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To: JohnSheppard

Her best piece of financial advice, "Pay off your credit card debts asap, cut them up. If you must keep one, pay it off in full when the bill arrives."


18 posted on 03/13/2007 7:31:22 AM PDT by theDentist (Qwerty ergo typo : I type, therefore I misspelll.)
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To: theDentist
It's my unbderstanding that you don't want to tear up all your credit cards. The worst credit scores are for bad debt and late payments. The second worst, no debt.

I think the best advice is keep 2-6 accounts at 30% or less of the credit limit. If you pay off an account, keep it open and use it once a year of whatever the comapny requires to keep a credit history.

It's my understanding if you don't have a couple of accounts, it can lower your credit score. Anything a person can do to keep their FICO high will give them financial options throughout their lives and enable them to save when they have to borrow.

27 posted on 03/13/2007 9:33:37 AM PDT by carolinalivin
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