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Rants etc.....

SugarJ

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Folding Team
Joined
Jan 17, 2008
Messages
7,454
Location
Langley, BC
Pay it off after the statement. I found carrying a zero balance lowers my rating.

I have a 900 credit rating and pay everything off in advance of the statements. We use credit cards for convenience and rebates, not because we need the credit. Admittedly it took more than a few years to get to that point. :)
 

crazyea

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Joined
May 15, 2012
Messages
1,229
Location
Surrey, BC
I have a 900 credit rating and pay everything off in advance of the statements. We use credit cards for convenience and rebates, not because we need the credit. Admittedly it took more than a few years to get to that point. :)
No one said you needed credit. I simply said to let the statement show that the credit has been used.

For a score like that you must have a balance somewhere each month. Mortgage, car payments, line of credit, something because a credit card showing ZERO on every balance every month does not help a credit score at all and can be a detriment regardless of your score or position on the matter. And your score is great btw, but the best scores can be achieved by carrying a 4%-30% balance because it shows you can manage the debt. Also, diversifying your debt across different lending types play a large part as well.

I don't pay interest either, but I leave a little on for the reporting and then pay it off when I get the statement. I have tried the zero balance route and it does in fact lower the score over time. But if you have a large history the effect may not be noticeable to you.

EDIT: Also paying off my car early lowered my rating too because I no longer have an open Install plan type of credit. I'm just talking small amounts though like 10-20 points, not 100's.
 
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Shadowarez

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Folding Team
Joined
Oct 4, 2013
Messages
2,390
Location
Arctic Canada
damn for 1.5M here in YK you would maybe get a 4-5 bedroom town house that is nowhere near as nice. i know a place near a college single floor 2 bedroom on main street asking price was 1.2m and it was already 20+ yrs old at that point.

think they demo the place and made a parking lot instead lol.
 

Izerous

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Folding Team
Joined
Feb 7, 2019
Messages
1,781
Location
Edmonton
1M in summerside (area of edmonton) gets you a large house with 3 car garage near but not on the lake. Doesn't get you a tankless hot water heater, and most of them in that price range didn't even have a finished basement. Your back yard is also too small for an energetic dog breed. I couldn't afford them but looked at the show homes anyways. 1.2m and maybe you got a finsihed basement if you were lucky and a garage that wasn't turned to be absolutely stupid. 3 car garage doesn't work well when nothing larger than a miata could even get in the last door.


1-1.5m just outside of Edmonton and I saw things like 3000sqft homes sitting on 20+ acers with 5000sqft shop and 1800sq horse barn.
 

crazyea

Well-known member
Joined
May 15, 2012
Messages
1,229
Location
Surrey, BC
1m in surrey gets you a small detached townhome. A 3 bdrm detached townhouse I rented in 97 for $1100/m is now $1m. The landlord at that time paid $120k. I should have been smarter when I was younger.
 

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