credit score took a -25 pt hit

[wew lad 5,000+ posts]

i have 2 other credit cards open. both utilizing over %60 limit. maybe thats why. but that is also stupid as hell. why get rewarded for having credit lines open. but then get scrutinized by utilizing that credit? lol
but on the other hand maybe il be like adul. because now i dont have a $400 car payment so i dont need credit right? lol

maybe ill just shoot down those credit card balances to a minimum . see if that helps. but seriously. there should be changes to this credit ****.

keep your ratio of credit used to credit line at 3-10% - say you have 5k total credit line on all your cards, keep your utilization less than $500

use creditkarma.com if you want to have it laid out for you with graphs

 

[inferno1985 10+ year member]

well i dont let them increase my limits. both cards have $800 limits one is a credit card and the other is a credit card that is usable for medical expenses only.

i think they both have about $600 on them. seeing as now i dont have car payments i may be able to not use the actualt credit card much anymore now. so hopefully within a few months ill have my balance low.

and 3-10% is crazy. it should depend on the limit that you have. hell if you have a $500 limit and 3-10% is ideal.. really? you cant afford $50 so you use your card? and get labeled as a person with exceeding credit. thats crazy. the utilization should be dependng on your limits.

and i use creditkarma but that is just a general idea of your credit score. its not actually right. everything else on there is good. but the real credit score you can only get 1 time a year free or from the 3 credit companies for a price

 

[Dmac1991]

keep your ratio of credit used to credit line at 3-10% - say you have 5k total credit line on all your cards, keep your utilization less than $500
use creditkarma.com if you want to have it laid out for you with graphs

creditkarma isn't accurate. They were off by 80 points on my credit score. Said I had a 620. I paid for my actual credit score and it was a 701. It's a roundabout ballpark figure (I guess?) but isn't accurate by any means other than showing you what actual lines of credit you have open

 

[wew lad 5,000+ posts]

creditkarma isn't accurate. They were off by 80 points on my credit score. Said I had a 620. I paid for my actual credit score and it was a 701. It's a roundabout ballpark figure (I guess?) but isn't accurate by any means other than showing you what actual lines of credit you have open

it's as accurate as a free report can be, the reason you didnt think it was accurate is because its only once a week it updates. when they hit your account with a check from a company its instant what y our score is right that minute.

if you have a smell credit line like that inferno it wont matter as much. you can have 20-30% utilization but 5-10 is ideal

 

[inferno1985 10+ year member]

and i know its the car loan that did it to my credit. my credit has been going up and up and steady lingering at same score for about a year. then blam pay off car and take a huge hit. gay. if its this hard to keep your credit at a decent rate. jesus christ i do not want to know how hard it is to keep a 800 credit score. must be a nightmare constantly checking your credit making descisions on affecting purchases or pay off and such.

 

[Massive spl]

Bro don't sweat it, like 700^ and you can get whatever want.no one gunna turn you away from buying anything.

 

[C1500martin 10+ year member]

and i know its the car loan that did it to my credit. my credit has been going up and up and steady lingering at same score for about a year. then blam pay off car and take a huge hit. gay. if its this hard to keep your credit at a decent rate. jesus christ i do not want to know how hard it is to keep a 800 credit score. must be a nightmare constantly checking your credit making descisions on affecting purchases or pay off and such.

Thos 800 score guys have a giant dept like a house and cars that they steadily pay off, its one of the beauties of being wealthy. You have bills but dont care for them because you know they will be paid off and you can pay them off if you wanted to but to keep that credit they just keep making that sams payment all their life

 

[inferno1985 10+ year member]

Bro don't sweat it, like 700^ and you can get whatever want.no one gunna turn you away from buying anything.

i was getting close! lmao bastards.

 

[adulbrich 5,000+ posts]

What happens when mommy passes away? You will need credit... Just go to your bank and get a credit card with a $300 limit.. Only buy gas with it and then pay it off every week/month. You will build credit for when you crawl out your mother womb lol

When my mom passes away, I get the entire 2.2 million dollar inheritance because I'm an only child. That dollar amount includes our assets like the house and land though. We've got a little over a million in the stocks right now. It's not just a bunch of cash in the bank

 

[kr15 5,000+ posts]

If the car loan was your oldest credit line, that is why. Age of oldest line contributes to credit score.

