That's racist!

[85SugarVol]

Pardon me for my ignorance, but I still don't understand the 6%.

He’s saying carrying a cumulative balance of 6% of your total available credit will increase your score.

He seems to think that’s true.

I’d encourage you to go to Fair Isaac (they are the company that creates the FICO) and see what they have to say about THEIR score.

 

[Obsessed]

Pardon me for my ignorance, but I still don't understand the 6%.

Carrying a balance helps. (Believe it or not)

No more than 5 major cards. Get rid of any store cards not utilized.

To maximize your score for a major purchase, 6% balance left is ideal.
Spread this balance across the cards. Whether it’s 2 cards or 7 cards.

 

[Obsessed]

He’s saying carrying a cumulative balance of 6% of your total available credit will increase your score.

He seems to think that’s true.

I’d encourage you to go to Fair Isaac (they are the company that creates the FICO) and see what they have to say about THEIR score.

I know it’s true.

 

[Obsessed]

He’s saying carrying a cumulative balance of 6% of your total available credit will increase your score.

He seems to think that’s true.

I’d encourage you to go to Fair Isaac (they are the company that creates the FICO) and see what they have to say about THEIR score.

Wrong again. They don’t create fico.


Each CRA has their own algorithm for credit scores.
Most banking institutions, especially credit unions, have a internal algorithm for generating scores
If you your goal is a capital one credit card, you are corrrct.

 

[85SugarVol]

I know it’s true.

Go to the Fair Isaac website and produce a single reference to “credit exposure” or your 6% “rule”

You’ll see lots of references to “available credit”...

You’ll also see plenty on “credit utilization”

 

[Obsessed]

Go to the Fair Isaac website and produce a single reference to “credit exposure” or your 6% “rule”

You’ll see lots of references to “available credit”...

You’ll also see plenty on “credit utilization”

Banks look at total Exposure...

Please expand your mind and trust that this has been researched.
They will not tell you the best way to get the best score. They want and will charge you the highest interest they can....

 

[85SugarVol]

Wrong again. They don’t create fico.

Each CRA has their own algorithm for credit scores.
Most banking institutions, especially credit unions, have a internal algorithm for generating scores
If you your goal is a capital one credit card, you are corrrct.

The FICO score was absolutely created by Fair Isaac.

The scores are generated off of one of the 3 credit reporting bureaus.

Score 8 is the most commonly used. Score 5 is used for mortgage banking.

 

[85SugarVol]

Banks look at total Exposure...

Please expand your mind and trust that this has been researched.
They will not tell you the best way to get the best score. They want and will charge you the highest interest they can....

You provide no links. Just “trust”.... LMFAO

You paying interest on your credit cards? I’m not...

My FICO Score 8 is just fine. How’s yours?

 

[85SugarVol]

Hey @1972 Grad

Seriously, don’t take anyone’s word on this board concerning your FICO Credit Score (mine included).

Do your own research. Actual, factual information is easily accessible with a simple google search.

 

[Freak]

Close but no cigar my friend.

I knew what you were getting at, but a 0 balance across your cards hurts you.

Don’t believe me, try my method for one month....

Carry a 6% balance on your cards for one month and see if your score doesn’t increase.

Unless things have changed recently a zero balance does not hurt your credit score. Closing the card can hurt your score, however.

 

[VolBraniac]

Want real answers?

 

[FLVOL_79]

Dont max out your cards, pay your damn bills = get good credit.

 

[tumscalcium]

Dont max out your cards, pay your damn bills = get good credit.

And............? You’re missing one very important step..

 

[SLICKYINC]

Guys I appreciate the concern about my closed card. I agree it probably hurt a little to close it but at the end of the day my finances are in great shape and my score is in the low-mid 800s. The only debt I have is a Mortgage, I made up my mind several years ago to pay off all of my credit card debt. I usually purchase 1 or 2 thing on a card a year just to keep it open and then pay the balance when the bill comes. If I can't afford to pay for something with cash or when the bill shows up, I just don't buy it.

 

[RikidyBones]

Guys I appreciate the concern about my closed card. I agree it probably hurt a little to close it but at the end of the day my finances are in great shape and my score is in the low-mid 800s. The only debt I have is a Mortgage, I made up my mind several years ago to pay off all of my credit card debt. I usually purchase 1 or 2 thing on a card a year just to keep it open and then pay the balance when the bill comes. If I can't afford to pay for something with cash or when the bill shows up, I just don't buy it.

my mother in law needs to die before I can do this. I am 30 now and have been fully supporting her since 26. i definately prefer a conservative approach

 

[SLICKYINC]

my mother in law needs to die before I can do this. I am 30 now and have been fully supporting her since 26. i definately prefer a conservative approach

Yea, that one sounds a little tough to stay in front of.

 

[LouderVol]

Ktownking trying to make this last page and a half racist

fwiw, I have only one credit card, only thing I typically use it for it for is to buy gas. pay it off every month. No idea what my credit score is.

 

[BearCat204]

....

 

[BearCat204]

I pay my bills on time/early. I put everything on my Disney Visa to get points toward Disney then pay off the balance each month in full. My credit score is over 800. Thank goodness God chose me to be white so I could ensure that I paid my bills on time.

I am doing the same thing with the Disney thing. You talking about the Chase one? We have nearly 3000 dollars in credit for Disney by putting every damn thing on that card lol.

 

[Mick]

This is a bit late but, el oh El. You attack conservatives on the daily.

As Trump would say "fighting back". It would be funny to photoshop your avi with MAGA on the red toboggan.

 

[SpaceCoastVol]

Agreed.
Your score generates a higher number by carrying a 6% balance across all your cards.

6% accumulative.

6% of what?

I read more of the discussion since I posted this and I think you are saying is 6% of the available credit limit on those cards. I don't know if there is anything magical about 6%, but I do believe you are correct that your credit score is higher if you carry some sort of balance on your credit cards. Fwiw, I don't carry balances, and I don't GAS about my credit score; I don't have any idea what it is. Like someone said cancelling that card probably did hurt the credit score a bit, but I agree with the idea of not getting bent over by a bank taking advantage of you paying your bills by creating one out of thin air.

 

[SLICKYINC]

6% of what?

White privilege..













Just trying to get this thread back on track...

 

[Obsessed]

Unless things have changed recently a zero balance does not hurt your credit score. Closing the card can hurt your score, however.

Things haven’t changed. VN isn’t the only place I’ve been a lab rat.

It’s a simple test really.

Another thing folks don’t know, let’s say you have a visa with a 0 balance. You haven’t used the card in 6 months. Go and charge a tank of fuel. Let the amount post to your files before paying it off.
You will see a score jump. Anywhere from 8-25 points

 

[Obsessed]

6% of what?

I read more of the discussion since I posted this and I think you are saying is 6% of the available credit limit on those cards. I don't know if there is anything magical about 6%, but I do believe you are correct that your credit score is higher if you carry some sort of balance on your credit cards. Fwiw, I don't carry balances, and I don't GAS about my credit score; I don't have any idea what it is. Like someone said cancelling that card probably did hurt the credit score a bit, but I agree with the idea of not getting bent over by a bank taking advantage of you paying your bills by creating one out of thin air.

6% of of your total credit card exposure.

Leave a total of 6% (all available credit) balance on your cards. We found that it didn’t really matter if it was spread across 2 cards or 5 cards.

 

[Obsessed]

You provide no links. Just “trust”.... LMFAO

You paying interest on your credit cards? I’m not...

My FICO Score 8 is just fine. How’s yours?

Mines just fine. Thanking for asking. I appreciate your concern