Comments on: The Smith Manoeuvre Affects Your Beacon Score http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/ This is where your finance takes place Tue, 16 Mar 2010 18:03:01 +0000 http://wordpress.org/?v=2.9 hourly 1 By: Almost Frugal The 69th Carnival of Money Stories — almost frugal http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/comment-page-1/#comment-2783 Almost Frugal The 69th Carnival of Money Stories — almost frugal Tue, 22 Jul 2008 10:03:29 +0000 http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/#comment-2783 [...] the post The Smith Manoeuvre Affects Your Beacon Score, The Financial Blogger explains how a leverage strategy with a Home Equity Line of Credit hurt [...] [...] the post The Smith Manoeuvre Affects Your Beacon Score, The Financial Blogger explains how a leverage strategy with a Home Equity Line of Credit hurt [...]

]]> By: The Financial Blogger http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/comment-page-1/#comment-2771 The Financial Blogger Sun, 20 Jul 2008 23:52:56 +0000 http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/#comment-2771 Hey Jamie, The first thing to consider is the fact that mortgage rates are granted mostly based on the relationship and the weight (assets in $ in your portfolio) you have with your financial advisor. Personal loans and lines of credit are definitely influenced by your beacon score. If you already have a good credit score, the impact won't be that bad. For example, I had a score of 777 last year and I was down to 718 last month. I am sure that over time, it will go up again. Therefore, I would not worry too much on your mortgage rate negotiation in the future. Hey Jamie,

The first thing to consider is the fact that mortgage rates are granted mostly based on the relationship and the weight (assets in $ in your portfolio) you have with your financial advisor. Personal loans and lines of credit are definitely influenced by your beacon score.

If you already have a good credit score, the impact won’t be that bad. For example, I had a score of 777 last year and I was down to 718 last month. I am sure that over time, it will go up again.

Therefore, I would not worry too much on your mortgage rate negotiation in the future.

]]> By: Jamie http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/comment-page-1/#comment-2770 Jamie Sun, 20 Jul 2008 20:33:13 +0000 http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/#comment-2770 Hi TFB, Given your beacon score will likely be lowered due to implementing the SM strategy, won't this have a negative effect when your mortgage portion's term comes to an end? If you have a good score now and are able to get a variable rate mortgage under prime, when the term is over and you need to renew and your score has decreased, do you think the lender will be likely to give you a favorable rate again? I have been researching the SM for some time now and this was one question that I couldn't find an answer to yet... Keep blogging, your site is very useful! Hi TFB,

Given your beacon score will likely be lowered due to implementing the SM strategy, won’t this have a negative effect when your mortgage portion’s term comes to an end? If you have a good score now and are able to get a variable rate mortgage under prime, when the term is over and you need to renew and your score has decreased, do you think the lender will be likely to give you a favorable rate again?

I have been researching the SM for some time now and this was one question that I couldn’t find an answer to yet…

Keep blogging, your site is very useful!

]]> By: Kelly from Almost Frugal http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/comment-page-1/#comment-2768 Kelly from Almost Frugal Sun, 20 Jul 2008 15:36:50 +0000 http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/#comment-2768 This post has been chosen to be in the 69th Carnival of Money Stories at Almost Frugal, going live July 22nd, 2008. Don’t forget to link back to the Carnival! This post has been chosen to be in the 69th Carnival of Money Stories at Almost Frugal, going live July 22nd, 2008. Don’t forget to link back to the Carnival!

]]> By: Richard http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/comment-page-1/#comment-2756 Richard Fri, 18 Jul 2008 13:20:26 +0000 http://www.thefinancialblogger.com/the-smith-manoeuvre-affects-your-beacon-score/#comment-2756 Something else to add, you need to keep an eye on your report at least once every 6 months and correct any errors immediately. Although the credit bureaus are 'encouraged' to keep accurate information, they usually don't. I have multiple inaccuracies on mine that I have tried the official way for the last 6 months. I know it has hindered my score a little bit, and now I need to get a lawyer involved. Also point of note, if you are able to pay off your mortgage well within the time frame allotted, you will save more money than the tax savings. If you can not, take full advantage of them. Something else to add, you need to keep an eye on your report at least once every 6 months and correct any errors immediately. Although the credit bureaus are ‘encouraged’ to keep accurate information, they usually don’t.

I have multiple inaccuracies on mine that I have tried the official way for the last 6 months. I know it has hindered my score a little bit, and now I need to get a lawyer involved.

Also point of note, if you are able to pay off your mortgage well within the time frame allotted, you will save more money than the tax savings. If you can not, take full advantage of them.

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