I did not realize, until I pulled credit scores for both my wife and myself, the impact that ONE derogatory factor can have on a FICO score. We have 8 joint accounts(CC), besides the mortgage, and all showed up on both of our reports. I have 2 other accounts, one which is paid off monthly and another which is a 0% balance transfer for 50% of my credit limit and will be paid off before it expires.Her FICO score was 761 and mine was 679. I believe that the difference was the one negative factor that is on my report but not hers. That was a $97 veterinary bill that was not paid for 6 months due to a conflict between myself and the doctor about the pet treatment. He reported the nonpayment but I paid it off the next month after it went to collections. That was in 1997. It will remain on the report until 12/2004. A difference of 82 points for one negative! For all of you newbies on this board please make sure you avoid the derogatories. It really hurts your FICO score. I would also like to report that since I joined this board in early 2001, I have reduced the $41,000 CC debt to $23,000 so far. I have also established an E-Fund that was $0 in 2001 to $14,300 as of today. That might seem like an E-Fund that is excessive but once I started it I could not not stop. I know I could wipe out a lot of the debt with it but I am reluctant to do so because my APR's are so low. Average APR on all CC's is 1.79%. My highest is 4% and my lowest is 0%. I owe it all to you people on this board. You are all intelligent and well-versed in financial matters and I have listened to everything that was important. Yes, I have a good paying job, but I have had one for 20 years! I can't believe I wasted 18 years of my life wasting money! Anyway, I have a question for anyone that is still reading this. My E-Fund is spilt 90%-10% between ING-Direct and Virtual Bank at 2% and 2.2% respectively. Should I take a chunk of the E-Fund and really cut into the debt or keep the E-Fund stable and redirect the savings I put away each month($500)towards the debt? I am having a very hard time NOT adding to the E-Fund! Maybe I should just be doing a happy dance. I hope this board never dies while I am alive. Thanks for your replies in advance.
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