Help me understand the buzz behind CLI's

[sarge12]

OK...The reason I focus on utilization so much is I aim to wind up with 850 credit scores across the board. The why is more complicated. In fact I do not actually even need credit period. I have enough assets to live without any credit at all. I worked for 35 years at a major tire manufacturer as a mechanic/electrician. I am divorced 58 years old and live alone. I loved my job and did it well. For the last 5 years of work I never even missed a day of work. In Sept. 2013 I had slight chest pain which proved to be pulmonary embolism and put me on medical leave. Since I was already on medical leave anyway I decided to get this slight limp that I had for over a year checked out. It was just a little limp, no pain even. An MRI revealed that it was stenosis of my cervical spine and had already caused some permenant damage to my spinal cord. Doctors said I would have 4 level cervical fusion or I would be paralized from neck down or dead in a year. So now I am on SSDI and will never be able to work again. My health also makes me very uncomfortable to be far from rest room, so I basically stay home 95% of the time. I have a healthy sum in my 401k and retirement so with the SSDI I have more than enough to live comfortably for many years. So now I spend a large amount of time to improve the credit score for credit I do not need because I have nothing better to do that I can do. Call it ego if you like!

[lhcole77]

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The best advise I could give anyone rebuilding is to read everything in the learn about scores section above and know exactly what is and is not in the scoring models. Then you can focus on the ones that are in your control. Pay special attention to the ones in the 35% and 30% catagories. I will say that bad habits are what causes most people to get in credit trouble, and good credit habits is the cure. Once you start practicing good credit habits for a while, it actually becomes somewhat addictive. It becomes...well..a habit! I use to have a hard time even remembering to pay my bills. Now I sometimes become impatient waiting on charges to post so I can pay them and I pay so often that I no longer even have to know when they are due. They all get paid at least twice a month.

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Which makes little financial sense, you want to have the issuer float the money as much as possible.   Once scores are high enough, it probably time to stop the maximization game, although I admit I still sometimes pay before statement cut, although now I have about 5 balances reporting

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Makes sense to me!!

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Not the same

[Anonymous]

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@sarge12 wrote:

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@Anonymous wrote:

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@sarge12 wrote:

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@Anonymous wrote:

I have not read all 11 pages of this thread, so forgive me if this has been stated already. Your question got me thinking today, and I have a theory.  A lot of us here are rebuilders.  We did not get ourselves in the situation of needing to rebuild by being naturally patient people.  Requesting credit limit increases can help people feel like they are actively doing something now to work on their credit, rather than just waiting for time alone to heal it. It's something to do.  It generally does no harm if the requesti is a SP, and for a rebuilder, it can certainly help.

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The best advise I could give anyone rebuilding is to read everything in the learn about scores section above and know exactly what is and is not in the scoring models. Then you can focus on the ones that are in your control. Pay special attention to the ones in the 35% and 30% catagories. I will say that bad habits are what causes most people to get in credit trouble, and good credit habits is the cure. Once you start practicing good credit habits for a while, it actually becomes somewhat addictive. It becomes...well..a habit! I use to have a hard time even remembering to pay my bills. Now I sometimes become impatient waiting on charges to post so I can pay them and I pay so often that I no longer even have to know when they are due. They all get paid at least twice a month.

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Which makes little financial sense, you want to have the issuer float the money as much as possible.   Once scores are high enough, it probably time to stop the maximization game, although I admit I still sometimes pay before statement cut, although now I have about 5 balances reporting

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Makes sense to me!!!!

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Your response sort of shows my point.   Score is NOT "financial", when you are around 800 you may want to keep your money as long as possible rather than go for a few extra points   (And if score is everything, mine range from 845-850 so clearly my words must carry more weight!)

