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Including all three cards I owe about $6000 and I will be able to get that down to $4000 before I buy my own place. Rents where I live are crazy. I am paying $950 for a 2 bedroom condo and it goes up $50 every year. I could buy a townhome and have smaller payments even considering the HOA fees. When my lease is up in October my rent will be $1000 a month IF the owner & management company do the usual $50 a month increase. The townhome I am considering buying will have my monthly payment less than $800 including taxes, insurance and HOA fees. I have some money in savings which I will continue to add to for home maintenance.
Including all three cards I owe about $6000 and I will be able to get that down to $4000 before I buy my own place. Rents where I live are crazy. I am paying $950 for a 2 bedroom condo and it goes up $50 every year. I could buy a townhome and have smaller payments even considering the HOA fees. When my lease is up in October my rent will be $1000 a month IF the owner & management company do the usual $50 a month increase. The townhome I am considering buying will have my monthly payment less than $800 including taxes, insurance and HOA fees. I have some money in savings which I will continue to add to for home maintenance.
Buying a home is often a great plan but that doesn't seem outrageous for rent, just FYI. I rent an old/very non-upgraded two bedroom apartment in small town Alaska for $800... rented a two bedroom duplex in Memphis for $1100... been looking in Seattle and most two bedroom condos would run you at least $1500 and for a condo instead of apartment is really probably gonna be $2000+....
The secret, I live well below my means and I have a good income.
I don't carry any credit card debts, pay all bills automatically when they are due, paid off car note as fast as I could, paid off mortgages for investment properties, paying off my primary mortgage in big chunks (hope to pay off the 30 yr mortgage in 8 yrs). Basically, I maximize my cashflow and minimize my debts.
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Originally Posted by I'm Retired Now
Can I do a little boosting?
My FICO score is 824. For some strange reason I felt a lot of pride when I got the report. I feel like an elite.
Buying a home is often a great plan but that doesn't seem outrageous for rent, just FYI. I rent an old/very non-upgraded two bedroom apartment in small town Alaska for $800... rented a two bedroom duplex in Memphis for $1100... been looking in Seattle and most two bedroom condos would run you at least $1500 and for a condo instead of apartment is really probably gonna be $2000+....
It all depends on where you are. Rental prices are sky-high here and 'crazy' because of scarcity driving them up, but the amounts would not seem crazy to someone in an area with a higher COL.
The secret, I live well below my means and I have a good income.
I don't carry any credit card debts, pay all bills automatically when they are due, paid off car note as fast as I could, paid off mortgages for investment properties, paying off my primary mortgage in big chunks (hope to pay off the 30 yr mortgage in 8 yrs). Basically, I maximize my cashflow and minimize my debts.
Sorry but these don't really have anything to do with a good credit score.
I could have a low income and live above my means but as long as I make those debt payments on time...I will have a high/increasing credit score.
Nope. Long-term too. My mother kept her cards charged up but her limits were much higher than what she used and her credit score stayed high due to never a missed payment, always more than the minimum, and within acceptable utilization rates.
They do not care what your income is as long as you make those payments on time. And there are people with a lot of income in relation to their very low debt but they don't manage it well, so they have low scores.
Nope. Long-term too. My mother kept her cards charged up but her limits were much higher than what she used and her credit score stayed high due to never a missed payment, always more than the minimum, and within acceptable utilization rates.
They do not care what your income is as long as you make those payments on time. And there are people with a lot of income in relation to their very low debt but they don't manage it well, so they have low scores.
I understand how scores work. I also understand what you are suggesting is a recipe for disaster.
Last time I checked was about 18 months ago when we bought a new car. Mine was 869 and the wife's was 864. Finance guy said it was the second highest he had ever seen. It may be different now since my wife has retired. Same house for 30+ years with a ton of equity, always lived within our means. Always paid everything on time. Consistently saved. Never had a credit card balance over 50% of limit and haven't carried a balance at all for over 5 years.
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