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Post by mackeralsnatcher on May 9, 2024 4:29:39 GMT -5
Also if I'm not mistaken they check your credit score for things like homeowners and auto insurance. BUT, I might be wrong.
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Post by bullfrog on May 9, 2024 4:57:14 GMT -5
Mine used to be in the 820s and then tanked when I canceled 2 credit cards I’ve had since college. One day I forgot my debit card so I used one of the credit cards for a small purchase. Something like $20. It was the only use I had made of the card in months so I forgot about it and missed the payment for the first time ever. When I realized I missed the payment I asked the card company if they could take the late fee off and some “nice” guy in India told me they couldn’t. I told him I’d cancel my cards with them and he told me “sorry to lose your business, bye!” So I canceled the cards and my score dropped 100 points.
I say screw it. I won’t likely ever take a bank loan again unless its for a car payment where I’m buying a new car unexpectedly as an emergency. Otherwise I’m paying cash for everything or I’m not buying it. I got bling now. I don’t need their system.
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Post by ferris1248 on May 9, 2024 5:34:16 GMT -5
Mine used to be in the 820s and then tanked when I canceled 2 credit cards I’ve had since college. One day I forgot my debit card so I used one of the credit cards for a small purchase. Something like $20. It was the only use I had made of the card in months so I forgot about it and missed the payment for the first time ever. When I realized I missed the payment I asked the card company if they could take the late fee off and some “nice” guy in India told me they couldn’t. I told him I’d cancel my cards with them and he told me “sorry to lose your business, bye!” So I canceled the cards and my score dropped 100 points. I say screw it. I won’t likely ever take a bank loan again unless its for a car payment where I’m buying a new car unexpectedly as an emergency. Otherwise I’m paying cash for everything or I’m not buying it. I got bling now. I don’t need their system. Whenever I've canceled a card, I have always asked for the notation "Card canceled by cardholder" to be included in the file. I've not had an issue with my credit score dropping.
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Post by Captj on May 9, 2024 6:49:44 GMT -5
Pay our credit cards in full every month and have pretty good credit scores, but they do continue to change both up and down for no apparent reason.
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Post by cadman on May 9, 2024 7:08:42 GMT -5
Mine used to be in the 820s and then tanked when I canceled 2 credit cards I’ve had since college. One day I forgot my debit card so I used one of the credit cards for a small purchase. Something like $20. It was the only use I had made of the card in months so I forgot about it and missed the payment for the first time ever. When I realized I missed the payment I asked the card company if they could take the late fee off and some “nice” guy in India told me they couldn’t. I told him I’d cancel my cards with them and he told me “sorry to lose your business, bye!” So I canceled the cards and my score dropped 100 points. I say screw it. I won’t likely ever take a bank loan again unless its for a car payment where I’m buying a new car unexpectedly as an emergency. Otherwise I’m paying cash for everything or I’m not buying it. I got bling now. I don’t need their system. More likely the late payment dropped your score. But either one should be temporary and only affect it for a year or two. Then it should start climbing back up. Chase just closed an old account of mine I had not used in years and years. It did not affect my score, it is still 810 to 830.
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Post by richm on May 9, 2024 9:20:46 GMT -5
Mine used to be in the 820s and then tanked when I canceled 2 credit cards I’ve had since college. One day I forgot my debit card so I used one of the credit cards for a small purchase. Something like $20. It was the only use I had made of the card in months so I forgot about it and missed the payment for the first time ever. When I realized I missed the payment I asked the card company if they could take the late fee off and some “nice” guy in India told me they couldn’t. I told him I’d cancel my cards with them and he told me “sorry to lose your business, bye!” So I canceled the cards and my score dropped 100 points. I say screw it. I won’t likely ever take a bank loan again unless its for a car payment where I’m buying a new car unexpectedly as an emergency. Otherwise I’m paying cash for everything or I’m not buying it. I got bling now. I don’t need their system. Whenever I've canceled a card, I have always asked for the notation "Card canceled by cardholder" to be included in the file. I've not had an issue with my credit score dropping. I thought you lost the available credit portion. If you had 4 cards at $25k each, that's $100k of available credit and helps score. When i was in college my ex-wife had a much higher credit score than i did cause she had all these store cards. I tried to get a Sears card and they refused me - had a couple passbook loans to establish credit and had a job about $5-10k more than hers but Sears refused me. Sears lost a lot of future purchases over that, never shopped there again - except in the scratch & dent outlet for cheap appliances 30 or so years later.
