Credit Score keeps dropping. WTF... - GoFuckYourself.com

wedouglas · 07-27-2005, 02:25 PM

I pay my card off completely every month and spend thousands. why is my score dropping? anyone have any ideas?

candyflip · 07-27-2005, 02:26 PM

Identity Theft.

clickhappy · 07-27-2005, 02:27 PM

did you close a card out?

xenigo · 07-27-2005, 02:27 PM

I dunno man, I'd like to know some things about how credit scores work too. I'd like to buy a house soon.

BiggleJones · 07-27-2005, 02:28 PM

Quote:

Originally Posted by wedouglas

I pay my card off completely every month and spend thousands. why is my score dropping? anyone have any ideas?

keep a revolving balance on your cards...dont pay them off in full. That can show negatively on your score.

Sly · 07-27-2005, 02:28 PM

You shouldn't pay it off every month. You need a running balance. Keep your credit cards at about 33%, pay a nice chunk off monthly, but charge it up as well. Every now and then pay down a huge block, then run it up again.

What you're doing is showing responsibility, but not the type of responsibility they want you to have. They need to know that you can handle large credit limits.

wedouglas · 07-27-2005, 02:28 PM

why is paying thinsg off bad? i dont like paying interest...

Brujah · 07-27-2005, 02:29 PM

keep your balance lower, it may be shown as a higher percentage than desired when it's scoring time each month.

Raven · 07-27-2005, 02:32 PM

The credit reporting bureaus actually can penalise you for paying your cards off...as it doesn't show an adequate payment history. Never let them get above 50%.....and don't have too many cards, which can also hurt you...

3piece chicken Dinner · 07-27-2005, 02:32 PM

Quote:

Originally Posted by wedouglas

why is paying thinsg off bad? i dont like paying interest...

It's also showing them you don't trust yourself to handle a revolving ballance. Charge your card up to 33%. Pay it down to 15% monthly and charge it back up to 33%. You will pay a bit of interest, but your in a way paying for a much higher credit score.

How much would you pay for a 750 credit score??? ( correct answer is: whatever it takes)

Sly · 07-27-2005, 02:33 PM

Quote:

Originally Posted by wedouglas

why is paying thinsg off bad? i dont like paying interest...

Because you're showing that you aren't willing to handle a balance. If you want more credit, you need to be able to handle the credit.

Essentially you need to "buy" credit through paying interest. Use your credit to your advantage. Invest in your business, you'll make more than enough money to cover the interest.

wedouglas · 07-27-2005, 02:33 PM

they keep bumping my limit up... whats the deal with that?

Plugin Feeds K · 07-27-2005, 02:37 PM

It seems like the most backasswards thing to me ... but unfortunately that's how it works.

Sly · 07-27-2005, 02:37 PM

Quote:

Originally Posted by wedouglas

they keep bumping my limit up... whats the deal with that?

Are you reading any of this?

They want you to use your credit!

wedouglas · 07-27-2005, 02:40 PM

my balance on one of my cards is 2000
its only a 3500 limit. i cant spend more than i need. what else am i supposed to buy? waste another 1000 on somethhing i cant use or dont want?

johnnyhey · 07-27-2005, 02:46 PM

try talking to your accountant and not porn webmasters for your financial advice.

bigdog · 07-27-2005, 02:47 PM

Quote:

Originally Posted by Sly

Because you're showing that you aren't willing to handle a balance. If you want more credit, you need to be able to handle the credit.

Essentially you need to "buy" credit through paying interest. Use your credit to your advantage. Invest in your business, you'll make more than enough money to cover the interest.

Good point use the credit to your advantage, It really is a bitch the way the credit card system works.

wedouglas · 07-27-2005, 02:47 PM

20 y/o's dont have accountants. atleast most i know

wedouglas · 07-27-2005, 02:49 PM

i would invest in what i do, any i use it for all my business related things, but i can only buy so much

iwantchixx · 07-27-2005, 02:53 PM

never pay it off all at once. You gain credit by using the credit on your card and paying interest. By just paying it off right away your in the grace period and don't gain a single thing from it.

bdld · 07-27-2005, 02:57 PM

that's what i hate about credit scores, i'm responsible enough to pay off my balance on every bill - but someone with a lot of cards and in debt has a higher score than me.

V_RocKs · 07-27-2005, 03:28 PM

You pay for things you already use... Try getting 2 or 3 cards so you have a limit overall of say 3000 to 8000... then use it to buy shit and leave a revolving 1000. But pay of the rest. Don't leave more than 33% or so on them or you will appear to be a dillwad who can't afford to take on more debt because you are already mired in it.

For a LONG time I only had 1 card. It has a $500 limit and I never used it ever. Then I started using it for 2 bills a month and would pay it off or close to it each month. Credit score increased about 25 points. Then I maxed it out and forgot to pay it way down, left it at $400. Next month my rating dropped 70 points due to me have $500 in credit available and having used $400 of it up. It appeared that percentage wise, I was maxed out. Kinda lame... to bad they don't go off assets and capital (bank accounts).... They'd raise it a few hundred...

xlogger · 07-27-2005, 03:33 PM

God! So many stupid rules to get a good creadit score!

Isnt paying what you own enough? noooooooo, they have to have stupid rules on top of that shit.

07-27-2005, 02:25 PM	#1
wedouglas So Fucking Banned Join Date: Aug 2004 Location: Dearborn, MI Posts: 5,921	Credit Score keeps dropping. WTF... I pay my card off completely every month and spend thousands. why is my score dropping? anyone have any ideas?

