Simply because that's two account closed. It should only be a month before it's back up and another month before it's higher. That said, the most important things to get a high score seem to be large lines of credit with low utilization, longevity of accounts and no missed payments.
No argument from me. I need to be better informed.
It was off the cuff, for some reason I thought 870 was the max; but I see 850 is the max.. I topped out at 841 a few months ago.
Because, supposedly, you no longer have that credit available to you. Rather stupid in my mind, but that's the way it was explained to me,
Damn it. He knows he’s supposed to run everything through the miles card. No miles, no blow.
Which is crazy because it’s not like you add to a car loan. Clearly it can’t differentiate between a car/home loan and a credit card.
I was told by a banker once, to never completely pay off and close a credit card. I usually pay mine off monthly, but I have things like hrot and Netflix which hit between statement time and when I pay it off, so I always have a balance and never accrue interest.
Because its not a system to show how good you are at finances. Its a system to show how valuable you are to creditors. We've just been pushed to believe that its the former.
Well, that's how it works. If you have no debt there's nothing to measure.
Think of it in the viewpoint of the creditor. Your sons have no way to show they can pay anything back. Sure, they may be financially responsible, but they have no tangible way of showing it. In the view of the creditor, they are a big risk.
What would be really cool is if you would actually contribute something to the thread.
Have you actually read the thread? I addressed the top three factors that influence a person's score. What kind of contribution were you looking for? I also addressed the notion that a person has to carry balances or actively even use their available credit to have a great score. That's misinformation. What was it that you contributed again?
I personally like a well toned silver fox. Doesn’t need to be muscle bound or super pumped up.
I have several accounts with high limits that I haven’t used in years.
I did read the thread. I don‘t usually pay too much attention to who the poster is, so I likely read your contributions, but didn’t link them to this particular post. My bad fornthinking you were just being snarky. peace.
No argument, I understand, nowadays, what you are saying is true. But, it seemed quite counterintuitive at the time. Actually, it still does.
Yeh I've read if you pay off an account to leave it open so it shows you have credit available. The one think I don't understand is they don't seem to take income into any calculations. How would they know if you received a substantial raise?
Because when those accounts closed you also lost the age of those accounts. Nothing pissed me off more than Discover closing my account because I hadn't used their card in forever. It was my second credit card and had been open since 1995. Lost a 25+ year account and when I called them on it they were like, oh well, you didn't use it.
I agree with this. Seems insane to have a score that can impact your ability to borrow and have a major portion of the population have no idea how it works. The formula should be standard across all creditors and easy to research and understand.
I mostly agree. I 100% agree the best place to be is zero debt. However, if you can responsibly pay off a credit card on time each month, there is no reason not to have that line of credit to earn rewards and build credit. Down the road, having good credit can be the difference of getting a 3.5% interest rate on a car or an 8% rate.
If you’re looking for car financing and you’re not running it through a business, you’ve already lost.
They share plenty of info. The key is to get accounts young and not close them. Average age of accounts is a variable that isn’t easily fixed. I’ve been above 800 for a long time, it bounces randomly but I doubt it matters much.
Totally agree. Credit card for road trips and vacays as long as money is there, or will be there is just plain smart. I paid for a 3 day weekend on the Texas Gulf coast for my wife (no pics) and I over a month ago off of points. Living on credit is a horrible idea.
You should be able to get that off of your credit report with some wheeling and dealing.
I bought 2 round trip tickets to Amsterdam and 2 round trip tickets to Jamaica with my airline miles this year. And I’m already back up to 30,000 miles again. Almost to Platinum status almost completely from my credit card. To be fair some of it is bonus from my job. But it’s a heck of a perk.
I believe that once your over 720 they tick the credit score box and move on to your ability to pay.
