I couldn't resist the free app with no inquiry, so I got a Penfed Gold. I asked for $10k and that's what they gave me. I guess it will help with keeping my util a bit lower. I can basically carry $499 a month more as a balance now! 
Carrot1 wrote:
I couldn't resist the free app with no inquiry, so I got a Penfed Gold. I asked for $10k and that's what they gave me. I guess it will help with keeping my util a bit lower. I can basically carry $499 a month more as a balance now!
Congrats!
As far as the $499, if you are shooting for under 5%, remember that FICO rounds up. If you want "under 5%", that means $400 or less, in FICO math.
Congrats again! Penfed is on my list one day, although I'm sure they'd accuse me of pyramiding at the moment.
Wow! Thanks for the rounding up thing! I didn't know that! When you really think about it, under 5% is not much of a balance! $50k available is less than $2,500. I'm used to charging a lot more than that on my Amex every month, but I'm going to watch it more closely and try to get it paid before the cycle closes.
cheddar wrote:
Carrot1 wrote:I couldn't resist the free app with no inquiry, so I got a Penfed Gold. I asked for $10k and that's what they gave me. I guess it will help with keeping my util a bit lower. I can basically carry $499 a month more as a balance now!Congrats!As far as the $499, if you are shooting for under 5%, remember that FICO rounds up. If you want "under 5%", that means $400 or less, in FICO math.Congrats again! Penfed is on my list one day, although I'm sure they'd accuse me of pyramiding at the moment.
Message Edited by Carrot1 on 06-11-2008 03:30 PM
WOW!!! So anything over 4% would be 5%??? Geez... I always assumed that anything equal to or greater than .5% would round up - lower would round down. Like how we used to do it in school.
@Anonymous wrote:As far as the $499, if you are shooting for under 5%, remember that FICO rounds up. If you want "under 5%", that means $400 or less, in FICO math.
Guess all my pre-payment planning was for nothing - I've been making sure that I always pay down to 9.49%! Back to the spreadsheets...
tonsers wrote:
WOW!!! So anything over 4% would be 5%??? Geez... I always assumed that anything equal to or greater than .5% would round up - lower would round down. Like how we used to do it in school.
cheddar wrote:As far as the $499, if you are shooting for under 5%, remember that FICO rounds up. If you want "under 5%", that means $400 or less, in FICO math.
I don't know for certain whether 9.49% would round up or down, but I do know that the 4.99% mentioned above would round to 5%.
I always play it safe by setting my target at the next lowest full percentage point. "Less than 10%" means 9%.
