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
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.