Credit ratings - ugh. - Page 4

brandiwine · ‎03-11-2010

We have 3 cards and score in the 847 range. Pay off amounts each month. No mortgage, no car payments. I think I'd check into that a little closer.

FrostyBabe1 · ‎05-09-2016

My credit score can vary by up to 20 points every month, depending on how much of my available credit is in use at the time the report is run. I have several credit cards that I use, but they all get paid in full each month and I have no other debt. As long as it stays above about 825, I'm not the least bit concerned.

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

RespectLife · ‎02-27-2012

@Moonchilde wrote:
@LTT1 wrote:

I agree it is pathetic and wrong.
You can take out two cards, make a minimal charge (couple of dollars) pay it right off and then cancel it.
This way it goes on your history as paid in full.
what a hassle for nothing, right?

Officially "cancelling" a credit card with the company, vs just not using it, is known to lower credit ratings. It signals to the credit monitors that you think your debt is getting out of hand.

That is correct!

Cancelling a credit card WILL lower your credit rating.

If you are concerned about your number, don't ever cancel.

If you are at the point in your life that it doesn't matter, then okay....but otherwise...just don't use it and let THEM cancel you.

Blingqueen023 · ‎03-09-2010

When I purchased my new car a few months ago the Manager at the toyota dealership said I won the prize of the month. I had the highest credit rating of 870. Every car I purchased from them I received zero percent financing. Love to know what shot me down for the last 30 points, lol

151949 · ‎03-09-2010

@gidgetgh wrote:
@151949 wrote:
I get an e mail that they lowered our score and I should check it out. After I go there - they lowered it 4 points so I look into why. It was because they want us to have more than the 2 credit cards we have. How bogus is that! In order to improve our rate by 4 points we need more debt. They can put their 4 points - well you know where.

@151949- you got an email saying that your credit score had lowered????Was it one of the credit bureaus that emailed you? I find that very odd.

Mine fluctuates all all the time. I wouldn't even blink for 4 points.

No credit karma - and it just gave me a % - I did not know it was only 4 points until I opened CK to check it.

151949 · ‎03-09-2010

@Blingqueen023 wrote:
When I purchased my new car a few months ago the Manager at the toyota dealership said I won the prize of the month. I had the highest credit rating of 870. Every car I purchased from them I received zero percent financing. Love to know what shot me down for the last 30 points, lol

The usual 3 reporting bureaus work on a 1 to 850 scale. I wonder where they checked your credit?I think it is close to impossible to have a perfect score.For instance what happened to us today where they lowered our # because we don't have any debt.

Not only does the number matter but also the scale - is it 1 to 1000 or 1 to 850 or 1 to 900.Unless you know that the number is useless. Some people love to come on here and brag their # but , unless you know what the scale is - that number is meaningless. For instance your 870 is fabulous on a scale of 1 to 900 , but on a 1 to 1000 it is much less fabulous.When we got the mortgage to buy our house the lender explained this all to us.They used a bureau on a scale of 1 to 1000 and they told us to get the very best interest rate we would have to be over 990.Phew - we made it but , as it turned out, we sold our other home so we paid it off right away anyhow.

WenGirl42 · ‎07-05-2012

@Bird mama wrote:
@onlyshopsonline You got that right - it is a game. I get my Fico score with Amex. So, if I keep zero balance on everything my score goes down a little.

If I use my Visa and Amex for a little something and pay it off before Amex runs the Fico score - it goes down a little.

If I pay the balance after the week Amex runs the Fico score, it's up a little.

It's one big crock.

It's stupid that insurance rates are based on a person's credit score. I could have a good score and be a menace on the road (I'm not, just saying) and my rates stay lower.

Your insurance rates are based on BOTH your credit score and your driving history (as well as many other things). They independently contribute to your overall rate level. But a menace on the road with good credit is less risky than a menace on the road with bad credit.

Blingqueen023 · ‎03-09-2010

@151949 wrote:
@Blingqueen023 wrote:
When I purchased my new car a few months ago the Manager at the toyota dealership said I won the prize of the month. I had the highest credit rating of 870. Every car I purchased from them I received zero percent financing. Love to know what shot me down for the last 30 points, lol
The usual 3 reporting bureaus work on a 1 to 850 scale. I wonder where they checked your credit?I think it is close to impossible to have a perfect score.For instance what happened to us today where they lowered our # because we don't have any debt.
Not only does the number matter but also the scale - is it 1 to 1000 or 1 to 850 or 1 to 900.Unless you know that the number is useless. Some people love to come on here and brag their # but , unless you know what the scale is - that number is meaningless. For instance your 870 is fabulous on a scale of 1 to 900 , but on a 1 to 1000 it is much less fabulous.When we got the mortgage to buy our house the lender explained this all to us.They used a bureau on a scale of 1 to 1000 and they told us to get the very best interest rate we would have to be over 990.Phew - we made it but , as it turned out, we sold our other home so we paid it off right away anyhow.

@151949 And alot of people come on here to brag about their retirement and other things. It's not impossible to have an almost perfect score. I don't pay interest on any credit cards and I'm never late on any of my payments. I pay my bills in full. I've also had my credit checked from other brick and mortar stores and my credit is just about perfect. The reason I pay my bills on time and credit cards in full without interest is because I never wanted to pay interest on any car I ever purchased.

HappyDaze · ‎06-13-2012

@151949 I would never trust KC. I panicked when I saw my credit score with them and panicked again when it said it dropped 15 points although nothing had happened. So that is when I pulled my real credit and the difference between the credit bureaus and KC was about 75 points, which is huge, I only!I asked KC why and they said because they don't actually check your credit, they estimate it based on their own set of criteria.I dumped KC at that point since it couldn't even give me an accurate score and with how they make their money (ads for companies that help you increase your credit scores, credit cards, etc)it makes sense why they don't charge for your "credit score"! I'm pretty sure they estimate it on the low side so you DO panic and pay someone to help boost your score using one of their many wonderful companies listed on their site, lol! Remember, companies don't give you things for free out of the goodness of their heart...

SilleeMee · ‎05-22-2016

I have seven cards. Each month I use at least one different card, buy something small and pay it off that month. I do this on a regular basis and it helps maintain a high score. What you don't want to do is use the same one or two cards all the time and come close to maxxing them out. It's better to make small purchases and spread those out on many cards, all of them if you can.

If you find that you are maxxing out or coming close to it, then request a credit limit increase. This will also help keep your score from dipping. You can do this by calling or in some cases, online.