Quote:
Originally Posted by MRZ415
6% is kinda high, you should seek out a credit union.
About creditkarma.com I used their credit simulator,
and I was able to do some # crunch because for some ODD
reason I open my new American Express card and my credit score
nose dived from 770 ->739 with $6000 limit , but if the credit limit drop
from $6000 to $5000 my credit score jumps to 750 yet faulters to 746 @ $4000( I called AMEX and reduced my credit limit to $5000).
Any finance majors here to explain why ?
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i believe creditkarma uses a FICO score. not the same standard as unions use. But people claim credit Karma to be accurate within a 25-50 point range.
I am in the same boat, i cant afford it either, i go to school full time, and will need to work a lot more. Loans are good for when you need it. Borrowing money for a car is not a great idea, because its not an priorty, especially if you already have a car.