They can impact your insurance rates***

Tiggity®

Oculus Spirit [97959]

TigerPulse: 100%

Posts: 65031

Joined: 7/13/02

I've learned their game, I think. Makes no sense, but.....

Dec 19, 2023, 3:12 PM

What the love, more than anything else, is someone who is responsible, pays their bills religiously, BUT will take out high levels of debt and keep a balance. Like if you have $5k outstanding on a credit card, but keep that level around 5K for years, and always pay up on time, and have no other issues, you're GOLD. They're making money on you, with little risk.

NOW, pay your card every month, carry no balances, keep open accounts and lines of credit to 1-3 only, and they HATE you. You will still have a decent credit score, but not excellent. They're not making money on you then, so while you're not a risk, you're not a reward either. I have never had a year where my credit card company made more than $100 on me. Ever. Usually it's around $30-$40 tops. Now my wife has gone a decade with never being under $2K but never being over maybe $5K, but she has a higher credit score than I do.

Is what it is. If everyone was like me, there would be no credit cards, no free TV channels, no TigerNet, no internet as we know it, no payday loans, no pawn shops, no spam email, and no Starbucks. But......anyway, I'd like to think I take advantage of others who blow money. Fine by me. I got $300 off a fridge because other people will be stupid and carry that fridge balance and pay a 30% APR. Just going with the odds here, I benefited even though it tanked my credit score. HOWEVER, would not recommend using credit to make a big purchase, even if you pay it off in 4 days, if you're getting ready to buy a house or something like that.

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I do exactly those things. Pay my bill off every month, never roll over a balance (although I do charge a great deal each month due to high usage), only a few open lines, etc and I've been over 800 for literally decades. Keeping old accounts open is a big plus for your score. All of my credit cards, except one, have been open since the 90's. This makes a difference. Opening and then closing lines of credit, even if they are being paid off early, is a negative for whatever reason. However even if it's a ding, it's a very minor one and it'll rebound quickly.

You should definitely never open new lines of credit within a couple months of buying a home as it could potentially be the difference between getting the loan or not getting it as well have a negative impact on your rate. Always wait.

Credit scores baffle me.

Your new phone was hacked...

Ive given up on even trying to figure out the algorithms used for credit scores

ok, do credit scores really matter

I financed a couch once and saved 10% by signing up for a

Same.

I bought a fridge at Lowes and took out a line of credit to pay for it.

That's some voodoo fuzzy math they use***

I've learned their game, I think. Makes no sense, but.....

Re: I've learned their game, I think. Makes no sense, but.....

your score dropped because of a hard hit

Re: Credit scores baffle me.

Bubba at the country store was all out of the Iphone 15 ProMax***

Re: Bubba at the country store was all out of the Iphone 15 ProMax***

Credit scores baffle you? How about $$ applied to insurance deductibles?

No, heck no.

my FICO has varied from 803 to 830 over the last year, currently 823.

That's how you get the discount. For every one person who understands

I can't seem to break the 800 barrier.

I wouldn't sweat about that score.***

I never pay a penny of interest but carry 5k on average a month

I ain't never known what my credit score was. Since I get credit card

I have four credit cards that together could get me that Tesla truck.

I've only got 2.

I didn't know Alcoholics Anonymous had a credit card...***

They should***

5 pts either way only matters if you're UDP...

I wasn't 3 years ago.

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