe month. A spreadsheet type program that I update with current balances, etc, has helped me up my score by 200 points in 2 years.

How closing accounts affects your credit health

Jan 31, 2015

Per the other two responders, it could go up or down. Once it's closed, some lenders won't be interested that it was ever there, so that could be worse. But for lenders that look at closed accounts, it will look better for sure. Regardless, give yourself a pat on the back for always paying on time and being able to scratch that debt off your list.

How closing accounts affects your credit health

Jan 31, 2015

Sorry for your loss. As CKCharmaine wrote, you could have been an joint account holder or authorized user. Unless these accounts contain unmanageable amounts of debt, or if their newness has severely hurt your score, you may consider keeping them as the additional credit limits are a good thing. Depending on laws in the state your in, you may have responsibilities to pay his debts as his spouse.

What does my credit score need to be to purchase a home?

Jan 31, 2015
Helpful to 6 out of 13 people

Sorry to hear about your injury and your loss. Have you gotten any workman comp for your back injury? Or maybe you could be eligible for Social Security Disability compensation. How long?... There are too many variables to guess. Probably best to find a studio or 1-bedroom apartment to rent, but stuff that can't fit into a storage unit, and just keep saving, building credit, and hope you can get more for the house than you owed. Selling a house can be a timely process, so finding a cheap place to rent may be your best option until you're back on full-time and your credit has recovered from having to sell your house.

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