Posts tagged "cheapest"

What is cheapest way to improve credit score if you have several cards with high balances on them?

Question by gladtobeinla: What is cheapest way to improve credit score if you have several cards with high balances on them?
If you have several cards with close to max amount used on them is there a “magic percentage” like paying 65% off or 60% off in order for the credit score bureaus to take note and give an improved credit score?

Best answer:

Answer by Todd S

Under 20% is the magic number per industry experts. So the best way to get your balances down below 20% would be to either pay them down that much (if possible), or execute a balance transfer. If you go the balance transfer route, you’ll have a high balance on one credit card as opposed to two or three or however many cards you’ve got.

The downside is opening a new credit card, which can lower your credit score temporarily. But long term, eliminating those balances will far outweigh the ding for opening a new credit card. A balance transfer credit card will probably also save you a lot of money in interest.

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3 comments - What do you think?
Posted by Trevor - September 29, 2012 at 1:34 pm

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Q&A: What’s the best and cheapest place to get a credit score?

Question by Seeker2008: What’s the best and cheapest place to get a credit score?
Basically, my mom is going to be looking into buying a house soon. She wants to check her credit score. Which score is the actual one necessary to check? I’ve seen FICO and all types of other general “credit scores” that could be checked.

Which does a mortgage company look for, and just how many different “types” of credit scores are there? I know that a credit score is a summary of the creditworthiness based on one or up to all three of your credit reports. But where is the safest, cheapest and most reliable place to purchase a credit score online?

Best answer:

Answer by SmartA$ $
Don’t pay for your credit score, and don’t sign up for some credit monitoring service with a bunch of fine print and a monthly fee after the free trial period.

Just go to the bank, sit down with a loan officer and start talking. Have as much info available as you can, such as tax returns to prove your income, etc etc. Tell them you don’t know your credit score and ask if they can check it for you. They’ll pull it up and give you a printed copy with your report and score from all 3 credit agencies, 100% free with no strings attached and no trial period plans to cancel.

Another advantage of doing it right there at the bank is that you can discuss the credit report with the loan person and they can give you tips on what to do to improve your credit to help you qualify (if necessary) or let you know how your score is going to affect your loan options, rates, etc.

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Posted by Trevor - February 25, 2012 at 3:46 pm

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