increased interest rates on no balance=?score effected

[Anonymous]

I am reading a lot on here about CCs jacking up interest rates. With your credit score itself...do they look at the rate given?

I no longer have ANY CCs. I paid off $10,000 worth of CCs within a year. I no longer carry a balance anymore. I did notice that a CC upped the rate but would it matter to my score if I used it and paid it off right away without getting the interest in play?

Thanks,

my credit score is about 702...up from 550/600s Dec 2007.

[Junejer]

The interest rate doesn't have any bearing on your FICO score, whatsoever. It could be 1000% APR and wouldn't have any power to move your score one point. Also, as long as you PIF by the due date, the 1000% APR would affect you either.

Welcome to the forums, by the way. Please read Credit Scoring 101, if you haven't already.

[llecs]

Your FICO score doesn't take your APR into consideration at all. In fact, other CCCs won't even look at the rate you have when considering for credit because they cannot see it.

Congrats on being debt free!!!

You can use your card monthy and still PIF to get it to report $0. You need to figure out when your CCs or CC reports to the CRAs and time it to where you have a $0 balance on the day it reports. Most CCCs report on your statement date.



Edit to add...Byrdman was ever so slightly faster this time....darn phone call distracted me.

Message Edited by llecs on 03-03-2009 10:42 AM