10-28-2012 08:38 AM
10-28-2012 09:22 AM
So, I decided to not app for the Slate card. My reasoning is because I won't even start the mortgage process until April/May.....and won't close until Sept/Oct. This will give us plenty of time to PIF and recoup the 2.k that I was thinking to transfer. In addition, I'd rather take advantage of 0% offers after we close....more flexibility to purchase things we will need in the new house
I'm not in that much of a hurry for the CB to report 0 on AMEX. It is my discretionary/daily spend card, and I have a set amount to spend each month. I am gonna try and reduce my discretionary spending and pay more than statement balance each month....with the intent to have it report 0 by March.
I am using this as a personal challenge in financial discipline. If I can do this, I will be the woman!!! If it doesn't work out, I'll just pay it.
If you're gonna be mortgage hunting in april/may I would hold off on any apps until after you close.
Also, if I read correctly, your amex is a charge card. You don't really need to worry about reporting a balance on it, as with any scoring model after '98 it doesn't count into your util (and I don't think anyone really uses 98 except the myfico TU score). Even when you're mortgage hunting if you have a balance on your amex card and they ask you about it, you could just explain that it is a charge card, not a revolving line so it isn't like you'll be carrying the balance.
10-28-2012 09:37 AM