topic Re: According to this report, where you use your card can hurt! Check this out. in Credit Cards

According to this report, where you use your card can hurt! Check this out.

davidboca — Mon, 23 Jun 2008 23:20:34 GMT

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=8482344&ch=4226713&src=news

Interesting and sad!

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Mon, 23 Jun 2008 23:30:52 GMT

Hilarious! I guess AMEX won't leave home when I go to the Tavern anymore. Gosh, how many points do you think I lose for going to Ross, TJMaxx and Marshalls every other day...lol! Simply hilarious.

Thanks for the article.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 00:22:23 GMT

davidboca wrote:

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=8482344&ch=4226713&src=news

Interesting and sad!

Ridiculous and misleading!

For the first two minutes of the interview, they are discussing their shock and outrage at the "fact" that "your credit rating will be affected by where you use your credit card!"

All the while, they are flashing statistics on the screen regarding traditional credit scoring models. "Credit scores range from 300-850." Blah, blah, blah.

Not until about two minutes into it are we then informed that this discussion has nothing to do with actual credit scores that are calculated at the CRAs. Instead, we're talking about internal risk models that CCCs themselves use in order to determine risk levels for their cardholders.

Just to be clear, since the interviewer herself (and the interviewee) didn't think it was very important to mention until the interview was more than halfway over:

This has nothing whatsoever to do with FICO or any other consumer credit score.

Period.

Even after that little tidbit was mentioned, they still found it necessary to mention Fair Isaac in the graphics on the screen.

This is journalism?

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 00:27:00 GMT

Interesting ! I didn't know actual credit card companies determine your "risk" based on where you shop. Very very interesting.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 00:27:46 GMT

cheddar wrote:

davidboca wrote:

http://cosmos.bcst.yahoo.com/up/player/popup/?rn=3906861&cl=8482344&ch=4226713&src=news

Interesting and sad!

Ridiculous and misleading!

For the first two minutes of the interview, they are discussing their shock and outrage at the "fact" that "your credit rating will be affected by where you use your credit card!"

All the while, they are flashing statistics on the screen regarding traditional credit scoring models. "Credit scores range from 300-850." Blah, blah, blah.

Not until about two minutes into it are we then informed that this discussion has nothing to do with actual credit scores that are calculated at the CRAs. Instead, we're talking about internal risk models that CCCs themselves use in order to determine risk levels for their cardholders.

Just to be clear, since the interviewer herself (and the interviewee) didn't think it was very important to mention until the interview was more than halfway over:

This has nothing whatsoever to do with FICO or any other consumer credit score.

Period.

Even after that little tidbit was mentioned, they still found it necessary to mention Fair Isaac in the graphics on the screen.

This is journalism?

No, it's FoxNews.

Re: According to this report, where you use your card can hurt! Check this out.

haulingthescoreup — Tue, 24 Jun 2008 00:28:20 GMT

There have been random posts here about where not to use your card first time out. Seems like Home Shopping Network was naughty, go figure.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 00:28:49 GMT

firstinlastout wrote:
Interesting ! I didn't know actual credit card companies determine your "risk" based on where you shop. Very very interesting.

Yes, many of them do this.

They like Starbucks, btw.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 01:09:12 GMT

cheddar wrote:

firstinlastout wrote:
Interesting ! I didn't know actual credit card companies determine your "risk" based on where you shop. Very very interesting.
Yes, many of them do this.

They like Starbucks, btw.

Well if they like Starbucks, I should have a $40k credit line with Chase by next month!

Re: According to this report, where you use your card can hurt! Check this out.

smallfry — Tue, 24 Jun 2008 01:51:30 GMT

@Anonymous wrote:

@Anonymous wrote:
Interesting ! I didn't know actual credit card companies determine your "risk" based on where you shop. Very very interesting.
Yes, many of them do this.
They like Starbucks, btw.

The 5 Dollar breakfast at Mickie D's wasn't a good idea huh?

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 02:10:35 GMT

Talk about blatant snob appeal.

I think they're playing with fire. All it would take would be for a lawyer somewhere to show that these businesses that AMEX apparently frowns on using a card for have a higher-than-average patronage by minorities, and WHAM--you've got a class-action lawsuit for racially discriminatory practices in granting credit.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 05:50:10 GMT

Interesting, but crap.

