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Save score or money

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


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Message 1 of 14
13 REPLIES
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 850 EQ08 850 EX08 849

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex BCE $12K; BofA Visa $10.1K; BofA TR Visa $18K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Costco Visa $19.3K; Citi Double Cash $13.5K; Citi Simplicity Visa $23.3K; Discover IT $50K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $50K; Sallie Mae WMC $17.5K; Sears MC $10.1K; US Bank Cash+ Visa Sig $26K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
Message 2 of 14
Moderator

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.

 

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 3 of 14
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


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Message 4 of 14
Established Contributor

Re: Save score or money

+1 for saving money.

FICOs (2/24/12): EX 752, EQ 740
Chase Sapphire Preferred, Freedom; American Express PR Gold, Blue Cash Everyday
Message 5 of 14
Regular Contributor

Re: Save score or money

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

Message 6 of 14
Valued Contributor

Re: Save score or money

+1 money

5/2012: 560 credit scores across the board
12/2014 750+
3/2017 780+
5/2017 800+
Message 7 of 14
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
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
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