I am waiting for my home to be built (due to be complete in September) and I've been going through the process since March. I'm totally distressed about the fact that my assets..er, plastic is frozen until I close. My goodness, I mean, it's been since March. Sure, I've used plastic here and there for small purchases but I pay what I charged each month. I haven't bought anything! That's good...sure. However, I'm just venting...slightly flustered. This is probably the longest that I've gone without really using my credit cards...paying with debit card or cash 95% of the time. Don't worry, I won't be making any large purchases - I viewed a home that was built for another couple who's loan did not go through. I felt so bad for them...felt like I was betraying them. At any rate...like I said, just venting.
Your assets(plastic) shouldn't be frozen, just don't go overboard with using them and DO NOT apply for any new credit until after you close on the house. Enjoy your new home. fla-tan
Fla-tan, I used the word asset loosely and more importantly, as a joke! Credit cards are definate liabilities! I have not and do not intend on applying for anything until I get the keys. By the way, I have a CC with a high interest rate that I'd love to transfer the balance to another card but I'm afraid to do it for fear that my score will drop. I'd really like to move my 19.9% APR Discover balance to my 9.9% BT offer on my Cap One. Then transfer it back and get the 0% APR BT offer on Discover. I'm just afraid....that's all! Can't risk anything especially since we don't know how FICO really works.
I would not worry about FICO. Do the trransfers and lower your costs. I also will disagree with credit not being an asset, it is a tremendous asset, if used properly. Exercise it to make it grow. www.creditsense.com
I haven't been able to use plastic for many years now. Ever since problems started several years ago, which esculated into other problems, life has been tight to say the least. Electric cut off, car repo, a judgment, need I go on. Needless to say, I use cash, either thru cash, checks or debit card. Sure many things I want and of those few things I want, I really need, but when cash is not there, I can't get it. Not condemning anyone for using plastic, cause the last thing I would want is a lecture of how I cannot handle finances. The hardest part has been having a life where you could maintain what you had plus some, but in an instant you can't. Just letting you know, it is tough and even tougher when you can't finance thru other means.