It does not make sense. How can a lender or even whoever control your score!!.. that means each credit bureaus receive your detail monthly statements with the closing report for each credit card you have then do the math for every purchase you made, unbelievable.

Re: According to this report, where you use your card can hurt! Check this out.

haulingthescoreup — Tue, 24 Jun 2008 10:26:40 GMT

@Anonymous wrote:
Interesting, but crap.

It does not make sense. How can a lender or even whoever control your score!!.. that means each credit bureaus receive your detail monthly statements with the closing report for each credit card you have then do the math for every purchase you made, unbelievable.

Agree with you and cheddar! Shoddy journalism. It doesn't affect your scores at all; only that mysterious fecal chart that AmEx keeps on all of us.

Chase gives me 2 points for fast-food (and sit-down) restaurants, so marty's $5 Mickey D's breakfast works just fine with them! I've gained lots of points, and about 10 pounds, since getting that one. Time to go back to my coffee and toast at home.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 14:36:35 GMT

I've been rewatching this video and reading other articles in sync with it and I do have one question...

How is purchasing tires for your vehicle considered risky use of your credit card? What the heck IS acceptable, if that's not?

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 14:45:02 GMT

@haulingthescoreup wrote:

@Anonymous wrote:
Interesting, but crap.

It does not make sense. How can a lender or even whoever control your score!!.. that means each credit bureaus receive your detail monthly statements with the closing report for each credit card you have then do the math for every purchase you made, unbelievable.

Agree with you and cheddar! Shoddy journalism. It doesn't affect your scores at all; only that mysterious fecal chart that AmEx keeps on all of us.

Chase gives me 2 points for fast-food (and sit-down) restaurants, so marty's $5 Mickey D's breakfast works just fine with them! I've gained lots of points, and about 10 pounds, since getting that one. Time to go back to my coffee and toast at home.

Ew, fecal chart. Haha.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 15:04:13 GMT

LMAO...if this is the case, then I wonder what Cap One thinks of me. My actual first purchase with their card was a $40 bottle of Scotch!!

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 15:08:40 GMT

gettintherequick wrote:

LMAO...if this is the case, then I wonder what Cap One thinks of me. My actual first purchase with their card was a $40 bottle of Scotch!!

It's not what you buy, but where you buy it that matters.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 15:18:16 GMT

cheddar wrote:

gettintherequick wrote:
LMAO...if this is the case, then I wonder what Cap One thinks of me. My actual first purchase with their card was a $40 bottle of Scotch!!

It's not what you buy, but where you buy it that matters.

I understand that. On the charge was listed the name of the local liquor store that I puchased it from. The name of the store is " Nassau Liquors". Not much to be left to the imagination on that name.

Oh well, they will just have to get over it. I'm not bothered and if they are, tough. I just thought after that article, what a way to start a relationship. LOL

Re: According to this report, where you use your card can hurt! Check this out.

haulingthescoreup — Tue, 24 Jun 2008 15:23:52 GMT

@Anonymous wrote:
@haulingthescoreup wrote:
@Anonymous wrote:
Interesting, but crap.

It does not make sense. How can a lender or even whoever control your score!!.. that means each credit bureaus receive your detail monthly statements with the closing report for each credit card you have then do the math for every purchase you made, unbelievable.
Agree with you and cheddar! Shoddy journalism. It doesn't affect your scores at all; only that mysterious fecal chart that AmEx keeps on all of us.

Chase gives me 2 points for fast-food (and sit-down) restaurants, so marty's $5 Mickey D's breakfast works just fine with them! I've gained lots of points, and about 10 pounds, since getting that one. Time to go back to my coffee and toast at home.
Ew, fecal chart. Haha.

Can't use the more common version of the term.

Re: According to this report, where you use your card can hurt! Check this out.

KingAdrock — Tue, 24 Jun 2008 20:15:07 GMT

What a joke. The tagline says "Where you swipe your card can affect your credit score." Then they casually (and oddly without much concern) mention that it actually doesn't affect your score at all.

Re: According to this report, where you use your card can hurt! Check this out.

Anonymous — Tue, 24 Jun 2008 20:15:45 GMT

KingAdrock wrote:
What a joke. The tagline says "Where you swipe your card can affect your credit score." Then they casually (and oddly without much concern) mention that it actually doesn't affect your score at all.

Yep, as I said: Journalism at its finest.