High credit scores will mean higher mortgage rates for homebuyers under new federal rule

[UT_Dutchman]

My situation is opposite.
I only have one CC that is paid off in full every month. Might spend $200-400 on it a month and every time I have a balance that isn't even due yet I get a notification that my score dropped a few points. Once I pay it it goes back up. No other debt. Silly.

I do something similar, I put all my expenses on a card for the month then pay it off at the end of the month when I get paid. I keep a little balance on 2 other cards. I was told to do this about a year ago and my score has went from mid 700s to 800+. You got to play their stupid game.

 

[VolinWayne]

I'm going to go out on a limb and assume that's a typo. You are your wife did NOT build a house 115 years ago.

Haha correct. 15 years

 

[Zues1]

18 months and my last mortgage is paid in full.
F em

 

[Vol423]

Who said I was upset?

Just pointing out how silly it is and to counter to what others are saying.

Seriously? Notice the word "if" in this sentence: "Just trying to offer advice if you were upset than your credit rating is taking a temporary dip."

Good grief. I was simply offering advice in case you weren't informed on how the scores are calculated. Not everyone understands it.

 

[VolinWayne]

18 months and my last mortgage is paid in full.
F em

That is a free feeling indeed. We paid off our house mortgage a few years ago but had the opportunity to purchase some land last year. Trying to get that paid off as quick as we can. I love the free feeling of owing nobody anything.

 

[Weezy]

That is a free feeling indeed. We paid off our house mortgage a few years ago but had the opportunity to purchase some land last year. Trying to get that paid off as quick as we can. I love the free feeling of owing nobody anything.

Still owe the government.

 

[apevol]

people rich enough to not give a **** about credit are going to clean up on this

 

[scooty_vol]

“Equality” changed to “equity” when it didn’t work out just like “global warming” changed to climate change” when nothing they predicted has come to fruition.

Yeah, dems love the power of words, that's why they're constantly changing them until they get their desired effect

 

[MurphyVol]

A lot of people are really too hung up on their credit score. To a lender, there's not really much difference in how a 750 is treated vs an 825.

 

[Gladiator1]

Looks like I'm going to have to let some bills go delinquent, lower my credit score, refinance and come out ahead.

 

[DinkinFlicka]

Try this one on for size.
I own my home outright. I owe nothing to anyone
I’m self employed with decent savings built up and never had a single late payment on anything.

My credit score….670.


lol

I was a cash only dude until about 28 or so, and then I got my first credit card. Paid all my bills with it for 2 years (paying off the balance weekly), signed on a car, got a few more credit cards, and started gaming the system a little bit by using cards on venmo to do quick transfers between bank accounts. Racked it up from nonexistent to 780 in about 6 years.

I cannot remember the last time I used a debit card.

 

[DinkinFlicka]

A lot of people are really too hung up on their credit score. To a lender, there's not really much difference in how a 750 is treated vs an 825.

To lenders, sure. However, you get access to cards with really great rewards incentives when you hit the 770+ mark. If you get the right credit cards, and use each card in the right way, you can get tons of discounts and cash back on sh*t you otherwise just pay full price with real dollars, namely flying, dining out, hotels, and groceries.

I think I tallied nearly 1200 bucks in cash back rewards last year? Couldn't pin how much I saved in discounts, but I'd bet it was around the same, and I raised my credit by another 15 points. Win/win/win?

 

[VOLS INC.]

I was a cash only dude until about 28 or so, and then I got my first credit card. Paid all my bills with it for 2 years (paying off the balance weekly), signed on a car, got a few more credit cards, and started gaming the system a little bit by using cards on venmo to do quick transfers between bank accounts. Racked it up from nonexistent to 780 in about 6 years.

I cannot remember the last time I used a debit card.

Same here on the debit card. I cringe everytime I am forced to use one because I’m losing out on my points!!! We accumulate around 3k a year in rewards and use those towards our family vacation.

 

[DinkinFlicka]

Same here on the debit card. I cringe everytime I am forced to use one because I’m losing out on my points!!! We accumulate around 3k a year in rewards and use those towards our family vacation.

As long as you can pay off all CC balances in 3 weeks or less, there's absolutely zero reason to use a debit card. That's my golden rule.

 

[VOLS INC.]

As long as you can pay off all CC balances in 3 weeks or less, there's absolutely zero reason to use a debit card. That's my golden rule.

Exactly. We’ve never paid a dime in interest charges. I usually pay the very 1st day the statement hits.

 

[VolinWayne]

I was a cash only dude until about 28 or so, and then I got my first credit card. Paid all my bills with it for 2 years (paying off the balance weekly), signed on a car, got a few more credit cards, and started gaming the system a little bit by using cards on venmo to do quick transfers between bank accounts. Racked it up from nonexistent to 780 in about 6 years.

I cannot remember the last time I used a debit card.

I never use my debit card either (mines still probably in the envelope it came in and in my drawer) When you get 2% back in points and rewards it just makes sense to put everything on the card I can and just be sure to pay it off each month.