Suggestions? Help!

[Anonymous]

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@Anonymous wrote:

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Another question: Initially, with this AMEX should I expect to see a decrease in my scores because it's new? Also, should I just charge everything I can on the AMEX since I'll be paying it off in the same day or week or does the amount I spend have no effect on my credit and only effect the limit they give me?

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Your scores will jump up and down as the the age of accounts and utilization changes from month to month.   I would not be concerned about it. 

AMEX likes big spenders so charging everything with them will help get you a bigger credit limit.   You have to PIF with Zync, I don't think paying early with help with AMEX.    It does help you utilization, but I only recommend doing it when you are planning an important credit applicaiton.

[Anonymous]

Alrighty. Thanks for all the help everyone!

[Anonymous]

My advice to you is ALL based on first hand experience. I hope it helps.

1. Do NOT borrow additional funds from the lendor to pay other debt. I took out a $35,000 loan and used that extra $5000 to pay off some credit card debt. The blue book value for my car is $16,000. As of right now, I owe $23,000 on my car loan. I am not only upside down in equity, but I am an additional $5000 upside down.
2. Do NOT take out a loan for 60-72 months. Take the time to really compare the length/interest and go for the shortest length that you can afford.
3. If you are NOT obsessed with a particular car(like myself and my Mustang), buy a car with a good resale value.
4. DO YOUR RESEARCH......DO YOUR RESEARCH......DO YOUR RESEARCH......DO YOUR RESEARCH......DO YOUR RESEARCH......DO YOUR RESEARCH......

I hope my advice helps. Good luck. 

Mod Cut! Edited to remove your personal info. In the future, please do not post your personal info or email address in the forums.

Thank you for your cooperation!

--fused, myfico oderator