Credit Rating

[Woody]

I've been trying to get rid of some of the credit cards that I don't use. When I called to cancel them - the companies said that they needed to warn me that cancelling them would affect my credit rating negatively.

Is this true?

[rudywoofs (Pam)]

yes

[Aliensanctuary]

Are you going to buy a house or a car so that you need to be concerned about your credit rating?

[Woody]

Are you going to buy a house or a car so that you need to be concerned about your credit rating?

Don't know about a house - but might need a car. Having car problems and have nearly 200,000 miles on mine now.

[Aliensanctuary]

We bought a 4WD PU in Nov. The credit union was very interested in our individual credit scores. Supposedly, we got better interest because of our higher scores. Now we just have to make those crummy payments for another 6 years.

The Mustang took a dump so we had to replace it. Anyway it's not a snow car and is helpless with just a few inches on the ground. We do live in snow country, except not much snow this year.

[Woody]

I am getting snow right now. And since I live out in the boonies on a dirt road - I do need 4WD. Hope the cancelled cards do not ruin my good credit.

[Aliensanctuary]

I think we got 3.99%.

[Woody]

Sounds Good. Very Good.

[phkrause]

That's the crazy thing about credit, you need the cards to get good credit, so you get them, than you get behind because since you got the cards you feel obligated to use them. Of course some people do well with them others don't. We have no CDs just the DC and we have no credit! Pretty stupid if you ask me! Also they ask you to save, but than they tell you to get the economy going we have to spend, spend, spend. Its a never ending load of garbage if you ask me.

[Dottie]

I like Dave Ramsey's ideas about credit, loans, and how to budget.

[Woody]

That's the crazy thing about credit, you need the cards to get good credit, so you get them, than you get behind because since you got the cards you feel obligated to use them. Of course some people do well with them others don't. We have no CDs just the DC and we have no credit! Pretty stupid if you ask me! Also they ask you to save, but than they tell you to get the economy going we have to spend, spend, spend. Its a never ending load of garbage if you ask me.

Yes pk - it is crazy ain't it.

[Liz]

The Mustang took a dump so we had to replace it.

I think this phrase means something different in your part of the country than it does in mine; but thanks for the visual and the laugh, in fact I LOL every time I see it or think it.

[Woody]

Originally Posted By: Aliensanctuary

The Mustang took a dump so we had to replace it.

I think this phrase means something different in your part of the country than it does in mine; but thanks for the visual and the laugh, in fact I LOL every time I see it or think it.

Yes Liz. But the poor mustang that can't take a dump. It's in big trouble.

[Gerr]

Originally Posted By: Aliensanctuary

Are you going to buy a house or a car so that you need to be concerned about your credit rating?

Don't know about a house - but might need a car. Having car problems and have nearly 200,000 miles on mine now.

Only 200,000 miles? Just a few days ago, a Florida woman was in the news. Her '64 Mercury Comet has 576,000 miles on it and the car still going fine.

[cricket]

Woody, here is a good look at how to improve your credit rating Improve Your Score. Improving your score will take time, but if you follow the advice on that website you can do it!

[Woody]

Thanks Cricket. I already have an excellent credit rating. I was just concerned that by closing some accounts that it might suffer from excellent to only good. :)

[cricket]

My financial goal is to be like my grandmother. She owns her house, her car, has no credit card debt or outstanding loans and she has an annuity to support her for the rest of her life. When she gets cold calls from people wanting to help her refinance her home mortgage she tells them, "What mortgage? Honey, I've owned my own home for 40 years now--I don't need to refinance."

[phkrause]

My financial goal is to be like my grandmother. She owns her house, her car, has no credit card debt or outstanding loans and she has an annuity to support her for the rest of her life. When she gets cold calls from people wanting to help her refinance her home mortgage she tells them, "What mortgage? Honey, I've owned my own home for 40 years now--I don't need to refinance."

I can remember when I bought my first home, than about six years later we sold it and bought a bigger one. If we had stayed there we would've had it paid off many years ago, but noooo! Anyway I agree 100% get that home, car, etc. paid off. I also remember that most will advise you to never pay off your home, I definitely disagree with that advice.