@MountainHiker wrote:This is so sad. We can be penalized for wanting to stay debt free.
As I understand it, the so-called "All-Zero Penalty" isn't a penalty per-se; it is effectively representing a lack of bonus points for credit usage.
@MountainHiker wrote:Horseshoez
Yup I agree, was just joking a bit. It's ironic that we have spend money in order to increase our scores so we can save money.
Btw I like your credit cards. How it is having a Penfed credit card account? Are they good for rewards and a convenient 24 hour customer service?
The only time I used their customer service was when I opened up my SSL a couple years back; they were very personable and helpful. As for rewards, they are fair(ish); better than most, but harder to redeem. To be perfectly honest, I've pretty much sock-drawered my PenFed card.
In my experience there is very little impact on FICO without a mortgage. I have not had any mortgages in years and pay my cards in full daily, but this does not mean that balances do not ever report. Generally one or two cards a month will report a balance just due to timing of reporting that day before I pay off the cards. I am not willing to invest a ton of time to manage my cards and track their closing dates. I use my AMEX cards for almost everything except AMAZON where we use the AMAZON PRIME card. My scores usually sit around 840 - 850 except Experien, which is always in the high 700s. Possibly Experien does not like that my homes are paid off?? My advice is to not carry debt or incur interest for the sake of chasing a FICO score. Your scores are great and you do not have any installment loan interest. Why waste time getting a loan and paying 90% down and run the risk of some glitch causing an issue. No debt or the least debt possible is always the best course of action in life . . . in my opinion.
You paid off your mortgage and have a 830 credit score! Man you are winning in life! Please don't obsess about a 850 score.
NFCU GoRewards Sig ($40,000), NFCU Cash Rewards ($40,000), PenFed Power Cash ($25,000), FNBO Evergreen Visa ($20,000), Bread Financial Rewards Amex ($21,150), PNC Cash Rewards ($18,400), PNC Cashbuilder ($18,700) , One Key Mastercard ($14,000), Citi Double Cash ($11,600), US Bank Cash Plus($10,000), Discover It Cash ($9000), Capital One Quicksilver MC ($9000), TD Cash ($8000), Bank of America. Unlimited Cash Rewards ($7500), Fifth Third Unlimited Cash Back Mastercard ($7500), Wells Fargo Active Cash Sig($7000), Apple Card ($6000), Amex BCE($6000), Amex ED($6600), X1 Card ($5000), PNC Points ($8000), Amex Cash Magnet($2000), Fifth Third Truly Simple ($4000), Truist Spectrum Cash Rewards($4500), Truist Bright Card($4500), CapOne Quicksilver(Bucketed @$1500 manually lowered to $500), US Bank Cash+ ($1,000), WF mortgage 195K Fico 8: EQ 778, TU 765, EX 758 FICO 9:EQ 829, TU 812, EX 791, AAoA-97 months, AoOA-28 years