Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
we use fico but not sure which version the mgmt office uses. they handle all the daily details. they run a background and credit check pkg. i can find out monday if you really want to know
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
They DO want people to be in debt. I guess their ideal consumer would be the one who maintains some debt, and shows a history of paying down debt consistently.
I too noticed a drop in my credit score when we paid off an equity line of credit when we sold our house a couple years ago. I've always made it a habit to pay off my credit cards each month, as does my husband, and I know they'd rather we didn't do that. But our goal is to become as debt free as possible, and I'll be damned if I live my life according to how it might appear on a credit score. So I don't care if my numbers went down. We won't be buying another house, and any cars we may buy will be in cash, as our lack of debt and a positive cash flow will allow us to save for anything we may want. I'd much rather live this way than to be a slave to a credit score.
So Op is suggesting buy credit score by paying high interest rate on credit card. My FICO is over 800 and no credit card balance at end of period. Lots of other ways than paying those high interest rates than by maintaining a balance on credit cards.
They DO want people to be in debt. I guess their ideal consumer would be the one who maintains some debt, and shows a history of paying down debt consistently.
I too noticed a drop in my credit score when we paid off an equity line of credit when we sold our house a couple years ago. I've always made it a habit to pay off my credit cards each month, as does my husband, and I know they'd rather we didn't do that. But our goal is to become as debt free as possible, and I'll be damned if I live my life according to how it might appear on a credit score. So I don't care if my numbers went down. We won't be buying another house, and any cars we may buy will be in cash, as our lack of debt and a positive cash flow will allow us to save for anything we may want. I'd much rather live this way than to be a slave to a credit score.
But if our insurance rates (as Mathjak alluded to) are based on our credit scores, then we should care unless we want to pay more $ every 6 months or so.
Your score benefits from using your debt, not from being in debt. Run a utility bill through your CC and you'll always show a balance and never pay a penny in interest.
I don't know why everyone's making it into such a big deal like using a CC means you're permanently in debt.
But if our insurance rates (as Mathjak alluded to) are based on our credit scores,
It depends on the insurance company.
I changed companies for both auto and home owners.
I know for a fact that the new company did not check my credit.
My credit files are frozen at my request - I would have had to pay and unlock them with a password.
actually you are not correct , they did have access even with your credit freeze . your credit info is already allowed to be accessed by insurance companies since
federal law, the Fair Credit Reporting Act (FCRA), states that insurance companies have a “permissible purpose” to look at your credit information without your permission.
they are not hindered by credit freezes which do not apply to them either.
Last edited by mathjak107; 12-20-2014 at 01:20 PM..
we use fico but not sure which version the mgmt office uses. they handle all the daily details. they run a background and credit check pkg. i can find out monday if you really want to know
I do want to know. Please let me know when you find out? Thanks in advance
Flat out as wrong as the OP.
There is NO NEED to carry any debt/pay interest.
Well, technically you are correct. You do not need to carry any debt or pay any interest to achieve good credit. But when you are carrying an installment loan and making monthly payments on it which obviously include interest payments, you get a FICO score boost. You don't need to do this to achieve an excellent FICO credit score, but it will take a bit longer.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
