Money How does one get credit? - Page 18

**DaFace** · 08-28-2017, 12:30 PM

You're still a choad for arguing with me years ago that exactly what you're currently doing was a bad idea.

JohnnyHammersticks · 08-28-2017, 01:05 PM

I'm not going to read through all the responses to see if anyone has mentioned this, so sorry if this is duplicate info. I used to be a commercial and residential mortgage underwriter, so I dealt with credit extensively.

Credit cards report to the 3 credit bureaus (Trans Union, Equifax, & Experian) once a month minimum. It doesn't matter to them if you pay your card off every month, it only matters what your revolving credit-to-credit-limit ratio is on the day your info is reported. ****ed up, but that's how it is. In other words even if you pay your revolving balance(s) in full each month, if your cc balance on the day your cc company reports to the bureaus is $3K, and your cc limit is $4K, to the credit bureaus you're utilizing 75% of your available credit. That will smash your score, you need to always keep your revolving credit utilization ratio under 30% if you want a score over 750. It will definitely knock someone like you (who should be somewhere between 775-800+ if the info you laid out is accurate) down to the mid-600s. Even if you pay it off in full at the end of the month, to the credit bureaus, it only matters what your balance/credit limit is on the day your card reports to them.

You need to increase the credit limit on the card you have or open an additional card(s), whether you plan to use the additional credit or not. I always keep my credit limits as high as possible for precisely this reason, even though I never use the credit. To verify this is what is hurting your score, pay your cc balance in full, then don't use the card again for at least a month-and-a-half. Then check your score, it should improve dramatically.

scho63 · 08-29-2017, 07:02 PM

Quote:

Originally Posted by JohnnyHammersticks

That will smash your score, you need to always keep your revolving credit utilization ratio under 30% if you want a score over 750.

I never heard that it was that low. I know someone at Experian and they say anything under 60-70% is fine.

R8RFAN · 04-15-2018, 09:55 AM

Another year has passed, 5 years since I started this quest and not much has changed... Don't think I will ever be able to achieve the perfect 850 score have about 50k of available credit on the cards, use less than 1% of my available credit and still have no debt... Think I have peaked and doubt it will go any higher....

so let me have it you 500 credit score trolls

**lewdog** · 04-15-2018, 09:58 AM

I sit with same score as you.

But I froze our credit last year (thanks data breach!) and won't be taking a loan out for anything in the near future hopefully.

R8RFAN · 04-15-2018, 10:01 AM

Quote:

Originally Posted by lewdog

I sit with same score as you.

But I froze our credit last year (thanks data breach!) and won't be taking a loan out for anything in the near future hopefully.

you were in the same boat as I was a few years back weren't you?

**lewdog** · 04-15-2018, 10:14 AM

Quote:

Originally Posted by R8RFAN

you were in the same boat as I was a few years back weren't you?

No mines anyways been high. My wife’s wasn’t 5 years ago. She sits near 800 now though too.

R8RFAN · 04-15-2018, 10:23 AM

Quote:

Originally Posted by lewdog

No mines anyways been high. My wife’s wasn’t 5 years ago. She sits near 800 now though too.

**lewdog** · 08-21-2021, 03:15 PM

0% financing a new car today.

My credit score is 833.

Why not take a no interest loan?! **** you R8ers Ramsey!!!

Sorce · 08-21-2021, 04:02 PM

Quote:

Originally Posted by lewdog

0% financing a new car today.

My credit score is 833.

Why not take a no interest loan?! **** you R8ers Ramsey!!!

We recently bought a car 2.92, 0% was an option, but the $1700 rebate was the better deal.

Sent from my Pixel 3 using Tapatalk

**lewdog** · 08-21-2021, 05:18 PM

Quote:

Originally Posted by Sorce

We recently bought a car 2.92, 0% was an option, but the $1700 rebate was the better deal.

Sent from my Pixel 3 using Tapatalk

Nice rebate!

You buy from Hometeam?

Sorce · 08-21-2021, 06:06 PM

Quote:

Originally Posted by lewdog

Nice rebate!

You buy from Hometeam?

Nah actually drove about an hour because I found a dealer who would deal via email and not try to screw around. It was a GM rebate.

Sent from my Pixel 3 using Tapatalk

MTG#10 · 08-21-2021, 05:04 PM

Quote:

Originally Posted by lewdog

0% financing a new car today.

My credit score is 833.

Why not take a no interest loan?! **** you R8ers Ramsey!!!

I had an 825 until I refinanced my house recently. Somehow that dropped my score 22 ****ING POINTS.

**DaFace** · 08-21-2021, 05:11 PM

Quote:

Originally Posted by MTG#10

I had an 825 until I refinanced my house recently. Somehow that dropped my score 22 ****ING POINTS.

Eh, anything over like 780 is basically the same. Try not to worry about random fluctuations.

08-28-2017, 01:05 PM	#2
JohnnyHammersticks MVP Join Date: Oct 2011 Location: Chandler AZ Casino cash: $2591254	I'm not going to read through all the responses to see if anyone has mentioned this, so sorry if this is duplicate info. I used to be a commercial and residential mortgage underwriter, so I dealt with credit extensively. Credit cards report to the 3 credit bureaus (Trans Union, Equifax, & Experian) once a month minimum. It doesn't matter to them if you pay your card off every month, it only matters what your revolving credit-to-credit-limit ratio is on the day your info is reported. ****ed up, but that's how it is. In other words even if you pay your revolving balance(s) in full each month, if your cc balance on the day your cc company reports to the bureaus is $3K, and your cc limit is $4K, to the credit bureaus you're utilizing 75% of your available credit. That will smash your score, you need to always keep your revolving credit utilization ratio under 30% if you want a score over 750. It will definitely knock someone like you (who should be somewhere between 775-800+ if the info you laid out is accurate) down to the mid-600s. Even if you pay it off in full at the end of the month, to the credit bureaus, it only matters what your balance/credit limit is on the day your card reports to them. You need to increase the credit limit on the card you have or open an additional card(s), whether you plan to use the additional credit or not. I always keep my credit limits as high as possible for precisely this reason, even though I never use the credit. To verify this is what is hurting your score, pay your cc balance in full, then don't use the card again for at least a month-and-a-half. Then check your score, it should improve dramatically.
Posts: 12,848

04-15-2018, 09:55 AM	#5
R8RFAN Molôn Labé Join Date: Sep 2001 Location: North Carolina Casino cash: $8566872	Another year has passed, 5 years since I started this quest and not much has changed... Don't think I will ever be able to achieve the perfect 850 score have about 50k of available credit on the cards, use less than 1% of my available credit and still have no debt... Think I have peaked and doubt it will go any higher.... so let me have it you 500 credit score trolls
Posts: 23,164

04-15-2018, 09:58 AM	#6
lewdog Mod Team Join Date: Sep 2011 Location: Valley of the hot as **** Casino cash: $1771900	I sit with same score as you. But I froze our credit last year (thanks data breach!) and won't be taking a loan out for anything in the near future hopefully.
Posts: 45,617

08-28-2017, 12:30 PM	#1
DaFace Kind of a mod Join Date: Aug 2005 Location: Donkey Land Casino cash: $1896899	You're still a choad for arguing with me years ago that exactly what you're currently doing was a bad idea.
Posts: 51,868

08-21-2021, 03:15 PM	#10
lewdog Mod Team Join Date: Sep 2011 Location: Valley of the hot as **** Casino cash: $1771900	0% financing a new car today. My credit score is 833. Why not take a no interest loan?! **** you R8ers Ramsey!!!
Posts: 45,617