Easy Pay Credit Reporting - Page 3

eadu4 · ‎06-14-2011

@Kachina624 if the Q ever decides to do that they need to make that clear in their options so that people can make an informative decision. To not do so is really pretty sketchy. I mean they could maybe put a disclaimer saying something like "choosing X amount of payments may result in th purchase being reported to credit bureaus." But if they don't tell you and still offer those options it's kinda shooting themself in the foot if people start dropping points in credit and then can't buy as much.

chickenbutt · ‎03-09-2010

This doesn't seem like a good thing to do, at all!

I'm really surprised by some of the things I learned, recently, when we did a refi on our mortgage. I guess they automatically do your credit sheet (makes sense) and what I felt was odd was that they told me that my number was 838.

Ok, whatever, but they also told me that it would have been higher if I didn't keep my credit cards paid off. Huh? From their POV, as opposed to that of a retailer, it makes no sense to me that that would create a negative.

I've always had excellent credit because I've always put paying my bills first. I think it should be a positive if you keep your cards all paid off because that illustrates your responsible behavior toward your financial responsibilities.

CrazyDaisy · ‎03-20-2010

I can see that they would report it as extending credit, which is what they are doing. That for some may have a negative impact. However for most it would not be much of an issue.

Someday, when scientists discover the center of the Universe....some people will be disappointed it is not them.

shoesnbags · ‎03-10-2010

@Kachina624

I read this article yesterday and I don't think you have to be concerned about QVC's Easy Pay being part of what they were referring to. When you use one of those services like Klarna they actually check your credit first. Not so with QVC.

I discovered the difference when I tried to choose the multiple payments on a website (maybe Dooney?) and was declined. I was incensed at first because my credit is top notch. It turned out that they couldn't check our credit because we have it frozen to prevent fraud. If we wanted to open any new credit account, we would have to unfreeze the credit for a day or two. Not worth the trouble for a relatively small purchase. But I've used QVC's Easy Pay with no problem. So QVC is not using the same system as Klarna, etc.

"Breathe in, breathe out, move on." Jimmy Buffett

buyornot · ‎03-10-2010

@RespectLife wrote:
Well, that will wipe my Credit score down to 0!!

I use 5 or 6 ez pay on everything!

I am laughing because "You and me both"!!

aroc3435 · ‎09-30-2010

@chickenbutt As I commented earlier each of the "big three" has their own secret formula of scoring a person's credit. It is NOT good to Max out a card or ALL or MOST of your cards, but supposedly the big three prefer that you charge a small percentage (under 10% or something) of each max credit line and keep the accounts "in play" while paying them.

BUT, also, always try to pay above the minimum due for that month and, oh by the way, you should have more than a couple of cards--like 5, so they can assess how you manage them all each month along with your mortgage, if you have one, and your utilities.

It certainly IS crazy that you don't get good points for paying in full a monthly card balance in full, but it IS good to pay your utilities, mortgage, phone and cable in full and on time--but, of course, Visa, Mastercard, etc. make money when you keep a balance, NOT when you pay it in full.

Anyway, that's my take on this. Not happy about it--always something challenging the little guys and we have to battle the game as best we can.

Remember the gap in Social Security for people born from 1917 and 1921? Never really resolved, and most recipients have long ago died and the issue of unfairness has died along with them.

Anyway, sorry for my lengthy screed. When I am passionate about an issue I can keep going.

Have a wonderful weekend.

aroc3435

Washington, DC

teganslaw · ‎03-11-2010

I've always heard that it's better to keep a balance on credit cards rather than paying them off each month. You risk having good credit by paying them off. Strange, but that's how it goes. Also best not to close the card if you can help it. Creditors don't make money that way.

"The more I learn about people, the more I like my dog."

Mark Twain

chickenbutt · ‎03-09-2010

@teganslaw wrote:
I've always heard that it's better to keep a balance on credit cards rather than paying them off each month. You risk having good credit by paying them off. Strange, but that's how it goes. Also best not to close the card if you can help it. Creditors don't make money that way.

Yeah, it is strange - to me, anyway. I had not heard that before, that I can recall anyway, and was just really surprised.

I can see how, from the POV of the creditors, that they want you to keep balances. That part is obvious to me. But to rate your credit I guess I'm having trouble making sense that the credit raters would see paying your credit cards off each month as a negative. I have too much a logical mind.

I've always had a lot of cards, but did pare that back some 20 years ago so I probably don't have more than a dozen credit accounts, aside from the mortgage, at this point. I always pay as soon as I get a stmt (email), so I'm not even ever late.

Oh well, at least it wasn't a huge ding but it was just another new thing I learned.

Pecky · ‎03-10-2010

If this actually happens, the shopping channels will be hurting as many of their sales are from easy pays. If it is going to hurt their credit score people won't use it and sales will tank. Who comes up with these ideas??

wagirl · ‎03-09-2010

I guess it is time to pay off the few easy pays I have and then quit shopping like that and just pay for the whole thing outright, if I buy at all---I am really done with all the hassel anyway-----