i have a friend that is a loan broker and he talked to the poeple at Landsfe credit agency and they told him that to get the best credit score you must have a certain amount of outstanding debt. not too much, but not too little. they said the magic number is 37% of your total borrowing power, is this true? for instance if you have a credit card and your credit line is for $ 1,000, to help get the highest possible credit score you must try to keep your balance at $ 370. does this make sense? lets say for example that all other variables on your credit report are current and paid on time, by doing this will it help increase your credit score? does anybody really know? i’ve heard that the formula that calculates the score is so complex that nobody really knows.
thank you so much for taking the time to answer this question.
Ok this is the case. I own my home valued around $ 75 000 before the conversion, and I have no mortgage on it. Other liabilities include $ 25,000 in student loans, $ 40 000 in personal loans to family and $ 45,000 of credit card debt. I take home about $ 2,400 per month. [...]
Mother is in middle of divorce, may be stuck with a huge mortgage + HELOC loan attached. The home has no equity left, since they’ve refinanced twice (big mistake) in the past plus sinking home prices. As far as dividing up the liabilities, what other options does she have? This is in the state of [...]
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