Credit Score in Houston>Question Details

Lillybizmail, Home Buyer in Germantown, MD

Would it hurt my credit to accept a new cc at 0 % into rate while paying off another credit card?

Asked by Lillybizmail, Germantown, MD Mon Nov 12, 2012

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5
This is a legal SCAM:
After 6months, or so, the interest rate will jump to 21% to 27%!!!!
YIKES!!!!

Caviat Emptor dudette.
0 votes Thank Flag Link Mon Nov 12, 2012
The scores and scoring system are imperfect and have evolved from just trying to develop an accurate profile of consumers to a HUGE money making scam. The main statistics company , Isaac Fair, works with the figures and SELLS the systems to the REPOSITORIES, which in turn sell the material tothe public and to the smaller CRAs or Credit Reporting AGencies. Noone has ever been given access to prove whether or not any score, at any time for any consumer is accurate. It could even be a mistake in the computer system and whowould know. The Bureaus say thats impossible but anything is possible with such complicated systems. The score models are constantly changing. Using the borrowing habits of others to judge you is likje going to court over a speeding ticket. Your speedometer was broken and you have proof but there is no judge to listen! The prior three defendants were guilty of speeding and they share you type of car, same commute, etc. Therefore YOU are also guilty. Fair, eh? Consider that almost every living person in the country will have to BUY their credit reports many times throughout their lives. What if there are mistakes on the report? You must PAY all three or sometimes four of the repositories to take out the mistakes. You cant make them pay you for the mistake but they can make you pay to clean it up. L:ike a doctor giving you a disease and he is the only one in ton with the cure. You cant sue him for giving it to you and you must pay him to cure you---not only that but you will have many after effects which you must also pay him to fix. Thats our credit system. Its a SCAM . One of the biggest money making schemes in human history.

That said, its impossible to tell you what would happen for your scenario and even if we knew every detail, you can only be made aware of general guidelines. Your score can change daily even with no activity on your part. Do internet research on this and as another person said in here, talk to a few lenders about what to do. What we should ALL do is fight to have the score system dismantled or be open for review. Did you know your car insurance premium will be determined by another score system? One to which you have ZERO access. You cant help to change it no matter how flawed it is.
0 votes Thank Flag Link Mon Nov 12, 2012
Initially your score will drop but a small amount. Consider not closing the account you payoff because you will loose the credit history and your credit score will take a hit. Make certain of any fees having any of your cards have to determine if it is worth having if you hare not using it.

Jeff Cox
Better Homes and Gardens Real Estate Gary Greene
Cell 713-240-2044
1939 W. Gray
Houston, TX 77019
0 votes Thank Flag Link Mon Nov 12, 2012
Quite possibly. A new account can often lower your score. Paying off a current account, if you close it, will also most likely lower your score. Credit scores are made up of many moving parts, and you should do NOTHING without first discussing it with your loan officer.

Good luck!
Barbara Coker
NMLS#228545
100% Home Loans All Over Texas!
Licensed Mortgage Loan Officer
0 votes Thank Flag Link Mon Nov 12, 2012
You would suffer a small drop in points for establishing the new trade line. But over time it will help.
You might see the points come back in about 6 months and see a score increase at the 12 month mark.
All credit profiles are different, so take this answer with that in mind.


Tom Burris
Mortgage Banker
DallasLoanGuy.com
(214) 763-4629 cell/text/nights/weekends(Really!!)
tomburris@dallasloanguy.com
Lending all across the entire Great State of Texas!!
NMLS# 335055
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0 votes Thank Flag Link Mon Nov 12, 2012
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