Credit gurus....payment question

[zachary]

Yeah, and the negative / positive impacts occur at thresholds.

To Danny's point, this really should be something taught to HS students. One challenge is that the credit agencies very closely guard their models and don't want people to know all of the ins and outs in great detail, so that hey don't manipulate them.

Exactly hell when i was 18 and got a best buy credit card i was like whaaa this is amazing! Then got married and my wife straightened me out and it has been EXTREMELY beneficial. Not having to worry about loans etc, getting lowest rates possible on things, it really can have a positive impact on your life...i however do HATE that this is how the world works

[Chili]

technically if you are chasing max score, typically having between a 1%-10% credit card utilization is better than 0%.

Yeah, and the negative / positive impacts occur at thresholds.

To Danny's point, this really should be something taught to HS students. One challenge is that the credit agencies very closely guard their models and don't want people to know all of the ins and outs in great detail, so that hey don't manipulate them.

[zachary]

Too much available revolving credit can actually take away from your score.. Like if you have 100k available on credit cards.

Exactly, we have always made payments on time for the last 11 years, never one late and always paid more than minimum. We get loans from banks once a year or so to pay for something and we buy something with a different card once a month to put something on it and pay it off. IE a tank of gas or groceries, then pay in full before that billing cycle is over. Her score hoovers around 8-815(obviously depending on which of the three you look at), mine is not that high of range. Last bump when made that 5k payment was from 740 and jumped to 761. So now do i pay 10k in one payment and get another 20-30 point bump or divide into two and see what happens...?

Maybe this could be an educational tool for all of us and I will post how it increases in a month!

[momo]

technically if you are chasing max score, typically having between a 1%-10% credit card utilization is better than 0%.

[Chili]

Pay it off. The more available credit you have, the better your score will be.

Too much available revolving credit can actually take away from your score.. Like if you have 100k available on credit cards.

[Roscoe]

Enjoy your debt lifestyle, plastic slave!

[slow99]

Enjoy your debt lifestyle, plastic slave!

[CWO]

If he doesn't need a better score asap he would be better off making payments, ultimately his score will be higher that way.

[Roscoe]

Pay it off. The more available credit you have, the better your score will be.

this

[CWO]

all @ 0%, that is the only was we put anything on our CC' s

If your goal is to maximize your credit score you should spread it out as long as you can if you're at 0%. Constant timely payments is something lenders look for and have a direct effect (affect?) on your score.

[A_A_G]

Pay it off. The more available credit you have, the better your score will be.

[2011GT]

Bow to the all mighty fico

[Baron Von Crowder]

I'm a high risk human being then.

my parents always told me I wouldnt amount to much, guess that's what they were talking about.

[mustang1200]

It's very annoying that this kind of information is not taught in public school.

This should be something that every American knows, seeing as credit score is now used as the basis for your value as a human being.

I'm a high risk human being then.

[46Tbird]

It's very annoying that this kind of information is not taught in public school.

This should be something that every American knows, seeing as credit score is now used as the basis for your value as a human being.