Mortgages look at a whole lot more than your credit score. Do you still have a relationship with the mortgage broker from your original mortgage? Or are you maybe working with a new one? I would ask them how important it is to have a revolving account. If it really doesn't matter, then it's a moot point, and you don't have to worry about it. If it does, then a $39 annual fee is a pretty cheap way of getting what you really want. 
As annoying as the offer might be, look at it this way:
Sometimes standing on principal doesn't make financial sense. I'd get some quality advice from a mortgage pro first.
As annoying as the offer might be, look at it this way:
- $39 AF: $39, compared to whatever you're trying to re-fi.When you have your mortgage, sock-drawer the card until 6 weeks before the AF is due again. Then decide if you want to keep it, negotiate for better terms, or go for a different card. Or get out of revolving altogether.
- APR of prime + %7: who cares? You're not planning to carry a balance.
- $750 CL: Consider this your gas card. Use it to fill the tank, and pay it off once a week.
Sometimes standing on principal doesn't make financial sense. I'd get some quality advice from a mortgage pro first.
@haulingthescoreup wrote:
Mortgages look at a whole lot more than your credit score. Do you still have a relationship with the mortgage broker from your original mortgage? Or are you maybe working with a new one? I would ask them how important it is to have a revolving account. If it really doesn't matter, then it's a moot point, and you don't have to worry about it. If it does, then a $39 annual fee is a pretty cheap way of getting what you really want.
As annoying as the offer might be, look at it this way:- $39 AF: $39, compared to whatever you're trying to re-fi.When you have your mortgage, sock-drawer the card until 6 weeks before the AF is due again. Then decide if you want to keep it, negotiate for better terms, or go for a different card. Or get out of revolving altogether.
- APR of prime + %7: who cares? You're not planning to carry a balance.
- $750 CL: Consider this your gas card. Use it to fill the tank, and pay it off once a week.
Sometimes standing on principal doesn't make financial sense. I'd get some quality advice from a mortgage pro first.
I guess I'm just frustrated and not thinking clearly. My thoughts have been everywhere about this.
I still have a very good relationship with my mortgage company, HOWEVER, that company has me scared to death, because it is CountryWide, and even though they haven't been bad to me, I have heard a million stories of people telling you to get away from them, if you can.
I don't use charge cards, but there isn't any way I could pay it off once a week, because I don't have a statement, right?
Thanks for your help.
Sorry if I sounded too mom-ish. I'd just gotten off the phone with one of my kids --can you tell?
@Anonymous wrote:
I still have a very good relationship with my mortgage company, HOWEVER, that company has me scared to death, because it is CountryWide, and even though they haven't been bad to me, I have heard a million stories of people telling you to get away from them, if you can.
I don't use charge cards, but there isn't any way I could pay it off once a week, because I don't have a statement, right?
Thanks for your help.
We have Countrywide too, but it's one of those nice boring fixed-rate mortgages. I don't know if they're any worse than anybody else on standard fixed-rate mortgages, but I'd stay away from any of their ARM's, assuming they do them any more anyway. This might be a good question for the mortgages board.
Once you get a card, and the account number, you can set up online bill pay. It's generally better to do it from the card company's site, but a lot of times you can't do this until you get the first statement. (I just spent 45 minutes on the phone with Bank of America going round and round on this...) But you can see your balance, once they start posting it, and you can pay from your own checking account website if necessary. I just crammed $740 down BofA's throat, whether they much wanted it or not.
I call paying from the card company's site "pulling" the payment in. It usually gets credited immediately, or at lest a whole lot faster. If you pay from your checking account site, I call it "pushing" the payment in. It usually takes longer to post, so once you're able to set up your online account at the CCC, you'll do better with the pulling method.
Some card companies do restrict the number of times you can pay from their site, but most let you pay at least 4 times a month. If I've been using my cards a lot, I throw money at them every payday.
I could never have improved my credit without monitoring and paying my cards online. When it comes to getting things in the mail in a timely manner, I'm doomed.
Message Edited by haulingthescoreup on 03-02-2008 12:14 PM