Quote:
Originally Posted by InDebtInDC
At the risk of sounding stupid, why do you need your FICO score to go up?
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Because first of all they're paying 3 full percentage points higher on their mortgage than the average person would. That's a lot of extra money going down the tubes every month.
Also your FICO is used for a lot more than attaining credit nowadays. A low credit score can cause you much higher insurance premiums and can prevent you from getting a job, just to name a few examples.
Quote:
Originally Posted by InDebtInDC
To those who suggest using credit to increase the FICO score: a) are you sure it will work, and b) are you sure this is the best way?
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Yes. The only legitimate way to build up your credit score is to acquire credit and make timely payments.