Did Anyone Actually Get 0% Fin.. On A Evo
Oct 23, 2005, 08:43 PM
#61
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Originally Posted by binarysleep
Are you talking to more than one person? If you review the previous posts, there's no mention from me about opening new credit cards to increase available credit.
We were discussing when to close a credit account, and if too much available credit will negatively effect your credit score. Coincidentally, while the advice is not to open new accounts to decrease your % utilization (good advice), it does not state that it would negatively effect your credit score.
I'll say it again... it's not personal, it's about misleading information.
If anything my friend, it is you who has tried to make this personal. You asked me about my credit, and go on about how good yours is. Again, using your logic here, If my score was higher than yours, would that make me right? Of course not.
We were discussing when to close a credit account, and if too much available credit will negatively effect your credit score. Coincidentally, while the advice is not to open new accounts to decrease your % utilization (good advice), it does not state that it would negatively effect your credit score.
I'll say it again... it's not personal, it's about misleading information.
If anything my friend, it is you who has tried to make this personal. You asked me about my credit, and go on about how good yours is. Again, using your logic here, If my score was higher than yours, would that make me right? Of course not.
My last post CLEARLY proves that opening a huge number of cards does NOT always improve your credit score. Your claims are NOT 100% correct, again, as proven in my last post. The link is posted for anyone here to read, and to draw their own conclusions.
I NEVER claimed you said ANYTHING about opening new accounts, or asked you about your credit. What I asked you was how many cards you had. Since you seem to be so confident in your statements that "the more cards, the merrier" seems to apply to a higher credit score, then you must be applying for a card every time you get an offer in the mail, right? Because, if you aren't applying for every offer you get, why not? According to you, it'll increase your credit score.
Lastly, I didn't rattle on about how great my credit is. I simply made a statement that I had an excellent credit score.
This is clearly a waste of time, because we're just going around in circles. Like I mentioned before; you do your thing, and I'll do mine. Mine's working just fine for me. And again, as mentioned before, the link to the article is there, and all of these intelligent people can draw their own conclusions.
Oct 24, 2005, 02:04 AM
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Originally Posted by Sinister Subaru
My last post CLEARLY proves that opening a huge number of cards does NOT always improve your credit score.
Originally Posted by Sinister Subaru
I NEVER claimed you said ANYTHING about opening new accounts, or asked you about your credit. What I asked you was how many cards you had. Since you seem to be so confident in your statements that "the more cards, the merrier" seems to apply to a higher credit score...
The reference you did provide was in regards to opening new accounts (which you agree I never said anything about) and also did not explain how more available credit would negatively impact the credit score.
Originally Posted by Sinister Subaru
Like I mentioned before; you do your thing, and I'll do mine. Mine's working just fine for me. And again, as mentioned before, the link to the article is there, and all of these intelligent people can draw their own conclusions.
We were talking about closing accounts, and whether too much available credit would negatively impact the credit score.
The references I provided state that you should never close a CC account (unless you have to pay a yearly fee). Do you disagree?
Oct 24, 2005, 04:09 AM
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I agree with binary sleep that closing credit cards could or might hurt your score. When I got my loan for my house they said theres no need to close any credit card if its at a 0 balance. My parents have well over 15 cc cards and they have a score of 798.
Oct 24, 2005, 04:41 AM
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Originally Posted by Sinister Subaru
Ditch store credit cards. Ditch cards you don't use.
Originally Posted by Sinister Subaru
Pay off your card debt EVERY MONTH.
Oct 24, 2005, 05:05 AM
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http://badcreditmortgagesite.com/FICO-Score.html
=========================
FICO scores often fluctuate slightly, even daily, since new information is added to each credit file frequently. Credit bureaus only calculate your score when a credit report is requested, so your score will be based on the information in your file at that particular credit bureau, at that particular time.
Although the exact method of calculating a FICO score is highly confidential, Fair, Isaac & Co. has indicated that their model uses five leading factors to evaluate your credit worthiness:
* About 35 percent of your FICO score is based on your past payment history with respect to late payments, delinquencies and bankruptcies. The fewer the late payments, the better your score. Also, a recent late payment hurts your score more than one from five years ago.
* About 30 percent of your FICO score is based on your outstanding debt, this includes how much you owe on credit cards and installment loans, compared against the original amounts of the loans. People that use a larger percentage of their available credit are a greater credit risk than people who use only a small percentage.
* How long you've had credit accounts and how often you use them accounts for about 15 percent of your FICO score.
* New applications for credit comprises about 10 percent of your FICO score. It has the most impact on people who do not have a long-established credit history.
* Another 10 percent of your FICO score is derived from the types of credit you presently have, credit cards, installment loans or mortgage loans.
