10-07-2007 09:50 PM
10-08-2007 05:43 AM - edited 10-08-2007 05:44 AM
10-08-2007 09:14 AM - edited 10-08-2007 09:17 AM
You don't actually have to carry the balance month-to-month. Just let each month's balance report to the credit bureaus, and then pay it in full before it's due, so you don't pay any finance charges. Call your CCC to find out when they report--after that, you can pay it off.
It's always been my understanding that by making charges on a credit card, then paying off the balance-in-full at the end of the month with an on-time payment, you will only be maintaining your current credit score. I've read (don't remember where...) that to improve your FICO score, you need to carry a balance from month-to-month, preferably below 10% of your credit limit and make an on-time payment. Is this accurate? Thanks
10-08-2007 10:30 AM - edited 10-08-2007 10:36 AM
10-08-2007 03:25 PM
10-08-2007 04:59 PM
Lady_Scarlet wrote:So I blew it by paying off my cards this month (Home Depot and JCP)?JCP plan is to charge my meds each month ($30 on 500CLI) and something small to make the amount different each month AT CVS (they take JCP)Home Depot - I'll use as we repair the boat (util under 10% reporting).
10-11-2007 05:45 AM
I do not dispute the truth of the FICO mantra that maintaining debt can lead to a higher FICO score. But the illogic of extending that mantra to the FICO-argued conclusions that maintaining debt is good, and that income and ability to pay debt should be ignored, both defy my logic. The credit scorers are wise enough to realize that there is a limit to our acceptance of this illogic, and thus only entice us to support it up to 9%. They make the credit merchants happy, so it serves their needs. They look at income and net worth when making credit decisions, and then use the FICO to justify a higher credit risk, and thus higher interest rates. Well, I must go now, for I have to complete my reading of the Emperor’s New Clothes, watch the latest episode of Chris Angel, Mindfreak, and saunter down to the ocean to watch the lemmings do their thing….
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.