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go2emusic

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  1. Thanks for the responses. I'll try and cross-post in the credit repair forum. Hopefully the moderators don't mind. Initially, I googled it and it seems I am not the only one who had a significant drop. However, the responses I saw didn't make much sense so I am trying the forums and see if the experts might know. As Gerri pointed out, it may just even out over a couple of month. But, should I just call the individual credit agencies directly, and seek their input? (Is this even permitted?)
  2. Hi, I was utterly shocked when I discovered my credit scores dropped almost 30 pts after a Home Mortgage Refi. Why did this happen? I use CreditKarma, and they show TransUnion and Equifax scores. Both showed around 30 pts drop after my Refi completed.... Any information is most appreciated. Thanks & Rgds.
  3. Thanks to all who responded. I need to seriously consider the "maxed" out HELOC since I will be maxed out for another 5 years before we get enough to pay off the "maxed" out HELOC. The original plan was to max out the HELOC so that I am paying the "interest only" fully. To answer DallasLoanGuy, what I mean is this: Currently, with my trad Loan, I am paying P+I and the Interest portion is less than if I used the HELOC approach. Less interest compared to principal doesn't help my tax picture at Tax Filing at the end of each year. My accountant is asking me to purchase a 2nd property, and get another trad loan, to get more tax benefits relative to income tax filing. We have only one property/one trad mortgage currently, and not ready to buy a 2nd property just yet. What I am doing, in lieu of getting yet another trad loan for a second property purchase (we're not ready yet) is to use a HELOC, since it's Interest only for the first 10-years. Using simple math (I think) in one year, I will get a HELOC Interest paid of roughly $25K versus currently, where I pay P+I which the Interest is only $16K. I hope that's not confusing.
  4. Hi, I hope this is the right forum to ask my question. I have a traditional home loan acct which has a balance of $500K. I now have the opportunity to get a HELOC with a credit limit of 500K and essentially, use it to pay off my traditional home loan (Principal + Int). Basically, I am using the HELOC (for initial 10 years, payments are Interest only) to reduce my taxable income. I don't have any other loans or liabilities. I cannot write off anything other than my pure interest payments on my 1040. My question is: Will having just one HELOC acct (closing off my trad home loan) versus a trad mortgage acct be worse for your credit rating/history? ie. FICO scores etc. I would think, paying off your trad home loan acct would be a good thing, and improve one's credit worthiness, and associated FICO scores but, I don't know.... Could someone who understands these types of financial instruments please help to comment? Example: Will I severely limit my chances of qualifying for another trad mortgage in future, if I still have a balance on my HELOC? versus having a balance of a traditional home loan account. NOTE: I am merely switching my liabilities into another financial product for tax advantage purposes. I have good cash flow, positive yield investments and I when I pay off my mortgage, it will be a single lump sum payment. My FICO is 830+ across the board. Thanks for any advice.
  5. It's a weird issue (as I mentioned, unrelated to the OP) and a long story. I was overseas when I applied for the Bluebird card a few weeks ago and never received any further emails from them. I called their customer support line from overseas and they told me my application will complete processing and should receive an email notification in a few days. Days pass and nothing. When I returned from overseas, I did find out that I received just one voice message from them asking me to call them back. By that time, 14 days had lapsed and my application was rejected. They told me that the original email addr that I had used before will no longer be available for use for a re-application and was asked to use another email addr. Naturally, I was completely upset with this and I told them that I could never use any other email addr for financial matters. I will be filing a formal complaint about their bad customer service and their existing processes.
  6. Account is 5 months old, never late, always PIF. Hi, Did you have any luck pursuing this further? Although unrelated to your issue, I too, have a recent problem with a Bluebird card and the customer service line was no help. I wanted to file a formal complaint and I found this weblink: http://www.americanexpress.com/us/content/prepaid/feedback-form.html?vgnextchannel=95ddb81e8482a110VgnVCM100000defaad94RCRD&appinstancename=default I will give them a call and see if I can speak to someone up higher once the working week begins in the new year...
  7. Only if OP lets balances report. If closed, after approximately 10 years when it falls off, it could impact AAOA significantly if OP has no other similarly aged accts. +1 Many thanks for all those who replied. I am planning to apply for at least 3 new credit cards in the next 6 mths or so (with non BofA issued card products), and I essentially do not want to be reviewed as "hit the ceiling" in terms of having too many credit cards or too much credit limit. I do not understand the decision process of say Chase nor Citibank or BofA in terms of them cross-referencing each other to determine if someone has way too much credit limit. The main reason is that I simply just wanted to "--substitute--" the current BofA's 25k of credit floating around with say a new Chase or Citibank credit card. I can't see why this would impact my FICO because I don't lose the 25k credit. I will just get it back with the new cards I applied for. So, the net-net is I may get 2 new credit cards (adds up to $25k limit) and lose one old card of $25k. Assuming I do all this in the same month. So, perhaps the right question could be: How do I churn credit cards effectively without losing my FICO due to utilization percentages or AAOA? I am just newbie, and I apologize if I wrote the above having naive presumptions about what may affect FICO.
  8. Hello I can understand that cancelling a card especially a long standing card has impact on your FICO. How about calling up the credit card issuer and requesting to reduce the credit limit? Is that worse than cancelling the card affecting the FICO score? I have a BofA credit card since 1989 that I just don't use at all. I prefer applying for the current crop of cards that pay back a lot of points in other form of rewards. Therefore: Should I cancel the card altogether? Or request to reduce the credit limit to say $1,000? The issuer is BofA and the current balance is zero, the limit is $25,000 and I have had this card since 1989. There is no annual fee and this was my very first credit card. And, I have a great FICO currently over 800. I am a bit sad to let it go, since it's my very first card that I applied for. But it's just sitting in the dusty corner at the moment.... Thanks in advance.

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