Community Chat

[Sage04]

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@sometimesQVCaddict wrote:
Again, I pay off my credit statements each month & have an excellent credit rating (way above 800). So I'm not sure how or why it would affect your score if you don't do this, as I have first hand knowledge that it has not affected my credit score one bit! I'm sure each individual is different, but to make a blanket statement saying you shouldn't pay off your cards to increase your credit score simply isn't true for all people.

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People who only have Credit Cards and no other credit and pay their Cards off monthly would know this. (No mortgage, no car payment, nothing).

People who have a mortgage and car  payments would not realize it unless they are told. 

Don't tell me you only have Credit Cards. I don't think so.  Mine is close to 800 because I paid off my Cards and closed them when my husband passed and yes, it affected my Credit Score but i didn't care. All I have are 2 Debit Cards from 2 different Banks and I'm happy also a Mortgage.  Credit score means nothing to me.

[Marp]

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@RollTide2008 wrote:
Did y’all give QVC your SSN? It’s probably really hard to report information to a credit bureau without a social security number attached to it.

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@RollTide2008,  it would not be QVC that does the reporting, it would be the financial institution issuing the credit card.  In the case of the Q Card that would by Synchrony; if shoppers use MasterCard or Visa then any reporting would be through the issuing bank not QVC.

However, my understanding is that this new reporting would not apply to easy pays but is aimed at a different type of loan.

[Teddixat]

@Kachina624   Thanks for the heads up.   I found this article which is interesting.    It seems like it  mostly affects people using ByNowPayLater firms like After-pay, Affirm and similar companies.   I may be wrong but I'm going to do more research

https://www.newsweek.com/2022/02/18/beware-these-hidden-risks-popular-buy-now-pay-later-plans-167714...

https://www.thebalance.com/does-online-buy-now-pay-later-financing-affect-your-credit-4582399

[8new nickname 6]

I heard this week that Joe is thinking about doing away with the credit reporting bureaus(private companies) and having the government do it.

What could possibly go wrong if a government organization does it?

[8new nickname 6]

Heads up.

I made the mistake in January 2021 of buying something from HSN on 3 payments. I never received the shipment.

I used my debit card. Big mistake.

It took a year to resolve it. 

Even though my bank said I was correct, they took back the credit they gave me. I closed my Chase account.

Lesson- Do Not use debit cards, there are more protections on credit cards.

[8new nickname 6]

 highest score is 850, so I found out last week that 780 & up gets the same rate.

[8new nickname 6]

no more than 30% total.

True that use the card ( I set up small bills on auto pay) every 2-3 months to keep it active and pay in full.

[Icegoddess]

I never use EZ pay except the couple of times when I forgot that QVC defaults to it now.  Ugh!  I HATE that.  I also pay off my credit cards every month and would not change that habit to get a better credit score.  Is a slightly higher credit score really worth all those finance charges?  Not for me. 

I guess credit companies figure if you're using EZ pay, you're a higher credit risk as you might not be able to pay for the item outright or are buying more items than you normally could afford.  Sure, it's an assumption, but a lot of what credit companies base your score on is assumptions.  They don't know how much money you have in the bank or investments.  They really don't even know how much money you make, only what you might tell them or another agency what you make.

[Trinity11]

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@Sage04 wrote:

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@sometimesQVCaddict wrote:
Again, I pay off my credit statements each month & have an excellent credit rating (way above 800). So I'm not sure how or why it would affect your score if you don't do this, as I have first hand knowledge that it has not affected my credit score one bit! I'm sure each individual is different, but to make a blanket statement saying you shouldn't pay off your cards to increase your credit score simply isn't true for all people.

---

People who only have Credit Cards and no other credit and pay their Cards off monthly would know this. (No mortgage, no car payment, nothing).

People who have a mortgage and car  payments would not realize it unless they are told. 

Don't tell me you only have Credit Cards. I don't think so.  Mine is close to 800 because I paid off my Cards and closed them when my husband passed and yes, it affected my Credit Score but i didn't care. All I have are 2 Debit Cards from 2 different Banks and I'm happy also a Mortgage.  Credit score means nothing to me.

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Your auto insurance and home insurance is dependent upon your credit score @Sage04 . So your credit score is definitely important. (Unfortunately)

[shoekitty]

@Kachina624   They probably report it because people can have thousands on easy pay, and a credit card is used. Many times the buyer doesnt have the limit to  handle the full payment, but if smaller easy pays are used your limit is only used with the payment charged.   I haven't explained that well but I am sure you understand.  I dont agree with this at all.   I think it is another thing that can hurt retailers as well well,  i think most people do not abuse this program, an dit helps the vender as well as the customer.....especially in these times.