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You don't need to carry a balance on credit cards.
I have zero on my cards, with 80k of available credit.
That what helps your credit score.
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@ Angler1 --- Yes, that's good, but they ding you a little bit for being so responsible...
They like you to use them and pay it off that month as well...
I believe that they are in cahoots with MC, Visa, Discover and AMEX , so that the card companies get their percentage of the sale --- regardless of how fast that you pay it back 
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Credit score is such a racket.
Now Experian is offering a "credit boost" for an additional fee.
WTF is that if not a scam.
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BTW the credit score is not how credit worthy you are. It's how profitable you are to a lender.
Such a racket!
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"They like you to use them and pay it off that month as well... "
I put everything possible on my Capital one card I can. I pay it off weekly.
300k points in less than 2 years. When covid ends, time for a very nice vacation abroad.
For my business, I use the Disney Visa for everything I can. So I always have hundreds of Disney Dollars for my Adult Kids to use on passes or food...
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Exactly, I used a travel points CC for all our monthly spending, then when we pay it off the next month, we transfer all the excess income into either amour investment account or high interest (😂) savings account. Always pay the CC off before the billing cycle is over.
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Among many other factors they take into account the % of credit utilized as well as demonstrated on time payments. So while you don’t lose points for not using your credit card, you don’t gain either.
I believe the best scenario is to have activity on all your cards, and pay them all off every month.
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Its all BS made up by 3 companies who profit off of it.
Check your score? Goes down.
Pay off your car? Goes down.
Pay down a CC? Goes up.
No activity? Goes down.
It's arbitrary and its fucked up we all have to do business with these 3 companies against our will.
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It’s not arbitrary at all. I know they spend millions developing these models to measure creditworthiness, retention, etc. The most widely used model isn’t even developed by the Big 3 bureaus.
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So you don't think its a little suspicious that Experian all of the sudden can "boost" your credit score if you pay them a fee?
If its supposed to be organic WTF is that if I can buy a better score directly from the manufacture? (credit bureau in this case)
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Sadly they are playing both sides. I think Experian boost lets the consumer add data to their credit profile that Experian doesn’t usually get, such as streaming service payments. They are taking advantage of consumers who may not have a lot of traditional credit activity.
Experian benefits by having more data, lenders benefit by having better scores or scores for consumers who don’t have any credit history. I think it’s scummy consumers pay for the privilege.
But it’s not a simple hey pay us and we will raise your score.
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I have always paid off my CC
use the credit to your advantage but remember to pay it off.
platinum preferred with bank of america - i get 3% cash back, forget about points.
also keep in mind if you use atm and someone hacks your card they can drain your bank account.
if they only hack your cc, its up to the cc companies to fight the battle.
always pay with a cc if its possible, even if there is a small fee (see above % earned)
i no longer give a shit about my credit rating - those 3 companies can go F themselves.
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 You guy whinning about a CC score.
Wait til you all get a Social Credit score. And taxed based on your Carbon usage.
Oh wait, probably be dead by then.
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My doctor told me that I will be dead within ten years. Somehow I don't care that much. I've lived the better part of my life.
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My fico score is 10 so at least it is higher than my IQ.
Lamar we better get to gettin.
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So by waiting until after the billing cycle to pay off my Visa it started reporting and my score went up to 810. I applied for two loans totalling $55,000 to have solar installed on my home, and after being approved my score dropped to 780. I paid back the $40,000 loan, and kept the $15,000 loan since there there's no interest on it for two years. I need to collect all my rebates and credits to pay back the $15.000 loan. I am so broke now, but atleast I'm collecting credits from SCE instead of a $175 bill every month. I may be wrong, but I'm predicting SCE billing will be unaffordable in a few years.
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For those thinking of getting out from under there Time Share. Ask them what will happen to your Credit Score when you do ?
How do they handle the Credit reporting agencies ?
Do they provide a letter a of explanation of why ? to them.
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ps Always round up the min payment to the next whole five or ten $. It will raise your score.
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I keep my FICO at around 500 to 650. Not once did I have to worry about ID theft. Who can possibly steal from a broke bastard.
If I want something expensive, I save and pay cash. Or I finance 50% down at a high rate and early pay 12 to 24mo.
I own my house 50 grand mortgage remains. Try to keep as little in the bank.
Fuck this system.
You too can be financially free in only 10 short days.
"SeymourButz way to riches" only $19.95 on Amazon. Buy within the next 30 minutes and receive 2 drops of Peter Popovs holy water.
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500?
How did you do that?
I wish I had that much cheese to play with.
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I have zero credit, what credit score?
Mine is lower than biden's approval rating.
Mine is so low, that they won't even take my cash.
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Fuck. In that case, I'll buy your book paw.
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I been 13 years in finance. Let me end the old fairy tale now, you do not need to hold balance, just pay off in full every month.
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Credit cards are a blue collars La-Away.
HOW POOOR WERE YOUUU!
We were sooo poor.....that my poor mother had to buy all our school clothes on Lay-Away
Dies anyone know what that is?
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It is extremely important to have a good credit score to get the best loan rates and terms.
Using the bank's money is how you're able to grow wealth through income producing properties (and other types of businesses).
If you can borrow at 6% but are making 16% return on investment, you're making 10% for each dollar you borrow (and 16% for each dollar you actually put in).
If you can borrow at 3% (during better times), you're making 13% on each dollar you borrow.
If your credit score is horrible, you're not making any money because you're not getting a loan, or you're making a lot less money because your interest rate will be too high to arbitrage effectively.
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At 123, don't give a shit about my score and don't need to.
Hoping to die owing millions.
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The mildguy is good at math.
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Piss on borrowing money. Just loan shark it.
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it's also called, Using other peoples money to make money, namely the Bankers.
Either way it's still a system based on Fraud. Fraudulantly Ratification of the 16th Amendment.
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| There are 28 comments on this blog. |
