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there are so many things linked to that score that folks guess at what causes changes. did you know what you buy effects your score and where you buy it?
while many people like racking up reward points by even charging their coffee they actually may be hurting their score.
credit card companies analyze purchases and watch for danger signs . charging daily living items like coffee could be for rewards but it could be for lack of money.
if you carry a balance the credit card companies do not know which applies to you and so that info is utilized against you.
Warning to everyone...keep a balance of 30% of total available credit with credit cards.
Pay a little more than the minimum due every month.
Do NOT pay them off.
My cc balance is 0.
I only have 1 credit card,and i only have a car lease i am paying on. No student loan,no mortgage.
I really though paying off the bill would raise my score.
You would think right?
Nope. My score went from 745 to 702.
I received advice from a credit repair company to do this:
I notice that my score got higher when i kept a balance around 30% of total available credit and paid it down.
I did that for a few months. Score went up by 60.
Then i read that others recommend that you pay off your credit card balances,and that would raise your score.
It does not.
I also notice that my score could probably be over 800,but Equifax,Transunion,and Experian keep saying that i am not utilizing enough credit and that they are recommending i buy a home,buy a car,or get another credit card.
WTH is going on?
It almost seems they WANT people to be in debt. Geez
There is no way I would voluntarily continue to give any company interest.
If you stay out of debt and use cash to pay for things you don't need to worry about
a credit score.
Why in the world would you do what a credit bureau tells you to do regarding credit?
Of course they want people in debt, without debt and credit history there is no reason
for a credit bureau to exist.
If more people would quit using so much credit and start using cash there would be fewer people filing for bankruptcy, fewer people in a home they cannot afford, fewer people driving vehicles they cannot afford and fewer people defaulting on student loans.
I'd rather have a zero credit card balance than pay interest every month.
Me to. Fortunately it's not either/or.
I usually have a balance of around $600-1,000 when my credit card utilization gets reported. Then the due date comes around and it auto pays the statement balance and I drop down to maybe $200 or whatever amount I've put on my cards since the new period began.
I usually have a balance of around $600-1,000 when my credit card utilization gets reported. Then the due date comes around and it auto pays the statement balance and I drop down to maybe $200 or whatever amount I've put on my cards since the new period began.
This is the absolute best compromise. Carry a low balance when they report, pay off before statement drops to a tiny amount with minimal interest that would need to be paid. If you have a cash back card, you still come out on top after subtracting interest paid. The higher your score is boosted, the lower the interest rate you can negotiate, which is another win.
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When in doubt, check it out: FAQ
This is the absolute best compromise. Carry a low balance when they report, pay off before statement drops to a tiny amount with minimal interest that would need to be paid. If you have a cash back card, you still come out on top after subtracting interest paid. The higher your score is boosted, the lower the interest rate you can negotiate, which is another win.
It's even better than that because you don't pay any interest.
Say your statement period begins on the 1st and goes to the 31st. You then have a minimum of 21 days until the bill is due. Almost no credit card company out there charges interest as long as you pay the statement balance. Meanwhile over the last 21 days you've probably bought a couple tanks of gas or whatnot. Depending when your report date is that can be fantastic. If you pay on the 22nd of every month and they report on the 15th, you're great. If you pay it on the 22nd and they report on the 25th... well, you've still probably got about three weeks of purchases.
Warning to everyone...keep a balance of 30% of total available credit with credit cards.
Pay a little more than the minimum due every month.
Do NOT pay them off.
are you insane? I doubt anyone is going to take this seriously so I guess no biggie.
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