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It will be there for 10 years
freecredit wrote:
Also that same initial credit card I had, the one with the 500 dollar limit. That was raised to 1000 but I stopped using it when I got the rewards card. Just last week I canceled it because it was a student card and I never used it. Of course that was my oldest account and now my credit will take a hit for getting rid of a crappy card I never use?
I would allow 6-8 weeks. And if you are earning $50 in a savings account in that time, just buy the car outright!freecredit wrote:So if I plan to buy a car, how long between the time I take action in the accounts and the time the motherly credit unions decide they can update my information? I'm willing to sacrifice 50 dollars in interest if it saves me a few hundred on what I would owe in loan interest.
Should I try to take out another high limit card (10k+) that I won't ever use to decrease my util?
freecredit wrote:
As I said before a huge chunk of what I have in savings is money I took from a No APR period from a CC I opened with in the last year. So in a few months I will owe a large part of it back. I don't look at it as real money and so I don't spend it.
If I get a car now (somewhere in the range of 16-19k, used, 6.25-6.75% over 63 months) would it hurt my credit to refinance it in less than a year, when I no longer have that huge chunk of credit util. hurting-interest earning cash in my account?
freecredit wrote:
Also that same initial credit card I had, the one with the 500 dollar limit. That was raised to 1000 but I stopped using it when I got the rewards card. Just last week I canceled it because it was a student card and I never used it. Of course that was my oldest account and now my credit will take a hit for getting rid of a crappy card I never use?
So if I plan to buy a car, how long between the time I take action in the accounts and the time the motherly credit unions decide they can update my information? I'm willing to sacrifice 50 dollars in interest if it saves me a few hundred on what I would owe in loan interest.
Should I try to take out another high limit card (10k+) that I won't ever use to decrease my util?
@Anonymous wrote:
As I said before a huge chunk of what I have in savings is money I took from a No APR period from a CC I opened with in the last year. So in a few months I will owe a large part of it back. I don't look at it as real money and so I don't spend it.
If I get a car now (somewhere in the range of 16-19k, used, 6.25-6.75% over 63 months) would it hurt my credit to refinance it in less than a year, when I no longer have that huge chunk of credit util. hurting-interest earning cash in my account?