Need credit help to buy a home?
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Ask Jeanette for advice. Click on comment and post your questions.
Please feel free to post any credit tips you have. Thank you!
Ask Jeanette for advice. Click on comment and post your questions.
Please feel free to post any credit tips you have. Thank you!
posted by Jeanette at Sunday, March 06, 2005
2 Comments:
Why not close accounts? Closing accounts before the payoff often costs consumers more money because credit card companies raise interest on closed accounts. Also, some types of accounts are better left open for home financing purposes.
Whoops! I read your question wrong!
The reason you don't pay off some credit cards is because the account doesn't compute in your credit score as much after being paid in full. When you let a little balance roll over every other month on a major credit card with a good payment history, this credit card boosts your credit score.
Jeanette
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