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In response to
"I think the hit to the FICO score is a more legitimate reason than they present. -- nm"
by
nubby
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*IF* you live a fiscally prudent life like councilors always say, IE: live within means, pay as you go, put money away etc
Posted by
zeitgeist
Nov 16 '08, 14:39
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then what the hell would a bad fico score do?
say your CC rate is 30% like one ST'r said, if you have savings (and to put away 10% a month requires frugal living and decision making or you just won't do it) then you pay your card off each month and don't carry over. you pay cash for a used car
In ten years when you have saved enough for a down payment on a house your fico should be back up within reason.
people stuck with these huge mortgages are paying 500-1,500 per month more than the deal is worth, that'll more than make up the extra interest on your CC's and/or extra cost to buy a car
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