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Post by bullfrog on May 9, 2024 13:38:01 GMT -5
Mine used to be in the 820s and then tanked when I canceled 2 credit cards I’ve had since college. One day I forgot my debit card so I used one of the credit cards for a small purchase. Something like $20. It was the only use I had made of the card in months so I forgot about it and missed the payment for the first time ever. When I realized I missed the payment I asked the card company if they could take the late fee off and some “nice” guy in India told me they couldn’t. I told him I’d cancel my cards with them and he told me “sorry to lose your business, bye!” So I canceled the cards and my score dropped 100 points. I say screw it. I won’t likely ever take a bank loan again unless its for a car payment where I’m buying a new car unexpectedly as an emergency. Otherwise I’m paying cash for everything or I’m not buying it. I got bling now. I don’t need their system. More likely the late payment dropped your score. But either one should be temporary and only affect it for a year or two. Then it should start climbing back up. Chase just closed an old account of mine I had not used in years and years. It did not affect my score, it is still 810 to 830. I would think a late $20 payment wouldn’t have tanked my score 100 points. I was told that those were my oldest lines of credit and when I canceled them I had destroyed much of what made my credit score so high. I had those cards since I was 18 or 19. I made all my purchases on them and paid the balance in full every month. I was using them sort of like primitive debit cards.
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Post by nuevowavo on May 9, 2024 14:20:52 GMT -5
So we've both had scores in the low 800's for years. Never carry a cc balance, had an auto loan that we paid off, no mortgage. The last year we went on a cruise and I put it on a card, and paid it off a month and a half later when it hit our statement. Because we had that balance for a few weeks (no interest, paid on time) they dropped our scores 50 points. That was last summer, back up 25 off the low now.
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Post by madm002 on May 9, 2024 14:57:35 GMT -5
The whole thing is a scam to get you to feel rewarded for using credit. My credit score was going down as we do not use credit cards and have not had debt for a number of years. Then recently, we had a specific deal where we could steal a house, if we could move fast. So I illiquid for a month and had to use a card for a few home improvement tasks, knowing I would pay them off before interest was due. Sure enough credit score went up.
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Post by cadman on May 9, 2024 15:02:38 GMT -5
So we've both had scores in the low 800's for years. Never carry a cc balance, had an auto loan that we paid off, no mortgage. The last year we went on a cruise and I put it on a card, and paid it off a month and a half later when it hit our statement. Because we had that balance for a few weeks (no interest, paid on time) they dropped our scores 50 points. That was last summer, back up 25 off the low now. That will get you since it affect the ratio of used credit to available credit on that card. I was using my BOA card with a lower limit and saw my score drop. I started using another card with a lot higher limit and the score went back up. I now put gas on on my Chevron Visa. Groceries on another, Amazon on another, and misc on my old business Amex. All set to auto pay on the due date and my score is between 810 and 830. None of them ever have over $500 so the utilization to limit is very low. If you have multiple cards split charges up so no one card goes above 20% of the limit even if you pay it off monthly. I have learned from experience.
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Post by nuevowavo on May 9, 2024 15:54:29 GMT -5
Yeah, the problem is that when you have a huge charge (even though it's less than 50% of the card's limit) you have no choice. What frosts my ass is that it hasn't come back much after 8 months.
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Post by conchydong on May 9, 2024 16:35:37 GMT -5
We are a bunch of old farts worried about our credit scores when it is the young people that should be concerned. Most of us are financially OK and it doesn’t really matter.
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Post by TRTerror on May 9, 2024 16:48:24 GMT -5
My Credit score is in the 800 range. I don't care if it was 200. Everything I own is free and clear and I need Nothing....
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Post by cadman on May 9, 2024 17:01:04 GMT -5
Yeah, the problem is that when you have a huge charge (even though it's less than 50% of the card's limit) you have no choice. What frosts my ass is that it hasn't come back much after 8 months. Tell them to raise your limit. Most of the time all you have to do is ask.
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Post by PolarsStepdad on May 9, 2024 17:05:13 GMT -5
I was an 853 a couple of years ago. I'm sure it's lower now because I haven't bought anything. My only debt is my mortgage and a small credit card balance for ahits and giggles
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