Wanted to share some information about a new credit card that's making it's way into the wallets of millions throughout the US, the
revolutioncard. While it offers some really exciting features, I'd considered one particularly pointed toward the ever popular topic of FICO scoring.
So to start, a little education for some friendos who seemed lacking at my last mention of this exciting new card:
"Account balance increases – How these affect your FICO® score
A balance increase on an account may lower your FICO® score.
A large balance on an account, or balances on many accounts, can be a sign that you may be having trouble paying back debts. Since your FICO® score measures the chances that you will pay back a debt, larger balances or balances on more accounts can lower your score.
"Maxing out" a credit card or other line of credit is when the balance on the account comes close to the account's credit limit. This can dramatically lower your FICO® score because it is often a sign of a consumer who desperately needs credit and may not be able to pay it back.
The drop in your FICO® score caused by a balance increase can be reversed by paying down the balance."
Credit cards like the
revolutioncard are in effect great tools to have when you're establishing credit. While
revolutioncard offers MANY fantastic features, lets compare what we just read above, to one of the
revolutioncard's best attributes of all. Incidentally, the information above is quoted directly from the myFICO consumer credit service.
Non-reporting to the credit reporting agencies. Yes that's right, the
revolutioncard does not currently report to any of the three major credit reporting agencies. What does this mean to the card holder? It means plenty....
Comparing the informative quote above to the
revolutioncard we find it possible to:
1- Induce any kind of balance increase you can charge up on your
revolutioncard without worrying about lowering your FICO score.
2- Hold or carry a large balance on your
revolutioncard without it having an impact on your FICO score.
3- MAX OUT a
revolutioncard for whim or good reason, and yes once again, NOT find yourself worrying about the effect it would otherwise most certainly have on your FICO score, had it not been a
revolutioncard you MAXED OUT.
While these more than seem like big benefits, they amount to even more when you actually exercise the use of the
revolutioncard to offset the insignificantly small credit lines that you are subject to when you're establishing credit. Consider that to demonstrate to the credit reporting agencies that you use your available credit most responsibly, you must as a rule of thumb take care to not let your card report a balance of I ALWAYS say no more than 9% of your assigned credit limit. This leaves you working with a very low amount of credit indeed. It is a frustrating truth to many, but by the
revolutioncard not reporting such account details, you're able to access your credit limit to its FULLEST, without the fear of having your FICO score suffer.
If you have questions or comments, please consider the
revolutioncard website where you may check out lots of information and even apply for a
revolutioncard. Online applications are easy, secure, and offer approvals in seconds. Once you have your card, you can manage it completely online as well.
Gosh, that seemed like a lot to say. Sure was easy though, since as they say:
If you don't anything nice to say, don't say anything at all.
