New Contributor
fico64
Posts: 61
Registered: ‎09-19-2010
Re: Trying to understand Fico scoring

An interesting sidenote, 3 weeks after my bank raised my credit card from 5.9% to 22%, they sent a letter offering me interest free purchases on the card for 6 months, then any unpaid balance at end of 6 months is subject to 22% interest.

 

I'm not going to play that game. Banks want people to go in debt.

 

I would think my 26 year history with 16 perfect accounts should have more influence on my credit scores. I think there is something flawed about this scoreing system. I'm not going to take on additional debt in retirement, need to be conservative.