Other factors that influence your FICO score include how your income compares to your present level of debt, your employment history and how long you've lived at your current residence. U.S. law forbids personal information such as ethnicity, religion, sex or marital status from being reflected in your FICO score.
=======================
Everyone seemed to have their version how FICO is scored. I don't know few people claiming high FICO are misleading others by leaving some info or not for the sake of their own internet vanity (like newbie track goers deducting R/T off their ETA).
From my experience, closing CCs, not your oldest and/or highest credit balance limit, is negligible at best.
Example 1: If you make +100K a year, having a bunch of CCs will not hurt you, unless maxing them out or failure to pay them. Otherwise, lenders will overlook it.
Example 2: If you make around 15 grand a year and having a bunch of CCs, you'll have an ugly beacon score. Too much revolving credit, not enough income to debit ratio.
Example: About 1.5 years ago, my dad had passed away. Within two months after his death, two of the 3 CCs (don't know how he ever gotten it, because I never ever saw him apply for one) gave him a balance increase. My dad never used any CC, just once for draft protection on his bank account for bouncing a check. In the end, I closed all accounts. So the moral of the story for few people, I should have left the accounts open to garner better beacon scores for a DEAD MAN.
Bankruptcies hurt your FICO, but I know few people who have bought boats (+15 foot) within 6 months via loan and low interest . . . don't know how they have done it. BTW: they also bought a +2000 sq foot house too. It's obvious they and others across the US have found some loopholes that I'm not aware of.
=========================
FICO scores often fluctuate slightly, even daily, since new information is added to each credit file frequently. Credit bureaus only calculate your score when a credit report is requested, so your score will be based on the information in your file at that particular credit bureau, at that particular time.
Although the exact method of calculating a FICO score is highly confidential, Fair, Isaac & Co. has indicated that their model uses five leading factors to evaluate your credit worthiness:
* About 35 percent of your FICO score is based on your past payment history with respect to late payments, delinquencies and bankruptcies. The fewer the late payments, the better your score. Also, a recent late payment hurts your score more than one from five years ago.
* About 30 percent of your FICO score is based on your outstanding debt, this includes how much you owe on credit cards and installment loans, compared against the original amounts of the loans. People that use a larger percentage of their available credit are a greater credit risk than people who use only a small percentage.
* How long you've had credit accounts and how often you use them accounts for about 15 percent of your FICO score.
* New applications for credit comprises about 10 percent of your FICO score. It has the most impact on people who do not have a long-established credit history.
* Another 10 percent of your FICO score is derived from the types of credit you presently have, credit cards, installment loans or mortgage loans.
Other factors that influence your FICO score include how your income compares to your present level of debt, your employment history and how long you've lived at your current residence. U.S. law forbids personal information such as ethnicity, religion, sex or marital status from being reflected in your FICO score.
=======================
Everyone seemed to have their version how FICO is scored. I don't know few people claiming high FICO are misleading others by leaving some info or not for the sake of their own internet vanity (like newbie track goers deducting R/T off their ETA).
From my experience, closing CCs, not your oldest and/or highest credit balance limit, is negligible at best.
Example 1: If you make +100K a year, having a bunch of CCs will not hurt you, unless maxing them out or failure to pay them. Otherwise, lenders will overlook it.
Example 2: If you make around 15 grand a year and having a bunch of CCs, you'll have an ugly beacon score. Too much revolving credit, not enough income to debit ratio.
Example: About 1.5 years ago, my dad had passed away. Within two months after his death, two of the 3 CCs (don't know how he ever gotten it, because I never ever saw him apply for one) gave him a balance increase. My dad never used any CC, just once for draft protection on his bank account for bouncing a check. In the end, I closed all accounts. So the moral of the story for few people, I should have left the accounts open to garner better beacon scores for a DEAD MAN.
Bankruptcies hurt your FICO, but I know few people who have bought boats (+15 foot) within 6 months via loan and low interest . . . don't know how they have done it. BTW: they also bought a +2000 sq foot house too. It's obvious they and others across the US have found some loopholes that I'm not aware of.
Oct 24, 2005, 05:07 AM
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Originally Posted by EVOtagger
WRONG
this is also WRONG...credit agencies like to see you utilize credit in order to establish it...if you are paying off the total balances on all of your cards and loans, then you are not establishing credit...you need to at least make a few minimum payments on cards before you pay them off completely
this is also WRONG...credit agencies like to see you utilize credit in order to establish it...if you are paying off the total balances on all of your cards and loans, then you are not establishing credit...you need to at least make a few minimum payments on cards before you pay them off completely
You can cry that I'm "WRONG" all you want. The proof is in my credit score.
