Do you think the CCC's have people on MyFico reading what we are saying??

[Anonymous]

That's the thing that is ridiculous. Half of these "red flag" items are the exact same items that the credit card companies are offering the rewards for...so what the hell do they think the customers are going to buy? Do I need to pay for my groceries with a credit card? NO!  But, am I going to because I'm going to get money back, YES! 

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@FretlessMayhem wrote:

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@xkaosx wrote:

I just saw on the news that credit card companies were monitoring peoples credit usage so much now and reducing credit if certain factors were met and an indicator you may be in credit or financial trouble

Among these I can remember off the top of my head was

Paying for groceries with Credit

Buying retreaded Tires instead of new tires

People were getting credit limit decreases with these flags

blew my mind

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Hmm. I buy all my groceries with a CC. Food money adds up to serious cash back at the end of the year.

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[FretlessMayhem]

I would think the obvious sign of financial troubles would be maybe, fresh 30 day lates on a CR?

[Anonymous]

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FretlessMayhem wrote:
I would think the obvious sign of financial troubles would be maybe, fresh 30 day lates on a CR?

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Makes a lot more sense then considering people who are smart enough to take advantage of their rewards programs a high risk...

[Anonymous]

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MidnightVoice wrote:

I had a Chase CSR suggest this place as an excellent source of information!

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My mortgage broker from Chase sent me here to clean up my credit.

I found out yesterday he retired, though. Oh well. I am still waiting, but he would be proud of me breaking into the 700 club and NO baddies!!

[Susyflower]

I actually found out about MyFico through an online credit rebuilding article on MSN...if financial advisors are talking up this place the CCC's for sure know about it and probably take a look.

[smoothjk]

This thread is making me nervous to post details now haha. Time to remove some info from my sig

[Anonymous]

Yeah, for all we know, some of the contributors on here may be CRA employees!

[thrasher865]

I would bet that when you read about certain purchases affecting how you look to the CCCs, the type of card is a big factor in this.  For example, buying groceries on a high APR rebuilder card would look bad, but buying groceries on a card that REWARDS you for buying groceries would not be taken into consideration, lol.

You gotta think about specific scenarios, not broad picture things.  Merely examples of what factors the CCCs have used, not what they do use on a regular basis.  These are not blanket statements that apply to every CC issuer and under every circumstance.

[Anonymous]

I agree with this-

They are looking for "Changes" in spending/charging patterns.

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thrasher865 wrote:

I would bet that when you read about certain purchases affecting how you look to the CCCs, the type of card is a big factor in this.  For example, buying groceries on a high APR rebuilder card would look bad, but buying groceries on a card that REWARDS you for buying groceries would not be taken into consideration, lol.

You gotta think about specific scenarios, not broad picture things.  Merely examples of what factors the CCCs have used, not what they do use on a regular basis.  These are not blanket statements that apply to every CC issuer and under every circumstance.

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[Anonymous]

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thrasher865 wrote:

I would bet that when you read about certain purchases affecting how you look to the CCCs, the type of card is a big factor in this.  For example, buying groceries on a high APR rebuilder card would look bad, but buying groceries on a card that REWARDS you for buying groceries would not be taken into consideration, lol.

You gotta think about specific scenarios, not broad picture things.  Merely examples of what factors the CCCs have used, not what they do use on a regular basis.  These are not blanket statements that apply to every CC issuer and under every circumstance.

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Um, are you working for the CCC's or CRAs?  Just kidding. Actually what you said makes a lot of sense, and I hope they do take that into consideration because I'm still using my cards to benefit my needs.