Comments on: Productive Finances Checklist http://www.productivity501.com/productive-finances-checklist/480/ Pieces of the productivity puzzle. Thu, 18 Mar 2010 08:33:51 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Brian Berman http://www.productivity501.com/productive-finances-checklist/480/comment-page-1/#comment-103511 Brian Berman Tue, 06 Jan 2009 04:02:09 +0000 http://www.productivity501.com/productive-finances-checklist/480/#comment-103511 @Mark - Unless each of these cards have something like a $10k+ credit line each, having these cards is good for your debt load since they are a zero balance. Your point about identity theft is good though. Responsible review of your credit report should catch most of these things. For example, if you have 10 cards with a $1000 credit line, that is $10,000 of "available" credit. This shows that despite having the available credit, you are NOT using it and have control. The only way this could flip around is if you are going for something such as a mortgage and the bank may fear that your available credit could get you into trouble. And like I said earlier, this is more of an issue with high credit lines. This is rare, but usually a mortgage broker can help you readjust if that is the case. When I was building my credit, I had accounts open in which I paid and cut the card up and just let them age for years. @Mark – Unless each of these cards have something like a $10k+ credit line each, having these cards is good for your debt load since they are a zero balance. Your point about identity theft is good though. Responsible review of your credit report should catch most of these things. For example, if you have 10 cards with a $1000 credit line, that is $10,000 of “available” credit. This shows that despite having the available credit, you are NOT using it and have control. The only way this could flip around is if you are going for something such as a mortgage and the bank may fear that your available credit could get you into trouble. And like I said earlier, this is more of an issue with high credit lines. This is rare, but usually a mortgage broker can help you readjust if that is the case. When I was building my credit, I had accounts open in which I paid and cut the card up and just let them age for years.

]]> By: Mark Shead http://www.productivity501.com/productive-finances-checklist/480/comment-page-1/#comment-103508 Mark Shead Tue, 06 Jan 2009 03:39:39 +0000 http://www.productivity501.com/productive-finances-checklist/480/#comment-103508 @Brian - A few cards yes, but if you have 10 credit cards that you've collected over the years your credit score is going to take those into consideration as part of your potential debt load. Also the more cards you have the greater your chances of fraud going undetected. Keep in mind I'm not talking about someone having 3, 4 or 5 cards. I'm talking about the cards that might be in your name even though you don't physically have them any more. @Brian – A few cards yes, but if you have 10 credit cards that you’ve collected over the years your credit score is going to take those into consideration as part of your potential debt load. Also the more cards you have the greater your chances of fraud going undetected.

Keep in mind I’m not talking about someone having 3, 4 or 5 cards. I’m talking about the cards that might be in your name even though you don’t physically have them any more.

]]> By: Brian Berman http://www.productivity501.com/productive-finances-checklist/480/comment-page-1/#comment-103502 Brian Berman Tue, 06 Jan 2009 02:25:47 +0000 http://www.productivity501.com/productive-finances-checklist/480/#comment-103502 #6 on your list is generally a misconception. In most cases, keeping an old credit card at a $0 balance, is usually good for your credit. "Age" plays a huge roll on credit reports. The exception to this rule is if you are paying stupid fees to keep this account. In this case, you must decide if keeping the card is worth the fees. For example, a person with a 750 credit score can probably drop their old First Premier Bank card with 29% interest and $100/year fee but the person with the 580 score should probably hang onto it as it may be their only shot at building their credit. #6 on your list is generally a misconception. In most cases, keeping an old credit card at a $0 balance, is usually good for your credit. “Age” plays a huge roll on credit reports. The exception to this rule is if you are paying stupid fees to keep this account. In this case, you must decide if keeping the card is worth the fees. For example, a person with a 750 credit score can probably drop their old First Premier Bank card with 29% interest and $100/year fee but the person with the 580 score should probably hang onto it as it may be their only shot at building their credit.

]]> By: Free Credit Report on Credit Speak » Productive Finances Checklist http://www.productivity501.com/productive-finances-checklist/480/comment-page-1/#comment-24083 Free Credit Report on Credit Speak » Productive Finances Checklist Wed, 12 Mar 2008 22:04:40 +0000 http://www.productivity501.com/productive-finances-checklist/480/#comment-24083 [...] Mark Shead added an interesting post today on Productive Finances Checklist [...] [...] Mark Shead added an interesting post today on Productive Finances Checklist [...]

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