Doug Posted April 22 Share Posted April 22 9 minutes ago, Deephaven said: I have a couple hundred k in credit with no balance and an 850 so that logic doesn't hold from my experience Lack of debt or loan payment history is the reason for a lower credit rating. That is fact. It's "Credit" rating not a financial well being. It's a gauge on your ability to pay back a loan 2 Quote Link to comment Share on other sites More sharing options...
Deephaven Posted April 22 Share Posted April 22 29 minutes ago, Doug said: Lack of debt or loan payment history is the reason for a lower credit rating. That is fact. It's "Credit" rating not a financial well being. It's a gauge on your ability to pay back a loan Don't disagree there, but this isn't that. 1 hour ago, Doug said: If you have a limited number of credit cards with no balance or actually a credit on them with no debts or loans that actually works against you on your credit report. I always round up when I pay mine....but solely because I know I will spend it and pay in round numbers. Spending history trumps all when it comes to score but if you have none you need to borrow to build it. Quote Link to comment Share on other sites More sharing options...
Mag6240 Posted April 22 Share Posted April 22 (edited) 12 hours ago, BOHICA said: Identity theft…. Watching your credit is an awesome way to catch it. Watching your accounts and what/where transactions are on them is a better way. Edited April 22 by Mag6240 1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted April 22 Share Posted April 22 10 hours ago, Doug said: Lack of debt or loan payment history is the reason for a lower credit rating. That is fact. It's "Credit" rating not a financial well being. It's a gauge on your ability to pay back a loan You can have no balance but keep your spending consistently near the card limit and your credit will be impacted negatively. There are more factors as well but I don't really care. Never have a balance on the card but spending swings a fair bit and I see fluctuations on the credit score when I bother to look. For Canadians who want to know you can use Borrowell for free to check. Quote Link to comment Share on other sites More sharing options...
Gold Member BOHICA Posted April 22 Gold Member Share Posted April 22 1 hour ago, Mag6240 said: Watching your accounts and what/where transactions are on them is a better way. What if you didn’t know you open a new credit account or took out a loan? Quote Link to comment Share on other sites More sharing options...
Mag6240 Posted April 22 Share Posted April 22 2 minutes ago, BOHICA said: What if you didn’t know you open a new credit account or took out a loan? I guess I’ll cross that bridge when it happens. It won’t be hard to prove if I didn’t. Quote Link to comment Share on other sites More sharing options...
Voodoo Posted April 22 Share Posted April 22 (edited) 1 hour ago, BOHICA said: What if you didn’t know you open a new credit account or took out a loan? I've had my data stolen from various breeches at banks, I think I have had free monitoring for 5 ish years. As stated above, for Canadians, Borrowell offers completely free credit reports online. I look weekly despite the free monitoring. My lack of a monthly payment, mortgage, car, sled etc, impacts to the negative. Edited April 22 by Voodoo Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted April 22 Share Posted April 22 13 hours ago, ActionfigureJoe said: I’ve had the same credit card for 25 years. That’s probably what’s holding me back. Zero debt and one lonely credit card. Now a Home Depot card. 6 more cards and I’ll have perfect score. The industry hates people like you. 13 hours ago, Doug said: Lack of debt or loan payment history is the reason for a lower credit rating. That is fact. It's "Credit" rating not a financial well being. It's a gauge on your ability to pay back a loan Yup, but the marketing of the financial industry has brainwashed the poors into thinking a credit score is some great achievement they need to chase. The real catch is the only way to get that high score is to do business with the big banks. 3 hours ago, Mag6240 said: Watching your accounts and what/where transactions are on them is a better way. Watch your accounts and then freeze your credit at the 3 bureaus so no one can open new accounts with your info. The quicker you catch those fraud accounts, the easier they will be to sort out. Here is my actual FICO score. VantageScore isn't what the banks use, it just tries to approximate a FICO score. Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted April 22 Share Posted April 22 credit 'score' also effects your auto insurance rates... Quote Link to comment Share on other sites More sharing options...
ActionfigureJoe Posted April 22 Author Share Posted April 22 (edited) 1 hour ago, Crnr2Crnr said: credit 'score' also effects your auto insurance rates... I purchased and converted three vans over a 3 month period for a nice profit. I used Lightstream for unsecured vehicle loans. I could get over $100k despatched to my bank account for 4% interest for up to 144 months. It’s a great tool to use. I didn’t have to liquidate any of my investments. I talked to my insurance guy during this period as these vans needed to be covered. He told me that a credit score needs to be pretty bad for it to have any effect. And even when it does, he said it’s minimal. Edited April 22 by ActionfigureJoe Quote Link to comment Share on other sites More sharing options...
teamgreen02 Posted April 22 Share Posted April 22 1 hour ago, Crnr2Crnr said: credit 'score' also effects your auto insurance rates... They say that but I don't know how much they actually use it. I checked with my agent before I froze my credit and they said not to do that. I've changed carriers multiple times since then and no one seems to have any issues with frozen credit. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 22 Platinum Contributing Member Share Posted April 22 21 hours ago, Blackstar said: I've never checked mine. Why would I want to know? Because if you use credit and your a 775 . may want to boost it above 800. There are many offers to people with a score above 800 that are not offered to others. 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 22 Platinum Contributing Member Share Posted April 22 19 hours ago, ActionfigureJoe said: I’ve had the same credit card for 25 years. That’s probably what’s holding me back. Zero debt and one lonely credit card. Now a Home Depot card. 6 more cards and I’ll have perfect score. Pretty much . I stopped paying in full and leave 8-10 $ a month on them and it went up. Quote Link to comment Share on other sites More sharing options...
Not greg b Posted April 23 Share Posted April 23 9 hours ago, Crnr2Crnr said: credit 'score' also effects your auto insurance rates... I do so much stupid shit the insurance companies already have me red flagged. Just ask Jimmy he is my Norman county agent 1 Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Blackstar Posted April 24 Platinum Contributing Member Share Posted April 24 On 4/22/2024 at 5:22 PM, steve from amherst said: Because if you use credit and your a 775 . may want to boost it above 800. There are many offers to people with a score above 800 that are not offered to others. I haven't using "credit" since I bought my house 19 years ago. Paid it off 5 years ago. I haven't bought a vehicle on "credit" since 1988. Sold it 1.5 year later because I didn't like making payments. Bought a vehicle I could pay cash for. I use credit cards for convenience, not because I can't pay for things. I'm self-employed so I'm a POS to banks anyways. I know if I want to buy anything that requires a loan, I will need to put down 35%. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member steve from amherst Posted April 24 Platinum Contributing Member Share Posted April 24 8 hours ago, Blackstar said: I'm self-employed so I'm a POS to banks anyways. I know if I want to buy anything that requires a loan, I will need to put down 35%. Need to be creative. Im self employed and I bought my home with $100 down. Quote Link to comment Share on other sites More sharing options...
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