That's racist!

#4,476
#4,476
Obsessed said:
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.
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I actually think you are correct, but I am guessing the 6% thing is personal experimental data. That's OK, and if it works for you, go for it. From what I have heard, using your cards and carrying a balance of some kind increases your 'credit' score. I think it was Dave Ramsey that called it a 'debt score' that imho is actually more correct. It gives banks and lending institutions a foundation for determining how much debt they will 'allow' you to accumulate.

Some people on here will poo poo Dave Ramsey but he does have one thing right; financing a depreciating asset is insane (unless the interest rate is 0%). I will NEVER finance a car. ever.
 
#4,477
#4,477
85SugarVol said:
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.
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I don't have any debt, other than one credit card that I pay in full every month, and don't think I will need to borrow money. I am interested in the discussion, and how they determine your credit score. I have no idea what mine is..
 
#4,481
#4,481
1972 Grad said:
I don't have any debt, other than one credit card that I pay in full every month, and don't think I will need to borrow money. I am interested in the discussion, and how they determine your credit score. I have no idea what mine is..
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Determining how the credit score is calculated is what is tricky. Each of the bureaus have their own algorithm that is used.
Some places, especially credit unions, use their own system to determine your score with them.
 
#4,482
#4,482
Obsessed said:
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
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This......you need to use your credit to actually increase your score. If you carry 0 balance on your cards and never charge to them, they literally never improve your score. The trick is to charge and pay off before end of statement to prevent getting interest charged to you. We literally put everything on our cards lol
 
#4,483
#4,483
LouderVol said:
Ktownking trying to make this last page and a half racist

tenor.gif


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.
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I am honestly shocked that people don't know what their credit score is. I am probably too obsessed over mine as I check it every other week. Don't rely on any score provided by Credit Karma, Wallet Hub, or really any other source other than your official FICO
 
#4,484
#4,484
BearCat204 said:
I am honestly shocked that people don't know what their credit score is. I am probably too obsessed over mine as I check it every other week. Don't rely on any score provided by Credit Karma, Wallet Hub, or really any other source other than your official FICO
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No debt, no loans. why should I care? I watch my bank account
 
#4,485
#4,485
Obsessed said:
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
Click to expand...
Its possible that 'using' an inactive card could slightly improve your score, but not carrying a balance.

Carrying a balance doesn't help your credit. Just as paying off a balance doesn't hurt you. When I was in the finance industry I worked closely with lenders and credit agencies to help consumers improve scores, many times by paying off balances.

You should be able to google it. Here's a link from Experian.

Will Paying My Credit Card Balance Every Month Help My Credit Score?
 
#4,486
#4,486
BearCat204 said:
I am honestly shocked that people don't know what their credit score is. I am probably too obsessed over mine as I check it every other week. Don't rely on any score provided by Credit Karma, Wallet Hub, or really any other source other than your official FICO
Click to expand...
If you really check it every other week, yes you are too obsessed with it. Like 72 said, I have no intention of financing anything anytime soon and I pay everything off every month. The score will take care of itself. I have no need to know, but this discussion has made me start wondering what it is. Too lazy to look it up though
 
#4,487
#4,487
LouderVol said:
No debt, no loans. why should I care? I watch my bank account
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You could still get ripped in an identity theft scam. Someone could take out loans or credit cards in your name. A new thing is parents using their kids info to open up lines of credit and then not really paying it back. The kid goes to get a credit card or a phone and finds out their score is in the trash. And it can take years to fix it.
 
#4,488
#4,488
I think the only organization that is more crooked than the three credit ratings agencies is the Federal Reserve Bank. Moody's and Standard and Poors are a close second though however they are simply corrupt. Its amazing that anybody takes their ratings seriously.
 
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#4,489
#4,489
I feel like I need to go out and charge up a bunch of stuff now, then pay it off the next week. Plus it will help the whole consumer confidence thingy, which equals Trump winning.....

Thanks guys..
 
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#4,490
#4,490
LouderVol said:
No debt, no loans. why should I care? I watch my bank account
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One day you will need it unfortunately. It can also affect other things like jobs stuff. You may be surprised what is on your credit report and how inaccurate crap can make its way on there. If you have inaccurate stuff and you come to a point that you need credit for something, it may be a bitch timing wise to do anything about it at that point.
 
#4,491
#4,491
DancingOutlaw said:
You could still get ripped in an identity theft scam. Someone could take out loans or credit cards in your name. A new thing is parents using their kids info to open up lines of credit and then not really paying it back. The kid goes to get a credit card or a phone and finds out their score is in the trash. And it can take years to fix it.
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Freeze your credit.
 
#4,492
#4,492
BearCat204 said:
This......you need to use your credit to actually increase your score. If you carry 0 balance on your cards and never charge to them, they literally never improve your score. The trick is to charge and pay off before end of statement to prevent getting interest charged to you. We literally put everything on our cards lol
Click to expand...
Sigh.

There’s a difference between not using your cards, and not carrying a balance.

Yes, you need to actually utilize credit to build your score.
No, not carrying a balance will not hurt your score.
 
#4,493
#4,493
SpaceCoastVol said:
If you really check it every other week, yes you are too obsessed with it. Like 72 said, I have no intention of financing anything anytime soon and I pay everything off every month. The score will take care of itself. I have no need to know, but this discussion has made me start wondering what it is. Too lazy to look it up though
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I do check it every other week lol. In my situation though, I could lose my clearance if something negative hits my credit that I don't know about. I use credit to benefit me though, I get a ton of cash back and also the Disney rewards and never pay a dime of interest or fees. If you use credit properly, it can benefit you much more than not using it. But to each their own I suppose.
 
#4,494
#4,494
85SugarVol said:
Sigh.

There’s a difference between not using your cards, and not carrying a balance.

Yes, you need to actually utilize credit to build your score.
No, not carrying a balance will not hurt your score.
Click to expand...
I probably used the wrong wording there. Not carrying a balance is a good thing.
 
#4,495
#4,495
1972 Grad said:
I don't have any debt, other than one credit card that I pay in full every month, and don't think I will need to borrow money. I am interested in the discussion, and how they determine your credit score. I have no idea what mine is..
Click to expand...
Credit Bureaus do not create credit “scores”, they create credit “reports”.

Credit reports from 1 of the 3 bureaus are then used to create Credit scores.

Example - the FICO Score 8 uses data from Equifax to generate its score (the most commonly used score in the marketplace).

You used to be able to go to myFICO and request your score.
 
#4,496
#4,496
BearCat204 said:
This......you need to use your credit to actually increase your score. If you carry 0 balance on your cards and never charge to them, they literally never improve your score. The trick is to charge and pay off before end of statement to prevent getting interest charged to you. We literally put everything on our cards lol
Click to expand...
I take carrying a balance to mean not paying the balance in full each month.

Edit: i see you addressed this.
 
#4,497
#4,497
BearCat204 said:
I am honestly shocked that people don't know what their credit score is. I am probably too obsessed over mine as I check it every other week. Don't rely on any score provided by Credit Karma, Wallet Hub, or really any other source other than your official FICO
Click to expand...
Idk mine. Don't even think about it.
 
#4,499
#4,499
85SugarVol said:
Credit Bureaus do not create credit “scores”, they create credit “reports”.

Credit reports from 1 of the 3 bureaus are then used to create Credit scores.

Example - the FICO Score 8 uses data from Equifax to generate its score (the most commonly used score in the marketplace).

You used to be able to go to myFICO and request your score.
Click to expand...
There is so much wrong in the post...
 
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