I've already mentioned that you do want to have some credit open, and some history of making payments. That was mentioned a long time ago in this thread. I also mentioned that it would be a good idea to take the 0% over the $2000 in gas money from Mitsubishi just to build on to the credit score.
For some reason, you both seem to be stuck on the fact that I said to "close cards not in use." That is correct. You DON'T want tons of cards open that aren't being used. If having large sums of open cards helped your credit, everyone would be taking every offer they got in the mail, and opening new cards.
What concept are you not understanding? And isn't this getting old yet?
Oct 24, 2005, 05:09 AM
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Originally Posted by bahamut
http://badcreditmortgagesite.com/FICO-Score.html
=========================
FICO scores often fluctuate slightly, even daily, since new information is added to each credit file frequently. Credit bureaus only calculate your score when a credit report is requested, so your score will be based on the information in your file at that particular credit bureau, at that particular time.
Although the exact method of calculating a FICO score is highly confidential, Fair, Isaac & Co. has indicated that their model uses five leading factors to evaluate your credit worthiness:
* About 35 percent of your FICO score is based on your past payment history with respect to late payments, delinquencies and bankruptcies. The fewer the late payments, the better your score. Also, a recent late payment hurts your score more than one from five years ago.
* About 30 percent of your FICO score is based on your outstanding debt, this includes how much you owe on credit cards and installment loans, compared against the original amounts of the loans. People that use a larger percentage of their available credit are a greater credit risk than people who use only a small percentage.
* How long you've had credit accounts and how often you use them accounts for about 15 percent of your FICO score.
* New applications for credit comprises about 10 percent of your FICO score. It has the most impact on people who do not have a long-established credit history.
* Another 10 percent of your FICO score is derived from the types of credit you presently have, credit cards, installment loans or mortgage loans.
Other factors that influence your FICO score include how your income compares to your present level of debt, your employment history and how long you've lived at your current residence. U.S. law forbids personal information such as ethnicity, religion, sex or marital status from being reflected in your FICO score.
=======================
Everyone seemed to have their version how FICO is scored. I don't know few people claiming high FICO are misleading others by leaving some info or not for the sake of their own internet vanity (like newbie track goers deducting R/T off their ETA).
From my experience, closing CCs, not your oldest and/or highest credit balance limit, is negligible at best.
Example 1: If you make +100K a year, having a bunch of CCs will not hurt you, unless maxing them out or failure to pay them. Otherwise, lenders will overlook it.
Example 2: If you make around 15 grand a year and having a bunch of CCs, you'll have an ugly beacon score. Too much revolving credit, not enough income to debit ratio.
Example: About 1.5 years ago, my dad had passed away. Within two months after his death, two of the 3 CCs (don't know how he ever gotten it, because I never ever saw him apply for one) gave him a balance increase. My dad never used any CC, just once for draft protection on his bank account for bouncing a check. In the end, I closed all accounts. So the moral of the story for few people, I should have left the accounts open to garner better beacon scores for a DEAD MAN.
Bankruptcies hurt your FICO, but I know few people who have bought boats (+15 foot) within 6 months via loan and low interest . . . don't know how they have done it. BTW: they also bought a +2000 sq foot house too. It's obvious they and others across the US have found some loopholes that I'm not aware of.
=========================
FICO scores often fluctuate slightly, even daily, since new information is added to each credit file frequently. Credit bureaus only calculate your score when a credit report is requested, so your score will be based on the information in your file at that particular credit bureau, at that particular time.
Although the exact method of calculating a FICO score is highly confidential, Fair, Isaac & Co. has indicated that their model uses five leading factors to evaluate your credit worthiness:
* About 35 percent of your FICO score is based on your past payment history with respect to late payments, delinquencies and bankruptcies. The fewer the late payments, the better your score. Also, a recent late payment hurts your score more than one from five years ago.
* About 30 percent of your FICO score is based on your outstanding debt, this includes how much you owe on credit cards and installment loans, compared against the original amounts of the loans. People that use a larger percentage of their available credit are a greater credit risk than people who use only a small percentage.
* How long you've had credit accounts and how often you use them accounts for about 15 percent of your FICO score.
* New applications for credit comprises about 10 percent of your FICO score. It has the most impact on people who do not have a long-established credit history.
* Another 10 percent of your FICO score is derived from the types of credit you presently have, credit cards, installment loans or mortgage loans.
Other factors that influence your FICO score include how your income compares to your present level of debt, your employment history and how long you've lived at your current residence. U.S. law forbids personal information such as ethnicity, religion, sex or marital status from being reflected in your FICO score.
