John Schmidt
Member
Posts: 15210
a/k/a Stuffy. '99 I/S Valk Roadsmith Trike
De Pere, WI (Green Bay)
|
 |
« on: November 04, 2021, 07:58:50 AM » |
|
Mine dropped 4 points on two of the three credit bureaus, went down to 808 and the reason was "loan balance to loan is too high!" Seriously? I only have one loan that is paid automatically and naturally goes down each month. My CC's have a balance that's usally paid off each month but one did increase two months ago due to helping my daughter with some car repairs. All total less this month than last and are under $1500 total for the three...a fourth one has zero balance. The available on all four approaches $100k, I guess I shouldn't complain but the figures and reasons given don't add up.
|
|
|
|
|
Logged
|
|
|
|
|
Mike in AR
|
|
« Reply #1 on: November 04, 2021, 09:06:23 AM » |
|
John, mine drops and then raises every month when I pay the balance on my credit cards. I am using approximately 1-2% of my total available on all my cards. I also have a loan that is paid automatically . I'm betting that if you check it again in a few days, or maybe a week, it will have gone back up.
|
|
|
|
|
Logged
|
 Do not dwell in the past, do not dream of the future, concentrate the mind on the present moment. |
|
|
|
Serk
|
|
« Reply #2 on: November 04, 2021, 09:21:35 AM » |
|
I managed to get mine to a perfect 850, closed some credit card accounts I no longer use or need, and it dropped over 30 points... Makes sense to me!  |
|
|
|
|
Logged
|
Never ask a geek 'Why?',just nod your head and slowly back away...  IBA# 22107 VRCC# 7976 VRCCDS# 226 1998 Valkyrie Standard 2008 Gold Wing Taxation is theft. μολὼν λαβέ |
|
|
John Schmidt
Member
Posts: 15210
a/k/a Stuffy. '99 I/S Valk Roadsmith Trike
De Pere, WI (Green Bay)
|
|
« Reply #3 on: November 04, 2021, 12:57:45 PM » |
|
What I don't understand is why the score is different on all three bureaus. I've checked and they're almost a mirror image of each other, yet the scores have ranged as much as 15 points apart.
|
|
|
|
|
Logged
|
|
|
|
|
Jess from VA
|
|
« Reply #4 on: November 04, 2021, 01:44:52 PM » |
|
I haven't checked mine for many years.
I have no debt, other than monthly bills.
I'm never borrowing money again. (credit cards are like borrowing but I've paid it in full each month for 30 years)
I don't care what mine is.
I've never rated any bankers very highly. I think they all rate about a buck two ninety-eight.
|
|
|
|
|
Logged
|
|
|
|
|
Serk
|
|
« Reply #5 on: November 04, 2021, 01:51:58 PM » |
|
I haven't checked mine for many years.
I have no debt, other than monthly bills.
I'm never borrowing money again. (credit cards are like borrowing but I've paid it in full each month for 30 years)
I don't care what mine is.
I've never rated any bankers very highly. I think they all rate about a buck two ninety-eight.
Unfortunately, your FICO credit score impacts more than your ability to borrow money... Just off the top of my head it also impacts how much you pay for insurance. There are other things as well.... Should probably see what it is just to know, and see if there's anything wrong on it that needs correcting (There likely is.) |
|
|
|
|
Logged
|
Never ask a geek 'Why?',just nod your head and slowly back away... IBA# 22107 VRCC# 7976 VRCCDS# 226 1998 Valkyrie Standard 2008 Gold Wing Taxation is theft. μολὼν λαβέ |
|
|
f6gal
Administrator
Member
Posts: 6882
Surprise, AZ
|
|
« Reply #6 on: November 04, 2021, 02:29:28 PM » |
|
Mine was at 850 for quite some time. Then I decided I wanted to get the bonus miles on a new credit card. The 1 inquiry dropped me 15 damn points... are you freaking kidding me? So months later (last month), it's up to 839... then this month drops to 837, for no reason at all.  |
|
|
|
|
Logged
|
|
|
|
|
Avanti
|
|
« Reply #7 on: November 04, 2021, 04:42:14 PM » |
|
If you have no credit cards, pay with cash and owe no money, than a score of zero is just fine.
|
|
|
|
|
Logged
|
|
|
|
f6gal
Administrator
Member
Posts: 6882
Surprise, AZ
|
|
« Reply #8 on: November 04, 2021, 04:57:48 PM » |
|
If you have no credit cards, pay with cash and owe no money, than a score of zero is just fine.
Not really. Insurance companies and others check your credit score... will affect your rates. I use a card for everything for bonus points or miles, then pay it off at the end of each month. |
|
|
|
|
Logged
|
|
|
|
John Schmidt
Member
Posts: 15210
a/k/a Stuffy. '99 I/S Valk Roadsmith Trike
De Pere, WI (Green Bay)
|
|
« Reply #9 on: November 04, 2021, 07:43:37 PM » |
|
If you have no credit cards, pay with cash and owe no money, than a score of zero is just fine.
Not really. Insurance companies and others check your credit score... will affect your rates. I use a card for everything for bonus points or miles, then pay it off at the end of each month. So true, my FICO when I moved in here was the difference in me getting this place...or not. A 1300sq. ft. 2 bed/2 bath townhouse apt. with attached oversized 2 car garage for well under $1k/month. I later found out others had applied but their score was much lower, mine at the time was in the 830 range with all three bureaus. Has a fully equiped kitchen with washer & dryer, utilities run right at or just under $100/mo., has 6 closets, master bed/bath. I don't have to take care of anything...lawn care or snow clearing. Although I'd like to own my own home, I'm in no hurry...especially now with real estate going for ridiculous prices. Needless to say, I'm quite comfy.  |
|
|
|
|
Logged
|
|
|
|
|
Robert
|
|
« Reply #10 on: November 05, 2021, 04:52:57 AM » |
|
The stories of which I have my own that mirror some here are normal for the credit scores. Any score above around 700 you can write your own loan pretty much, so why worry about the score at that level when it has no bearing on any real world effect. Annoying yes but it does not matter.
I have known many with millions in assets and few credit cards and recorded loans and their score was ok not great. Not to mention when they went to get a loan, they were given a hard time. If you dont use credit then there is nothing to score, you are a ghost for the credit bureau.
The amount of loans, the paying on time have more to do than anything else. How is it that when you own things, its not as important or considered?
|
|
|
|
« Last Edit: November 05, 2021, 06:09:38 AM by Robert »
|
Logged
|
“Some people see things that are and ask, Why? Some people dream of things that never were and ask, Why not? Some people have to go to work and don’t have time for all that.”
|
|
|
Oss
Member
Posts: 12591
The lower Hudson Valley
Ossining NY Chapter Rep VRCCDS0141
|
|
« Reply #11 on: November 05, 2021, 09:39:30 AM » |
|
if you are in contract to buy a home please do not use credit card for any big ticket item like a new truck
Why?
Because you can throw off your debt ratios and lose the loan you thought you had
It is #1 reason sales go south. It is a Willful default that could cause you could to
lose the down payment should you not close
|
|
|
|
|
Logged
|
If you don't know where your going any road will take you there
George Harrison
When you come to the fork in the road, take it
Yogi Berra (Don't send it to me C.O.D.)
|
|
|
|
