Re: Andrea

Posted by mk_378 (164.106.129.132) on February 26, 2004 at 18:15:01:

In Reply to: Re: Andrea posted by Andrea on February 26, 2004 at 14:23:26:

If you're paying the typical $35.00 "over the limit fee" every month, that's effectively adding 25 APR points to the basic rate on the card. It's also taking at least several points off your FICO score. Pay it below the limit NOW. Take $300 out of the bank and send it to the credit card company TOMORROW. This move will pay for itself in 8 months even if you do nothing else. And put the card away until you have your new house.

Beware of subprime mortgate lender tricks. A 550 score is definitely in subprime land. They'll tell you anything you want to hear now. Then they'll turn on you and raise the APR or put in a bunch of fees at the last minute when you'll feel pressured to sign. If that happens, WALK AWAY. There is always another house, and your credit is only getting better.

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