But Suze Orman says otherwise - sm

Posted By: NutterButter on 2008-06-04
In Reply to: According to Dave Ramsey, my hero...sm - MT and worn out

if you cancel the card(s), it DOES show up on your credit report. The longer you've had an acct open, and in good standing, the better it shows for your FICO. Now if you don't plan on ever borrowing money again, I guess it doesn't matter; but if you want to maintain a good credit score, Suze recommends that you simply cut up the card(s) but just don't use them again.

I have about 4 accts like that. I am debt-free, by the way, and have 2 credit cards for emergency purposes or online use, which I pay off in full every month.

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If you are no longer using credit cards...... - sm
- I talked to a credit bureau - just me
  - my own gut feeling is to cancel sm - sm
- JMO, but I think it is always good to have - small message
- According to Dave Ramsey, my hero...sm - MT and worn out
  - But Suze Orman says otherwise - sm - NutterButter
    - The more available credit, the better the FICO score is what Suze says. - NM
    - Here is how it is done (sm) - HappyCat
- Don't close them if you are thinking about - small message
  - thanks for info sm - sm
    - If you are set on closing, do not close the old ones, close a newer account first. - mtstudent
      - Change your privacy settings too - mtstudent
    - Credit Score will hardly be touched by closing them - your peace of mind means more
- Cancel them now...rather be free of temptation. Credit score - will barely go down at all.....nm

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Suze Orman just had something on her show about
I wish you could have seen it. anyway...you will be pleasantly surprised that half of his property is yours too...vehicles, boats, etc. the credit card debt is yours and his and will have to be split as well. I say get yourself a good divorce lawyer and tell him how hubby opened up credit cards in your name. Good luck and let us know how it goes.

Suze Orman, financial adviser...

is giving away a free download of her book. Go to Oprah's web site and download, "Women and Money," free until tomorrow at 5:00. I love anything about her and thought I'd share this! Free stuff is also good!

Enjoy!

Have you ever heard Suze Orman/Judge Judy talk
x

University of IL? I heard Suze Orman was a roommate there of John Belushi's wife
xx

I think you need to go back and check with Ms. Suze

She'd never advise to refi just for the sake of doing it.

Neither would I. I'm in with the pay the house off contingent. My feeling is if your house is paid off and something happens and you lose your job, you never have to worry about your mortgage being late or something happening that would mean you lose the house. I want that security for myself.

To refi just for the sake of having $$ in the bank is self defeating. You won't earn interest on it to make up for the interest that you're paying and the deduction you get on your taxes also won't off set the interest that you're paying. It's a lose/lose proposition. If you can refi the same amount that you still owe down to a lower interest rate and possibly down to a shorter term, that would be something that would make sense. My sis just took 10 years off of her mortgage with a lower interest rate and her payment only went up by $8 a month.

Now, if you're going to refi and take some $$ out to do home improvements that will increase that value of the house, that's another thing. Again, though, you have to consider the long term effect and how are you going to handle those additional payments for the next 5 to 10 to 15 years of the loan term.

The more available credit, the better the FICO score is what Suze says.
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