Community Chat

[Tinkrbl44]

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@151949 wrote:

@SilleeMee The absolute LAST thing I want to have to do is make 7 credit card payments each month. I have 2 - one is for my personal purchases, the other we buy everything for our home with, groceries, gas, dinners out - anything that is not a personal purchase. Both are reward cards so we try to use them as much as we can.

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@151949

???    

Did someone actually suggest you make 7 credit card payments every month?

[Lipstickdiva]

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@151949 wrote:

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@Lipstickdiva wrote:

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@Tinkrbl44 wrote:

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@151949 wrote:

When we were about to retire we closed all but 2 credit cards. Paid off my car loan - our only debt. We got a mortgage for our new house when we moved to Fl. because they said they would pay $7000 of the closing costs if you took a mortgage with them.We paid it off 2 months after we closed. But , you know, paying bills on time and paying them off early does NOT get you as good a credit rating as being in debt does.

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@151949

Oh gees .....    Well, THIS was a big part of your problem, and the reason your credit score dropped.   Your cancellations negatively impacted your debt ratio.

It's almost always a bad choice to close credit card accounts!    

While it may not make sense to YOU, at least learn how credit scores are calculated so you "don't shoot yourself in the foot".   

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She retired years ago so that wouldn't be there reason her score went down recently.  LOL

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They TOLD ME why it went down. They think we need to have more than 2 credit cards.- The whole point was they are trying to sell you a credit card! We aren't falling for it. To those of you who want to - go on & have a thousand cards if you want - but I'm sticking with just 2.

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I know that.  I was responding to the poster who made the comment. 

[Lipstickdiva]

I don't pay a fee for a credit card either but doesn't AMEX charge a yearly fee?  There are a number of cards that do charge a fee, especially ones that offer the better rewards programs. 

[HappyDaze]

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@Lipstickdiva wrote:

I don't pay a fee for a credit card either but doesn't AMEX charge a yearly fee?  There are a number of cards that do charge a fee, especially ones that offer the better rewards programs. 

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No, not all of their cards they do- they have a couple that do not. I had a Costco Amex and there was no yearly fee with that one. 

[sheilababe]

The way we are scored needs to be overhauled.  We paid off all of our debt except our mortgage and cancelled all of our credit cards which we knew would lower our score. When we refinanced our house I had to write a letter to the lender explaining why we didn't have any credit card debt.  We do have an excellent history but it no longer counts.  It's crazy.

[151949]

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@KathyPet wrote:

THe problem is that there are now many different scoring models that can be used.  THey all,have different score ranges and different algorithms for determining your score. ONe scoring system may place a high value on a certain factor while another scoring system may place a low value on that same factor.  USed to be that the scoring system (aka FICO) which was developed by Fair Issacs was the only one used which caused consistency in scoring no matter whether you were applying for a credit card, bank loan, car loan or mortgage.  NOw the car loan people have their own scoring system while the mortgage lenders use something else.  YOu can have a excellent score with one and a simply good score with another.  Personally I feel it is all a huge consumer rip off and that the Consumer Protection Agency needs to put a stop to it as it is very confusing and misleading for the average person.

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I completely agree. It is a huge rip off. They do anything and everything to try to force people to get into debt or into more debt, because that's how credit works - debt = profit for them. No debt = no profit for them so they try anything to trick you up.

[proudlyfromNJ]

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@Lipstickdiva wrote:

I don't pay a fee for a credit card either but doesn't AMEX charge a yearly fee?  There are a number of cards that do charge a fee, especially ones that offer the better rewards programs. 

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@Lipstickdiva. Not all. We have an Amex with no fee.

[missy1]

My credit score is 1500!

[Tique]

I got an email last week stating that online access to my QCard now offers the benefit of my FICO store. I have this benefit through Citi, American Express [no annual fee], and Chase. They are always within a ten point range of each other and Credit Karma.

[sunshine45]

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@Tique wrote:

I got an email last week stating that online access to my QCard now offers the benefit of my FICO store. I have this benefit through Citi, American Express [no annual fee], and Chase. They are always within a ten point range of each other and Credit Karma.

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@Tique

mine are also always fairly close when i check via discover, capital one, and others, including my credit karma scores. have never had any problems getting accurate information from credit karma.