On time payments and debt utilization are the largest contributing factors. It is often said to stay below 10-30% utilization. Iirc Capital One views less than 10% as an A score and 30% as a B score (for example)

 

[inferno1985 10+ year member]

When my mom passes away, I get the entire 2.2 million dollar inheritance because I'm an only child. That dollar amount includes our assets like the house and land though. We've got a little over a million in the stocks right now. It's not just a bunch of cash in the bank

get your credit in line. you have no idea what can happen. what if you inherit that estate and assets? then somehting happens. driving down the road and your massive system pops and you turn your head and look and see smoke not realizing the traffic ahead of you is stopped and you crashed into a fully oaded suvs with a family and kill a few people. good by to your house and assets.

relying on future assets is dumb. what if your mom and dad get into some kind of trouble? you know the economy is not stable another crash like 2008 and you can lose $50k in a heartbeat. ive watched it happen to co workers with over 100k n the 401 and assets . houses demoted by 20 grand lost $40k in their 401k etc. stocks plummeting. those types of investments are nest eggs for retirement. liquidating them can be drastic. you need to invest 12% of your income into a 401k depending on location for the next 30 years to have a beneficial amount of money to continue to live your live they way it is now on retirments. that is NOT including any social security . by the time we are able to retire man SS is NOT going to be what it is now. investments and savings and 401k is your nest egg. you think mom and dad just gunna hand it over? when they retire what do you think is going to happen. ss retirment 401k and those assets are going to be used to sustain their lifestyle. ill be willing to bet that all that inheritance youll be "getting" is a measly small % of what you actually think your going to be getting.

 

[adulbrich 5,000+ posts]

We already lost a ton when gas prices dropped //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif a few hundred-thousand dollars....

 

[audiobaun 5,000+ posts]

FVCK the credit card scams and Bank Card scams ..All they want is or everyone to stay in debt,and have complete control of your money and finances..If I want a car, I save my money and pay cash for it,or anythingelse for that matter..Home loans? Cant get past that one unless you pay Cash, in which most of us dont have, so thats a given. Cars/goodies?I dont mind buying used to save a few Thousand bucks on BS interest and scammed mark ups to fill others pockets for a sale.All my vehicles are paid off and run just fine..Not BNEW but well taken care of and run just fine and get me where I need to go at any time, and Paid off!.I have five C Cards that I buy small things on and pay off in a 6 month period to gain some better scores..Im at a 718 as I checked approx a month ago, and can give two Chts of a POS Credit score.Stay credit free as much as possible and stop trying to keep up with the Jones's and get debt free..Its a leash that I myself dont need/want..I can sell my home any time and make above a 60% profit..not concerned with loosing anything there..I bought as an investment and have another place to live in the country Paid for

 

[inferno1985 10+ year member]

FVCK the credit card scams and Bank Card scams ..All they want is or everyone to stay in debt,and have complete control of your money and finances..If I want a car, I save my money and pay cash for it,or anythingelse for that matter..Home loans? Cant get past that one unless you pay Cash, in which most of us dont have, so thats a given. Cars/goodies?I dont mind buying used to save a few Thousand bucks on BS interest and scammed mark ups to fill others pockets for a sale.All my vehicles are paid off and run just fine..Not BNEW but well taken care of and run just fine and get me where I need to go at any time, and Paid off!.I have five C Cards that I buy small things on and pay off in a 6 month period to gain some better scores..Im at a 718 as I checked approx a month ago, and can give two Chts of a POS Credit score.Stay credit free as much as possible and stop trying to keep up with the Jones's and get debt free..Its a leash that I myself dont need/want..I can sell my home any time and make above a 60% profit..not concerned with loosing anything there..I bought as an investment and have another place to live in the country Paid for

i dont have the best credit but dont have the worst either. but ill be damned if a credit card company is gunna charge me a whopping 20+% interest like they plan on doing soon as they want to raise the rates and int rates on credit cards. im with you. i dont mind payng for stuff with cash and ill buy used if still in good condition.

my car is payed off with only 110k on it. prolly last me 5+ more years. thats $16k ill have saved over a 5 year period without my $400 note. and it does ****. alot of homes you do need good credit your already going to pay dbl what the home costs anyways even with good credit. plus we were looking at forclosed houses. well, thats a diff story they want 20% down! wtf 100k house 20% down thats crazy who has that kind of money. but they let somsone buy a house for 200k with no money done. makes alot of sense this world.

 

[hispls 5,000+ posts]

Meh, I went from collection calls to being able to wang 70K on AMEX platinum card in like 2-3 years. "Credit" isn't money and the banks know this, it's all a game. They don't want you to "pay off" your loans, that's bad on their balance sheets. For a bank Accounts Payable is an asset and Deposits are a liability.

Who makes them more money, the muff that pays interest (and a late fee here and there) for years or the guy who pays it back next week?

Enjoy playing the game though. Buy **** you don't need with money you don't have and hope you have a chair when the music stops.