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[blownz]

My credit rating has actually dropped the past few years. No auto loans or leasing for over 10 years and not even a Mortgage orHELOC used for the past 2 years. $100K of credit cards is the only thing keeping me going and I only average a balance of about 2% of that per month. lol

[brucebanner]

Originally posted by R154


This doesn't make sense financially. You're servicing a debt and paying extra interest to the bank to satiate a mental hangup about not having as much in your chequing account??

Basic financial advice starts with servicing your debt before all else. It's much better to lower or pay off accruing debt than to contribute the same money to savings. Here you're telling us that you have the money to level your loc but instead you're letting it languish. Tell me you're atleast leveraging your cash money into an investment Thst beats your loc interest? If not you're making payments that are hurting your credit utilization for fun??

Atleast bring down some of your loc. Your piece of mind doesn't have a score that affects your financial life.

Originally posted by Chester


Pay dat LOC off. The interest can be parasitic.

I know it makes no financial sense to not pay off my LOC other than not causing myself petty stress over account balances. It's a battle for me though.

I should just make a few large transfers to cut the balance down. Just so I don't stress myself out too badly all at once.

And no, stupidly enough the money sitting isn't making me piles of money either.

[CompletelyNumb]

Down over 100 points since the recession

[R154]

Originally posted by bruceod


I know it makes no financial sense to not pay off my LOC other than not causing myself petty stress over account balances. It's a battle for me though.

I should just make a few large transfers to cut the balance down. Just so I don't stress myself out too badly all at once.

And no, stupidly enough the money sitting isn't making me piles of money either.

I get it man. I too enjoy looking at my balance and seeing zeros. But here's the thing, when weighed against your liabilities those zeros don't mean anything.

It took me 4 months to buy my first condo after I'd told myself I was going to make an offer. I ultimately lost the condo I wanted and had to settle for the same unit on a lower floor. I did that because it took me years to save my dp. The thought of my savings balance being leveled made me what to throw up. I get it.

But the cost inccured is making your life way more expensive. If it makes you feel better pay half the location and with the rest split it in half and invest half.

It's hard and it will make you feel queezy. But, make the transfers. Your future self will thank you. In 1 calendar year your credit rating and Fico score is incredibly better.

Paying off debt is the greatest gift you can give to yourself. Goodness forbid you incur unexpected costs atleast you'll have your debt servicing vehicle back. And maybe more.

[Feruk]

Originally posted by Thaco
wouldnt it be better to just pay it off whenever get gets around 2k? you can make more than 1 payment per month.... I personally completely ignore my card's "schedule" and just check it weekly and pay it off.

I don't see much of a difference between your strategy and increasing of borrowing limit except that with your strategy you have to do stuff once a week instead of once a month.

[brucebanner]

Originally posted by R154
....

Paying off debt is the greatest gift you can give to yourself. Goodness forbid you incur unexpected costs atleast you'll have your debt servicing vehicle back. And maybe more.

I made some large transfers.
I knew all along that was for the best. It's just very hard for me, I'll get passed the stress of it in a short time frame I'm sure.

Originally posted by Feruk

I don't see much of a difference between your strategy and increasing of borrowing limit except that with your strategy you have to do stuff once a week instead of once a month.

I'm just going to start doing it weekly or bi-weekly. I really don't need the higher limit. Just being more diligent about paying within the month should help me.

[colinderksen]

Credit karma: wife = 813, myself = 798.
Real time through the bank yesterday: wife = 818, myself = 812.

[Thaco]

Originally posted by Feruk

I don't see much of a difference between your strategy and increasing of borrowing limit except that with your strategy you have to do stuff once a week instead of once a month.

i monitor my accounts on a regular basis, usually daily, so its really not an issue for me, a couple clicks.