I don't think a constant revolving balance would hurt fico, increases would though. They grab your current account status every month, so they can sense when you might be getting into trouble.
Credit Card Act of 2009 about to kick in
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I don't think a constant revolving balance would hurt fico, increases would though. They grab your current account status every month, so they can sense when you might be getting into trouble.
I didn't realize so many people were still using paper checks on such a regular basis. That's why banks are encouraging the use of debit cards. it costs less to process the transaction than paper checks. Never had a debit card and probably never will. Don't see myself affected by any of this. Interest rate changes on credit cards won't affect me. If my cards have any hidden fees like charging me for paper statements, I guess I wait to find out and then take action. Not worried about any of this right now. A good customer fee would cause me to abandon the credit card company permanently.
No, I was thinking of not paying it for 60 days.
Still think the whole credit score thing is a giant steaming pile though.
Oh, I see where you were going. I am thinking paying it in two months to avoid the new proposed annual fees.
I know and there seems to be no rhyme or reason to the scoring, methodology and algorithms used. One of the things does really concerns me is the 'residual interest' they get away with charging.
I might go back to writing more checks, but online bill pays are so much more convenient. I use the check card regularly and it's protected by VISA, so makes sense to me instead carrying a lot of cash. But, there will be more fees with this and I might just bury greenbacks in mason jars in the backyard then.
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My issue is the lifetime file that is being compiled with all of my financial info that I CANNOT freely access.
Yes, I do the free credit report every year, but how f'ed up is it that I can't know the magic FICO score that determines the rate I pay for everything? :angry:
Yes, I do the free credit report every year, but how f'ed up is it that I can't know the magic FICO score that determines the rate I pay for everything? :angry:
You can get that from the credit reporting agencies. I use TrueCredit once a year to keep an eye on things, they'll tell you the FICO each of the big three report to vendors.
People like you and me who do not carry balances on their cards are not good customers. CC companies don't like us because we don't make them any money. They like people who carry balances and make their payments. Calling us "good customers" and slapping a fee just proves it...
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When Y'all check your credit reports, some repositories will charge a one time fee of $29 or so for the actual score. What I have found is that when you pull this vs. what I pull for you, my score is usually a little lower.
I don't know why this is different, but when applying for consumer credit of any kind you'll be rated on what the bank pulls as it is the accurate score. Just FYI~~~~~~~
I have found that www.equifax.com has been the most accurate.....this one is called the Beacon score as opposed to the FICO, but when you look at a trimerge report (all three bureaus), Equifax might rate me lower than the next person. Or, vs.
I don't know why this is different, but when applying for consumer credit of any kind you'll be rated on what the bank pulls as it is the accurate score. Just FYI~~~~~~~
I have found that www.equifax.com has been the most accurate.....this one is called the Beacon score as opposed to the FICO, but when you look at a trimerge report (all three bureaus), Equifax might rate me lower than the next person. Or, vs.
This is a fantastic website that covers just about anything having to do with credit, FICO, debt, etc. Very user friendly. They also have a forum where you can learn lots of stuff. Free Credit Reports Credit Repair Counseling Increase Your Credit Score Debt Consolidation
By the way, I heard on NPR last week that checks will officially be done away with in England in a few years.
I don't see what the big deal is with the banks strong arming customers into e-statements, it is good for both consumer, environment and bank.
By the way, I heard on NPR last week that checks will officially be done away with in England in a few years.
I don't see what the big deal is with the banks strong arming customers into e-statements, it is good for both consumer, environment and bank.
If they cared about the environment they wouldn't send me all the special offers and catalogs - at multiple addresses and under different names.
I like my paper bank & CC statements so I can double check transactions and keep records for taxes - everything else I have tried to go paperless. Tried being the key word as it's a constant battle - and that's when they don't get to make money off of it (besides for putting me on mailing lists and selling my info).
If people want to get mailed a bill I don't think they should have to PAY for it. Grandma Scooterbug certainly doesn't use a computer and many people do not have a home computer or regular access to one.
I like my paper bank & CC statements so I can double check transactions and keep records for taxes - everything else I have tried to go paperless. Tried being the key word as it's a constant battle - and that's when they don't get to make money off of it (besides for putting me on mailing lists and selling my info).
If people want to get mailed a bill I don't think they should have to PAY for it. Grandma Scooterbug certainly doesn't use a computer and many people do not have a home computer or regular access to one.