AMEX and credit score...
9 years ago
Featured Answer
Sort by:Oldest
Comments (11)
- 9 years ago
Related Discussions
Estimate of future credit score
Comments (16)I think a score of 640 with a minimum of a 20% down payment would qualify you for a conventional/conforming loan. Read somewhere some lenders might consider a score of 600 with an even bigger down payment. But don't quote me on that. Quick fixes to the FICO score isn't the wisest of ideas - it takes a bit of time. Things fade from the report over time, but paying off a collection won't remove it from the report for seven years. Best path to take is pay bills on time. Use a credit card wisely keeping any balance low. Don't shuffle credit cards around shopping for a lower interest rate. Don't close out unused credit cards and don't open up any new ones. PS, the highest FICO score is 850 - there is another calculator (VantageScore??) which goes up to 990, I think... but a whopping big looking score on Vantage isn't any better a rating to a lender than what you'd see with the commonly used FICO scoring....See MoreCredit scores: Playing the game
Comments (3)Knowledge is power. They don't teach much about money management in school. Many didn't learn much about it at home - as children grow, it seems to me wise to have them gain in-depth knowledge, incrementally, of how the family's financial system works. When I was a kid, we got a weekly allowance, that grew as we grew, and we were epected to buy our clothes for school and cover school expenses (which were smaller than currently). World War II began in 1939 when I was 10, the farmhands went off to war and what Dad and this 10 year old, plus a couple smaller, got done - got done: the rest ... didn't. We had lots of work in summer and Dad paid us for that, which helped us buy the things that we needed to return to school and there was an increase in our allowance, to compensate for the increased chores, year-round. We were encouraged to save some - I had a bank account when I was too young to see over the counter ... and we were expected to pay at Sunday School, church-based youth group, etc. from our allowance. In case of dire emergency, we could borrow against future allowance from Dad, which entailed some questions as to whether we might have foreseen the problem, and, even if not been able to have seen it coming, to cover the cost from savings, had we chosen to have some/(any?). And we learned early the discipline of getting along for a while on less after we'd borrowed, for Dad expected us to repay those loans earlier rather than later. Good training as to management of debt ... which would be helpful much later, when "credit" cards appeared on the scene: we knew that they didn't offer "free money". When we use someone else's money - usually they require some compensation (and, sometimes ... way too much: have you investigated the economics of the recently-arrived "payday loan" game?)! After one has stepped into a bear trap - it's a bit late to wish that one had chosen where to put one's feet more carefully! Looks as though Microsoft has cut some of our opportunity for learning about one portion of personal financial management a bit short, also. ole joyful P.S. When one guy, regardless of how central a position he holds in our economy, can become the richest man in the world in half of a generation ... ... do you figure that possibly sometimes people get overcompensated for some innovative discovery that they have made (usually, along with a number of others)? That just possibly our free-market-based economy could stand some tweaking? And the Bolsheviks and the Commuist systems aren't any better - look at all of the newly-minted millionaires ... nay, billionaires ... that have been appearing in Russia and China as their system matures (goes to seed?). And during their heyday, they arranged things so that not too many became part of the core system - didn't want to spread the largesse around too much - or it'd get too thin for each! o j...See Moreraising credit score?
Comments (1)Suggest you take a look at your credit report (not score). It's free once a year at Annual Credit Report dot com. Then challenge anything that's not right. The main thing (I understand) is to keep use of credit low , make payments on time, and always pay at least the minimum. If you have any old credit accounts (maybe store credit cards) keep them open. There's no one you can "call" about this. Any protests about your credit info should be made in writing. The mailing addresses of the 3 credit bureaus are readily available. It takes some time for a credit score to change. Don't keep checking. Wait a few months before you check it again. Good luck....See MoreDoes an unused HELOC hurt a credit score?
Comments (5)We've had an open HELOC for a couple years that we've never touched. The only ding on our credit score was when they did the original credit check when we applied, but that was a couple years ago. About three months ago we had our mortgage broker run a credit check to see how things were going and to make sure there weren't any surprises. Our credit scores have gone up. I'm sure that has alot to do with having all our bills paid off, other than mortgage, and making sure that we pay off any charges we put on our charge cards in one to two months after charging. In our case it sure doesn't seem to have hurt our credit at all. Jenna...See More- 9 years ago
- 9 years ago
Related Stories

DECORATING PROJECTSQuick Fix: Reupholster a Chair Seat
Take a chair from drab to fab, no sewing or special skills required, in just a few simple steps
Full Story
REMODELING GUIDES6 Must-Know Lessons From a Serial Renovator
Get your remodel right the first time, with this insight from an architect who's been there too many times to count
Full Story
MOST POPULARA Magical Tree House Lights Up for Christmas
From the Most Popular file: An incredible tree house takes things up a notch for the holidays. See how it came to be
Full Story
MOVING5 Risks in Buying a Short-Sale Home — and How to Handle Them
Don’t let the lure of a great deal blind you to the hidden costs and issues in snagging a short-sale property
Full Story
BATHROOM DESIGNBliss Out in Your Bath: 18 Ways to 'Spa Up' Your Bathroom
Can't get to the spa? Bring it to you. You can spend the saved money on new towels, candles and lavish lathers
Full Story
DECORATING GUIDESImproving a Rental: Great Ideas for the Short and Long Haul
Don't settle for bland or blech just because you rent. Make your home feel more like you with these improvements from minor to major
Full Story
LIFECould You Be a Landlord?
Sure, the extra income would be great. But jumping blindly into owning a rental property could be disastrous. Here's what you need to know
Full Story
FURNITURE10 Secrets of Successful Secondhand Furniture Shopping
Design professionals offer tips on how, where and what to buy
Full Story
GREEN BUILDINGWhat's LEED All About, Anyway?
If you're looking for a sustainable, energy-efficient home, look into LEED certification. Learn about the program and its rating system here
Full Story
ORGANIZINGWant to Streamline Your Life? Get a System
Reduce stress and free up more time for the things that really matter by establishing specific procedures for everyday tasks
Full Story
Denita