07-27-2005, 02:26 PM	#2
candyflip Carpe Visio Industry Role: Join Date: Jul 2002 Location: New York Posts: 43,064	Identity Theft. __________________ Spend you some brain. Email Me

07-27-2005, 02:28 PM	#6
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,329	You shouldn't pay it off every month. You need a running balance. Keep your credit cards at about 33%, pay a nice chunk off monthly, but charge it up as well. Every now and then pay down a huge block, then run it up again. What you're doing is showing responsibility, but not the type of responsibility they want you to have. They need to know that you can handle large credit limits. __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Windows VPS now available Great for TSS, Nifty Stats, remote work, virtual assistants, etc. Click here for more details.

07-27-2005, 02:29 PM	#8
Brujah Beer Money Baron Industry Role: Join Date: Jan 2001 Location: brujah / gmail Posts: 22,157	keep your balance lower, it may be shown as a higher percentage than desired when it's scoring time each month. __________________ Free Premium Domain Lists and Tools at Clickmojo.com For Sale: Obscenity.com

07-27-2005, 02:32 PM	#9
Raven Confirmed User Industry Role: Join Date: Jul 2001 Posts: 6,874	The credit reporting bureaus actually can penalise you for paying your cards off...as it doesn't show an adequate payment history. Never let them get above 50%.....and don't have too many cards, which can also hurt you... __________________ Raven ~RETIRED~

07-27-2005, 02:27 PM	#3
clickhappy Confirmed User Industry Role: Join Date: Mar 2004 Posts: 4,027	did you close a card out?

07-27-2005, 02:27 PM	#4
xenigo Confirmed User Industry Role: Join Date: Jan 2001 Location: Oakland, CA Posts: 8,067	I dunno man, I'd like to know some things about how credit scores work too. I'd like to buy a house soon.

07-27-2005, 02:33 PM	#12
wedouglas So Fucking Banned Join Date: Aug 2004 Location: Dearborn, MI Posts: 5,921	they keep bumping my limit up... whats the deal with that? Last edited by wedouglas; 07-27-2005 at 02:36 PM..

07-27-2005, 02:37 PM	#13
Plugin Feeds K Confirmed User Join Date: Nov 2004 Location: Arizona Posts: 394	It seems like the most backasswards thing to me ... but unfortunately that's how it works. __________________ SIG TOO BIG! Maximum 120x60 button and no more than 3 text lines of DEFAULT SIZE and COLOR. Unless your sig is for a GFY top banner sponsor, you may use a 624x80 instead of a 120x60. Let me repeat... A 120 x 60 button and no more that 3 lines of DEFAULT SIZE AND COLOR text.

07-27-2005, 02:40 PM	#15
wedouglas So Fucking Banned Join Date: Aug 2004 Location: Dearborn, MI Posts: 5,921	my balance on one of my cards is 2000 its only a 3500 limit. i cant spend more than i need. what else am i supposed to buy? waste another 1000 on somethhing i cant use or dont want?

07-27-2005, 02:46 PM	#16
johnnyhey Confirmed User Join Date: Jan 2004 Location: los angeles Posts: 1,172	try talking to your accountant and not porn webmasters for your financial advice. __________________ CandyDreams.com shooter for hire info[at]candydreams.com ICQ:96563638 AIM: johnnyhey

07-27-2005, 02:47 PM	#18
wedouglas So Fucking Banned Join Date: Aug 2004 Location: Dearborn, MI Posts: 5,921	20 y/o's dont have accountants. atleast most i know

07-27-2005, 02:49 PM	#19
wedouglas So Fucking Banned Join Date: Aug 2004 Location: Dearborn, MI Posts: 5,921	i would invest in what i do, any i use it for all my business related things, but i can only buy so much

07-27-2005, 02:53 PM	#20
iwantchixx Too lazy to set a custom title Industry Role: Join Date: Oct 2002 Location: The Boonies Posts: 12,860	never pay it off all at once. You gain credit by using the credit on your card and paying interest. By just paying it off right away your in the grace period and don't gain a single thing from it.

07-27-2005, 02:57 PM	#21
bdld $100,000 Join Date: Dec 2001 Posts: 11,452	that's what i hate about credit scores, i'm responsible enough to pay off my balance on every bill - but someone with a lot of cards and in debt has a higher score than me.

07-27-2005, 03:28 PM	#22
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,409	You pay for things you already use... Try getting 2 or 3 cards so you have a limit overall of say 3000 to 8000... then use it to buy shit and leave a revolving 1000. But pay of the rest. Don't leave more than 33% or so on them or you will appear to be a dillwad who can't afford to take on more debt because you are already mired in it. For a LONG time I only had 1 card. It has a $500 limit and I never used it ever. Then I started using it for 2 bills a month and would pay it off or close to it each month. Credit score increased about 25 points. Then I maxed it out and forgot to pay it way down, left it at $400. Next month my rating dropped 70 points due to me have $500 in credit available and having used $400 of it up. It appeared that percentage wise, I was maxed out. Kinda lame... to bad they don't go off assets and capital (bank accounts).... They'd raise it a few hundred...

07-27-2005, 03:33 PM	#23
xlogger Confirmed User Join Date: Jul 2004 Location: NY Posts: 9,507	God! So many stupid rules to get a good creadit score! Isnt paying what you own enough? noooooooo, they have to have stupid rules on top of that shit. __________________ ---------- XLOGGER [REFLECTED] [OH]