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Moderator

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Posted: 12/15/20 05:05pm Link  |  Quote  |  Print  |  Notify Moderator

The Topic wrote:

This is not a crabby comment on people that carry a balance, this is a comment on people that CAN and DO pay the CC off every month become a poor credit risk. How bizarre is that, folks??


Back to the topic please.

winnietrey

seattle

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Posted: 12/15/20 05:59pm Link  |  Quote  |  Print  |  Notify Moderator

Moderator wrote:

The Topic wrote:

This is not a crabby comment on people that carry a balance, this is a comment on people that CAN and DO pay the CC off every month become a poor credit risk. How bizarre is that, folks??


Back to the topic please.


I as well, pay off my CC balances every month, so your post got me curious. So I consulted "Google University". if I understood what I read, it is not so much paying them off every month,( although some sites say keeping a 1% balance is best) it is not using them. What they call the utilization rate, that affects your score.
As I understand it, is all based on formulas, such as available credit. your carry over balance and so on. So if you have a card you never use, and two you do, that unused one maybe the culprit in lowering the score. I Learn something new everyday LOL

* This post was edited 12/15/20 07:21pm by winnietrey *

georgelesley

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Posted: 12/16/20 05:16am Link  |  Quote  |  Print  |  Notify Moderator

I think you are on to something. Several years ago I cleaned up our accounts and closed the unused or not needed accounts we had. It did raise things a bit it also helped some when I closed some accts we had only a short time and no longer needed like a few zero interest 2-3 year store deals. Once your average length of card age exceeds 9 years that helps. Thus closing short term store zero interest cards helps some.

If you are really interested in this stuff you can verify it by just spending some time on one of the credit simulator sites and try “what if scenarios “.

Sometimes just doing simple easy to do things will help.

* This post was last edited 12/16/20 06:50am by an administrator/moderator *   View edit history


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mr. ed

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Posted: 12/16/20 10:22am Link  |  Quote  |  Print  |  Notify Moderator

I have 2 credit cards through Bank of America, a Visa and Mastercard. I pay both of them off each month, and it hasn't affected my credit score, as far as I can see.


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trail-explorer

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Posted: 12/16/20 01:11pm Link  |  Quote  |  Print  |  Notify Moderator

mr. ed wrote:

I have 2 credit cards through Bank of America, a Visa and Mastercard. I pay both of them off each month, and it hasn't affected my credit score, as far as I can see.


Ditto - 2 cards with Bank of America.

One doesn't get used, the other one gets used for nearly everything I buy. The charges and payments are such that there's never an interest charge because I pay what's charged every month, as the month progresses, rather than waiting for a statement to arrive and then sending off a payment. There might be a balance at the end of the statement period, but it's all new charges from the week prior. All my accounts are with B of A, so I keep tabs on everything through online banking and constantly make balance transfers to the CC.

My score will fluctuate by 5-8 points, depending on what the balance is when the credit reporting agencies see the balance (and how much it is) on the card.

The primary reason for using a CC card for nearly all purchases is the bonus points I earn. I use those points to get free gift cards, then I go on a shopping spree.


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Posted: 12/17/20 08:32am Link  |  Quote  |  Print  |  Notify Moderator

I think everyone understands that the whole credit card system is rigged against consumers to generate max return to banks. There was a great documentary on the subject, though don't remember the title? It pointed out how the system is designed to take advantage of consumer human behavior.

With that in mind, I at least try to take advantage of banks themselves? Basically, only keep a balance on cards with no-interest on purchases. Then pay it off before the offer expires. Otherwise, with interest bearing cards, also pay it off each month. I don't really see a drop in credit scores. Though only use a small percentage of available credit.

For myself, I focus on not paying interest for unsecured credit, have not done so, while using banks for any cash back incentives. Credit cards also provide a level of insurance not provided by debit cards.

I'm actually still ticked off at the conduct of big banks during the 2008 financial crisis, many of us losing money in the process, while they essentially walked away? And have shifted to credit with smaller regional banks, the only exception being WF with a 30-year account history. But only charge a minuscule amount each month, so they are not making any windfall in my case.

mr. ed

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Posted: 12/17/20 06:16pm Link  |  Quote  |  Print  |  Notify Moderator

Checked my score today. Was 794. Not too bad!

Hammerhead

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Posted: 12/17/20 10:01pm Link  |  Quote  |  Print  |  Notify Moderator

We are the same way and almost always pay with plastic and pay off the cards we use every month. We have financed a few vehicles and campers in the past and have only had a mortgage for several years now. One card offers free credit scores and we found out once that our mortgage company accidentally reported that all of their customers failed to make a payment one month.



down home wrote:

fj12ryder wrote:

down home wrote:

The only way to get 800 or over is to buy large purchases with a card and pay it of in 6 months or less and buy and pay it off. I use a Debit/Credit card very rarely and only at the gas stations with exception.
Nonsense. I never carry a balance on any credit card, I use 2 sometimes 3, and my credit score always runs over 800.

Wee pay all ours off the next month or before or did. We have one card with emergency expenses on it that will be paid off shortly.
We've seen 815+ only a hand full of times.


cptqueeg

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Posted: 12/18/20 07:47am Link  |  Quote  |  Print  |  Notify Moderator

way2roll wrote:



Curious why the moderator is allowed to post opinions and veer off on a tangent but when responded to with facts it gets deleted....That's not moderating, it's editing to suit your opinion.



I think the moderation was an attempt to kill off a political discussion before it started, not necessarily to suit his opinion.


-----------------
Exactly! (Mod)

* This post was edited 12/18/20 10:06am by an administrator/moderator *

gtnsmlr

Camarillo, CA

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Posted: 12/18/20 06:39pm Link  |  Quote  |  Print  |  Notify Moderator

My score is 0...


The older we get, the faster we go

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