What would you do?

[Brokemofo]

Please provide proof to support your statement.

Proof to support my statement? Well, how about you just trust the word of someone who has been reading credit reports for over 15 years. Don't feel like proving anything. This is not a court of law. I have an idea. Why don't you prove my statement wrong? Look, it's a well known fact that the lower your balances on revolving accounts the higher your credit score will be.

[maat55]

I'm confused as to why so many people worship oh Fico God. I have no idea what my credit score is and don't care. I carry two CC's for gas purchases and PIF, then a mortgage I pay on time, and that's it. I'll bet anyone a dollar, I could sell my house and buy another one at the best rate available. I bet anyone a dollar I can get a loan on a car at the best rate available also, except I pay cash for cars now.

Just my, WHY THE HELL DO YOU CARE ABOUT FICO rant. Good money management, will beat fico any day of the week.

[Brokemofo]

I'm confused as to why so many people worship oh Fico God. I have no idea what my credit score is and don't care. I carry two CC's for gas purchases and PIF, then a mortgage I pay on time, and that's it. I'll bet anyone a dollar, I could sell my house and buy another one at the best rate available. I bet anyone a dollar I can get a loan on a car at the best rate available also, except I pay cash for cars now.

Just my, WHY THE HELL DO YOU CARE ABOUT FICO rant. Good money management, will beat fico any day of the week.

Obviously, but the people who are most concerned are not like you. If they had a score like yours, they wouldn't be worried either.

[noppenbd]

Do you have any proof that the calculator is nothing more than a random number generator?

Well maybe not proof, but the calculator was created by Fair Isaac, who are the owners of the FICO formula. No, they are not going to give out the exact number, but I see no reason why they would lie about a range of numbers.

[noppenbd]

I'm confused as to why so many people worship oh Fico God. I have no idea what my credit score is and don't care. I carry two CC's for gas purchases and PIF, then a mortgage I pay on time, and that's it. I'll bet anyone a dollar, I could sell my house and buy another one at the best rate available. I bet anyone a dollar I can get a loan on a car at the best rate available also, except I pay cash for cars now.

Just my, WHY THE HELL DO YOU CARE ABOUT FICO rant. Good money management, will beat fico any day of the week.

True, but the poster was asking about whether or not to take savings to pay off a credit card. There are many reasons why this is a good move, and FICO score is only one such reason. I don't worship the credit score but it is a fact of life in our society so it should be taken into account when making financial decisions. In this case it happens to be on the same side as you (paying off debt), so I'm not sure what you are arguing against.

[vsjhoc]

What to do.. I have a CC with a $5000.00 balance. 4.99% I have a High interest savings account earning 5.4% with good amount of money in it. Do I go ahead and pay off the CC or do I leave it be, and continue to pay the minimums or a little more. I'm going to be in the market for a new house so I want to have as much $$$ as I can at my disposal. My credit score is already in the high 700 So by me paying the CC might not really gain me to much. So if any of you folks have some thoughts or ideas please feel free to let me know what you would do.

Thank you

According to this calculator, if you make only the minimum payment of 2% on a $5000 debt @ 4.99% APR, it will take you 20 years to pay off the balance, and you'll pay over $1200 in interest.

If you pay an extra $10/month, it will take 11 years, and if you pay an extra $25/month, you'll pay it off in 7 years.

If it were me, I'd be paying it off sooner rather than later.