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Senior Contributor
Posts: 3,491
Registered: ‎07-25-2008
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Save score or money

[ Edited ]

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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Established Contributor
Posts: 677
Registered: ‎09-12-2011
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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 841 2/9/15 per Barclay; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 809 3/4/15; EX08 812 3/8/15 per MyFICO

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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 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Senior Contributor
Posts: 3,067
Registered: ‎11-02-2009
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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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Established Contributor
Posts: 731
Registered: ‎02-15-2012
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Re: Save score or money

[ Edited ]

+1 for saving money.

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Regular Contributor
Posts: 181
Registered: ‎07-09-2011
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Re: Save score or money

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

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Registered: ‎02-09-2012
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Re: Save score or money

+1 money

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Valued Contributor
Posts: 2,111
Registered: ‎07-29-2011
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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.

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Established Contributor
Posts: 734
Registered: ‎02-01-2012
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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!
Established Contributor
Posts: 912
Registered: ‎06-14-2012
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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
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