[Anonymous]

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@sarge12 wrote:

OK...The reason I focus on utilization so much is I aim to wind up with 850 credit scores across the board. The why is more complicated. In fact I do not actually even need credit period. I have enough assets to live without any credit at all. I worked for 35 years at a major tire manufacturer as a mechanic/electrician. I am divorced 58 years old and live alone. I loved my job and did it well. For the last 5 years of work I never even missed a day of work. In Sept. 2013 I had slight chest pain which proved to be pulmonary embolism and put me on medical leave. Since I was already on medical leave anyway I decided to get this slight limp that I had for over a year checked out. It was just a little limp, no pain even. An MRI revealed that it was stenosis of my cervical spine and had already caused some permenant damage to my spinal cord. Doctors said I would have 4 level cervical fusion or I would be paralized from neck down or dead in a year. So now I am on SSDI and will never be able to work again. My health also makes me very uncomfortable to be far from rest room, so I basically stay home 95% of the time. I have a healthy sum in my 401k and retirement so with the SSDI I have more than enough to live comfortably for many years. So now I spend a large amount of time to improve the credit score for credit I do not need because I have nothing better to do that I can do. Call it ego if you like!

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It sounds like a healthy hobby to me.  I'm sorry to read of your health situation. 

[SouthJamaica]

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@sarge12 wrote:

OK...The reason I focus on utilization so much is I aim to wind up with 850 credit scores across the board. The why is more complicated. In fact I do not actually even need credit period. I have enough assets to live without any credit at all. I worked for 35 years at a major tire manufacturer as a mechanic/electrician. I am divorced 58 years old and live alone. I loved my job and did it well. For the last 5 years of work I never even missed a day of work. In Sept. 2013 I had slight chest pain which proved to be pulmonary embolism and put me on medical leave. Since I was already on medical leave anyway I decided to get this slight limp that I had for over a year checked out. It was just a little limp, no pain even. An MRI revealed that it was stenosis of my cervical spine and had already caused some permenant damage to my spinal cord. Doctors said I would have 4 level cervical fusion or I would be paralized from neck down or dead in a year. So now I am on SSDI and will never be able to work again. My health also makes me very uncomfortable to be far from rest room, so I basically stay home 95% of the time. I have a healthy sum in my 401k and retirement so with the SSDI I have more than enough to live comfortably for many years. So now I spend a large amount of time to improve the credit score for credit I do not need because I have nothing better to do that I can do. Call it ego if you like!

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It's become kind of a hobby for me too.

The main thing about hobbies is whether they are enjoyable or not; I happen to enjoy it, some people could care less.

So far it's turning out to be a very practical hobby, because it got me a car loan at an interest rate much lower than anything I'd ever seen before in my life.

Unlike you, I have no confidence that I will never need credit; maybe I will, maybe I won't. But either way it's nice to know it's there if you do need it.

While I would love to have 850 scores I doubt I'll ever be able to go long enough without applying for something to achieve one

[SouthJamaica]

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@sarge12 wrote:

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@Anonymous wrote:

I have not read all 11 pages of this thread, so forgive me if this has been stated already. Your question got me thinking today, and I have a theory.  A lot of us here are rebuilders.  We did not get ourselves in the situation of needing to rebuild by being naturally patient people.  Requesting credit limit increases can help people feel like they are actively doing something now to work on their credit, rather than just waiting for time alone to heal it. It's something to do.  It generally does no harm if the requesti is a SP, and for a rebuilder, it can certainly help.

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The best advise I could give anyone rebuilding is to read everything in the learn about scores section above and know exactly what is and is not in the scoring models. Then you can focus on the ones that are in your control. Pay special attention to the ones in the 35% and 30% catagories. I will say that bad habits are what causes most people to get in credit trouble, and good credit habits is the cure. Once you start practicing good credit habits for a while, it actually becomes somewhat addictive. It becomes...well..a habit! I use to have a hard time even remembering to pay my bills. Now I sometimes become impatient waiting on charges to post so I can pay them and I pay so often that I no longer even have to know when they are due. They all get paid at least twice a month.

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+1

[SouthJamaica]

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@Anonymous wrote:

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@sarge12 wrote:

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@Anonymous wrote:

I have not read all 11 pages of this thread, so forgive me if this has been stated already. Your question got me thinking today, and I have a theory.  A lot of us here are rebuilders.  We did not get ourselves in the situation of needing to rebuild by being naturally patient people.  Requesting credit limit increases can help people feel like they are actively doing something now to work on their credit, rather than just waiting for time alone to heal it. It's something to do.  It generally does no harm if the requesti is a SP, and for a rebuilder, it can certainly help.

