1-9% utilization rate is not good for your Mortgage Loan (at least for Equifax score) ?

Questions1-9% utilization rate is not good for your Mortgage Loan (at least for Equifax score) ?
gamesthebest14 asked 6 years ago

So today I was able to subscribe for myFICO ScoreWatch and when I was reviewing my EQ 04 score, one of the negative factor affecting my score was “You have too many accounts with balances” when I’m having only 1 account reported a $ 1 balance. This seems to be true because whenever I let one my accounts report a small balance, my EQ drops by 5 points (I also have the Equifax Score Watch).

There’s not much information of TU 04 and EX 98, but are they all the same when it comes to balance reported? 

Anybody with the 3B monitoring can check their TU 04 score factors and give some feedback?

I do think 5-6 points is important in case your middle score of those 3 is on borderline… 

Should I Pay Off My Mortgage Early? | Ask a Fool

Jonathan Troy replied 6 years ago

The Ramsey force is strong with these comments.

TheSoloAsylum replied 6 years ago

A 30 yr mortgage will cost you three times what you bought your house for
by the time you pay it off. If someone tells you not to pay off a mortgage
when you have the cash to do so, dont listen to another word they have to
say. The system is designed to keep you in debt for life. This also keeps
all these advice givers employed. If you are debt free you no longer need
any of them.

Weekly Telegram replied 6 years ago

This one question will give you the answer: “Would you ever borrow money
from a bank to invest in the stock market.” I’m sure your answer is hell
no as it should be. Well, this is what you are doing if you don’t pay off
your mortgage and invest the difference. 9 out of 10 people make money on
their houses. 9 out of 10 people lose money on the stock market. How would
you feel if you retire only to have the market correct 60%. You will be
kicking yourself for not paying of the house earlier.

Anyone who calls themselves a retirement advisor is selling snake oil. You
don’t tell people to give up a 5% (mortgage rate) risk free return so they
can make 7% (average stock market return) in some insanely volatile stock
market. This is lunacy. It’s not worth the few extra percentage points
investing in stocks. The volatility will just make you sell at the bottom,
thus making it a worse off proposition than paying off the house. Advisors
never talk about the psychological component to investing.

Clarence Middleton replied 6 years ago

A Non retired “or ever retired” retirement expert LMAO. Once i heard that,
I immediately started laughing. 

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