cancel
Showing results for 
Search instead for 
Did you mean: 

Save score or money

tag
drkaje
Senior Contributor

Save score or money

Have a good BT offer, but some of the debt I want to consolidate is on a BillMeLater account about to hit the 6 month mark. I could pay down another account and improve score but that would mean eating the higher interest rate for a few months.


Starting Score: 675
Current Score: EX 753 FICO, EQ 737FICO, TU 738
Goal Score: 776 FICO


Take the FICO Fitness Challenge
Message 1 of 14
13 REPLIES 13
CribDuchess
Established Contributor

Re: Save score or money

I vote for saving money over saving/increasing score.  And, as you pay down the debt (albeit faster due to the 0%), your utility will go back down and any points you lost on your score should be regained.

 

FICOs: TU08 842 EQ08 850 EX08 850

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex BCE $12K; Apple Card $20K; BofA Travel Rewards Visa Sig $67.6K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Chase Freedom Unlimited $21.4K; Citi Costco Visa $19.3K; Citi Double Cash $13.5K; Citi Simplicity Visa $23.3K; Discover IT $50K; Fidelity Visa $25K; NFCU Flagship Visa Sig $40K; NFCU More Rewards Amex $30K; PenFed Plat Rewards Visa Sig $50K; Sears MC $10.1K; US Bank Altitude Go Visa Sig $20K; US Bank Cash+ Visa Sig $26K; Wells Fargo Rewards Visa Sig $14K
Message 2 of 14
Revelate
Moderator Emeritus

Re: Save score or money


@drkaje wrote:

Have a good BT offer, but some of the debt I want to consolidate is on a BillMeLater account about to hit the 6 month mark. I could pay down another account and improve score but that would mean eating the higher interest rate for a few months.


Save money if the interest rate isn't trivial.  FICO is instant in time and can be fixed later with no negative impact in this case; whereas money saved now, can meke a much larger difference later.

 




        
Message 3 of 14
Walt_K
Senior Contributor

Re: Save score or money

The answer is always money.  The only time the answer is score is if you have an application like an auto loan or mortgage coming up where you need extra points to get a better rate.  And you want that better rate to save money, so the answer is still money.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Message 4 of 14
Anonymous
Not applicable

Re: Save score or money

+1 for saving money.

Message 5 of 14
BlueNightStar
Regular Contributor

Re: Save score or money

Financial trumps score. Good financial decisions always benefit in the long term.

Message 6 of 14
Repo-ed
Senior Contributor

Re: Save score or money

+1 money

5/2012: 560 credit scores across the board
12/2014: 750+
3/2017: 780+
11/2019: 833
2/2023: Experian via Chase United Explorer CC pull - 891
Message 7 of 14
DaveSignal
Valued Contributor

Re: Save score or money

+1 to all above.  Don't let all that interest get charged on your bill me later.  Pay it now.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 8 of 14
ztnjpv
Established Contributor

Re: Save score or money

Save money. Do better. Isn't that the whole point...lest we forget??

Start (Sept 2011): low-mid 600s. NOW: TU FICO: 801, EQ FICO 808, EX FICO 798 (PSECU). Goal: Achieved! Now Maintain!
Message 9 of 14
gettnthere
Established Contributor

Re: Save score or money


@DaveSignal wrote:

+1 to all above.  Don't let all that interest get charged on your bill me later.  Pay it now.


+1000. Always go for the money first



Starting Score: EQ 609, EX 633(Fako), TU 700
Current Score: EQ 699, EX 758, TU 733
Goal Score: 720 across the board
Garden Club Member-GC Challenge: App free since 10/31/12 Smiley Wink
Message 10 of 14
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.