More financial advice please

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May 24, 2008 | 10:50 AM

#16

fmly evo

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From: ohio

Quote:

Originally Posted by T_REX02

Please follow "fmly evo" and his advice....he knows his stuff....if you have more financial questions pick up a Suze Orman book and start reading...the woman knows her stuff....It would really suck for you to come on here and start listening to some of the non-educated and screw your yourself and your credit score over...happy car shopping though, i hope you end up with what you want

thank you

and i don't care to comment on the Suze Orman book so i will leave it at that.

STevo

May 24, 2008 | 10:58 AM

#17

StevenStarke

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From: Li, NY

anything over 40% on a CC hurts your score. If you have too many cards (ie. over 8) open, that will also hurt your score. Installment loans help the most, like car loans, mortgages, etc...

May 24, 2008 | 11:09 AM

#18

fmly evo

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From: ohio

Quote:

Originally Posted by Steve@NrgTech

If you have too many cards (ie. over 8) open, that will also hurt your score.

not necessarily true, if you have a balance on all 8 or more cards it can, but only if your 50% maxed on balances. 50% is when your score starts to get hammered. once you hit or go under 50% available it will start negatively effecting your score. however if you have more credit cards than you do installment loans regardless of the limits it doesn't hurt your score but it is looked at by the banks negatively unless there are equity lines as well. equity lines are attached to a mortgage indirectly, credit cards have no attachment.

STevo