Mortgage and Credit Card Info

[Mjames]

The credit card companies report the balance on the card. The credit reporting agencies do not know if you have been carrying that balance for years, or pay it in full every month.

[chet everett]

Originally Posted by Mjames

The credit card companies report the balance on the card. The credit reporting agencies do not know if you have been carrying that balance for years, or pay it in full every month.

They call it history for a reason...

The credit agencies way back in the "dark ages" did not do a good job of tracking longer term trends. That is why there was a shift to FICO, they did /do look at PATTERNS of using credit. Now all the agencies use similar models that DO look at how people use credit over time.

So a carried balance is definitely reflected differently than someone using the credit card as a "28 day loan facility". Did you ever wonder why sometimes you get a slew of credit cards in the mail, and then if you stop carrying balances it turns to trickle? That would be because the folks that use CCs as a short term interest free loan and pay off their balances are NOT making the CC company money they way a long term term balance does. They also LOVE folks that use their cards all the time for purchases -- feeds the transaction side of the business.

Credit score - Wikipedia, the free encyclopedia

[Mjames]

Chet, what am I missing on the history and trend side? Is there information the Credit Reporting Agencies keep that they never let Joe and Jane Consumer see? Every time I have pulled my credit report, it shows last reported balance, and my on-time payment history, but not the amount I actually paid.

Thanks!

[RTTNFAM]

Originally Posted by Mjames

Chet, what am I missing on the history and trend side? Is there information the Credit Reporting Agencies keep that they never let Joe and Jane Consumer see? Every time I have pulled my credit report, it shows last reported balance, and my on-time payment history, but not the amount I actually paid.

Thanks!

Some of mine show the amount of my payments and some don't, it depends on what the CC company reports to the credit agencies.