=======================
Everyone seemed to have their version how FICO is scored. I don't know few people claiming high FICO are misleading others by leaving some info or not for the sake of their own internet vanity (like newbie track goers deducting R/T off their ETA).
From my experience, closing CCs, not your oldest and/or highest credit balance limit, is negligible at best.
Example 1: If you make +100K a year, having a bunch of CCs will not hurt you, unless maxing them out or failure to pay them. Otherwise, lenders will overlook it.
Example 2: If you make around 15 grand a year and having a bunch of CCs, you'll have an ugly beacon score. Too much revolving credit, not enough income to debit ratio.
Example: About 1.5 years ago, my dad had passed away. Within two months after his death, two of the 3 CCs (don't know how he ever gotten it, because I never ever saw him apply for one) gave him a balance increase. My dad never used any CC, just once for draft protection on his bank account for bouncing a check. In the end, I closed all accounts. So the moral of the story for few people, I should have left the accounts open to garner better beacon scores for a DEAD MAN.
Bankruptcies hurt your FICO, but I know few people who have bought boats (+15 foot) within 6 months via loan and low interest . . . don't know how they have done it. BTW: they also bought a +2000 sq foot house too. It's obvious they and others across the US have found some loopholes that I'm not aware of.
This proves my point that having too many credit cards is NOT always a good thing for your credit. Can we end this stale debate now?
Oct 24, 2005, 05:10 AM
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If anyone wants to do a social experiment, get a bunch of college grads or not (age 16-25) across the US . . . fill them up w/ CCs like up to 6 or more . . . whatever job they find or racking up debt. Then, get a sampling of their FICO. I'm willing to bet +65% (a conservative estimate) of them will have an ugly beacon.
Oct 24, 2005, 05:12 AM
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Originally Posted by bahamut
If anyone wants to do a social experiment, get a bunch of college grads or not (age 16-25) across the US . . . fill them up w/ CCs like up to 6 or more . . . whatever job they find or racking up debt. Then, get a sampling of their FICO. I'm willing to bet +65% (a conservative estimate) of them will have an ugly beacon.
Oct 24, 2005, 05:13 AM
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no, that is NOT what you said...i just quoted what you originally said...ill quote it again in case you missed it
this is incorrect...you have been proven that it is incorrect even with the link that YOU used for reference...
the part that is getting old is the fact that NO ONE ELSE suggested opening new card to increase your credit score...YOU brought that up...you have been proven wrong, yet you continue to try to back step and bring up stuff that is of no concern in order to try to validate what you were saying
just admit you were wrong and be done with it
Originally Posted by Sinister Subaru
Ditch cards you don't use.
the part that is getting old is the fact that NO ONE ELSE suggested opening new card to increase your credit score...YOU brought that up...you have been proven wrong, yet you continue to try to back step and bring up stuff that is of no concern in order to try to validate what you were saying
just admit you were wrong and be done with it
Oct 24, 2005, 05:17 AM
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Originally Posted by EVOtagger
no, that is NOT what you said...i just quoted what you originally said...ill quote it again in case you missed it
this is incorrect...you have been proven that it is incorrect even with the link that YOU used for reference...
the part that is getting old is the fact that NO ONE ELSE suggested opening new card to increase your credit score...YOU brought that up...you have been proven wrong, yet you continue to try to back step and bring up stuff that is of no concern in order to try to validate what you were saying
just admit you were wrong and be done with it
this is incorrect...you have been proven that it is incorrect even with the link that YOU used for reference...
the part that is getting old is the fact that NO ONE ELSE suggested opening new card to increase your credit score...YOU brought that up...you have been proven wrong, yet you continue to try to back step and bring up stuff that is of no concern in order to try to validate what you were saying
just admit you were wrong and be done with it
You two keep rambling on about "opening new cards." Read what I said AGAIN. What I said was, "IF HAVING ALL SORTS OF OPEN CREDIT CARDS WERE GOOD FOR YOUR CREDIT, EVERYONE WOULD BE APPLYING FOR EVERY OFFER THEY RECEIVED."
Again, what aren't you understanding about the above statement? Not to mention, my question has been dodged NUMEROUS times.
Oct 24, 2005, 05:18 AM
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Originally Posted by Sinister Subaru
Excellent post, and information! This proves my point that having too many credit cards is NOT always a good thing for your credit.
Can we end this stale debate now?
This proves my point that having too many credit cards is NOT always a good thing for your credit. Can we end this stale debate now?
Originally Posted by bahamut
People that use a larger percentage of their available credit are a greater credit risk than people who use only a small percentage.
NO ONE IS SAYING THAT YOU CAN OPEN UP A BUNCH OF CARDS TO RAISE YOUR CREDIT SCORE!!!!!!!!!!!!!!