---

The best advise I could give anyone rebuilding is to read everything in the learn about scores section above and know exactly what is and is not in the scoring models. Then you can focus on the ones that are in your control. Pay special attention to the ones in the 35% and 30% catagories. I will say that bad habits are what causes most people to get in credit trouble, and good credit habits is the cure. Once you start practicing good credit habits for a while, it actually becomes somewhat addictive. It becomes...well..a habit! I use to have a hard time even remembering to pay my bills. Now I sometimes become impatient waiting on charges to post so I can pay them and I pay so often that I no longer even have to know when they are due. They all get paid at least twice a month.

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Which makes little financial sense, you want to have the issuer float the money as much as possible.   Once scores are high enough, it probably time to stop the maximization game, although I admit I still sometimes pay before statement cut, although now I have about 5 balances reporting

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I strenuously disagree.

Anyone who thinks they can make money off of banks, through the use of credit cards, is operating under a delusion.

You may be appearing to be winning a few hands, but some day it will come up and bite you.

[sarge12]

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@Anonymous wrote:

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It sounds like a healthy hobby to me.  I'm sorry to read of your health situation. 

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Thanks...I of course had the surgery, and the little limp sort of comes and goes but at least I can walk, so it could have been worse. There is some strength loss on my right side, and I often have only minutes to reach a rest room but that has gotten better over time. I do miss my job terribly though, but at least I have no financial worries so I am much more fortunate than many people are in my situation. The crazy thing is the permenant damage may have been prevented if I had not ignored this limp, but the lack of pain made it easy to ignore. Living with pain can be horrible, but can also protect you by making a health problem impossible to ignore.

[Anonymous]

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@SouthJamaica wrote:

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@Anonymous wrote:

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@sarge12 wrote:

---

@Anonymous wrote:

I have not read all 11 pages of this thread, so forgive me if this has been stated already. Your question got me thinking today, and I have a theory.  A lot of us here are rebuilders.  We did not get ourselves in the situation of needing to rebuild by being naturally patient people.  Requesting credit limit increases can help people feel like they are actively doing something now to work on their credit, rather than just waiting for time alone to heal it. It's something to do.  It generally does no harm if the requesti is a SP, and for a rebuilder, it can certainly help.

---

The best advise I could give anyone rebuilding is to read everything in the learn about scores section above and know exactly what is and is not in the scoring models. Then you can focus on the ones that are in your control. Pay special attention to the ones in the 35% and 30% catagories. I will say that bad habits are what causes most people to get in credit trouble, and good credit habits is the cure. Once you start practicing good credit habits for a while, it actually becomes somewhat addictive. It becomes...well..a habit! I use to have a hard time even remembering to pay my bills. Now I sometimes become impatient waiting on charges to post so I can pay them and I pay so often that I no longer even have to know when they are due. They all get paid at least twice a month.

---

Which makes little financial sense, you want to have the issuer float the money as much as possible.   Once scores are high enough, it probably time to stop the maximization game, although I admit I still sometimes pay before statement cut, although now I have about 5 balances reporting

---

I strenuously disagree.

Anyone who thinks they can make money off of banks, through the use of credit cards, is operating under a delusion.

You may be appearing to be winning a few hands, but some day it will come up and bite you.

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And of course I disagree with your statement!   I was actually talking about something minor (paying on due date rather than much earlier allows you to maximize any interest or opportunity).   But in general it is easy enough to consistently use say a 2% cashback card, with auto pay set to PIF on due date, and providing you have a minimum of self control, you are indeed making small amounts of money.  (Not necessarily from the banks themselves, but the source hardly matters).

Then add in bonuses and you make some more.   Add in MS, and you can make much more with some added risks.

So not a delusion at all, again provided you enough self-control not to spend beyond your means.

[wasCB14]

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@SouthJamaica wrote:

I strenuously disagree.

Anyone who thinks they can make money off of banks, through the use of credit cards, is operating under a delusion.

You may be appearing to be winning a few hands, but some day it will come up and bite you.

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 Maybe you can't make money off of banks, but that doesn't mean others don't. Between price protection, travel perks, signup bonuses, and 5%+ cash back purchases I fare pretty well. I don't even MS...yet.

Not everyone on here buys stuff they can't afford, mistakes credit for emergency cash, or forgets to pay on time. Sure, a lot of people here do, and end up getting hit with fees and interest - but don't extend that behavior to everyone.