Quote Originally Posted by MadtownPacker
Quote Originally Posted by MJZiggy
Quote Originally Posted by MadtownPacker
On the subject of credit cards, I read somewhere about signing up for those 0% APR for a year type of deals and then when the year is almost up transferring all your balance to another offer for 0% interest. Does anyone do this?
I've heard you can really screw up your credit rating if you do that. They leave the credit card you transferred from open and you end up with a screwed up debt to credit available (is that right?) ratio.
Hmm, but the ratio is based on actual money owed not how many different accounts you have. Right?
Let me see if I can get this right. It's based on how much money you owe against the credit limits of all your accounts. I'm guessing the worry is that if you take out a mortgage with having only $2K on credit cards, but have $40K available to you, you could go out and amass all sorts of debt and default on your loan. Can any of the numbers people tell me if that's why?