@toi34 wrote:
@Stralem wrote:
@mrlh1980 wrote:Why not paid in full? I don't spend whatever I can't pay in full. I love the American Express charge card for this. I'm sure other companies would like to see paid in full vs not paid in full. I even spoke with a credit analysts from Bank of America, she mentioned what they like to see is payments in full. That shows great responsibilities. Then she mentioned about my utilization being 5% is great. Now, this month my utilization went to 2%. Which only gave me 8 points on Transunion from 755 to 763
Yeah, because the only reason people carry balances is to buy the newest sneakers and video gaming machines.
Sudden vehicle repair costs and unexpected medical expenses?
Pssssssh!
Judgemental **bleep**.
YES...you are being judgemental and you definately don't know what you're talking about. Truth be told, people can do whatever they want with their credit -- operative word(s) THEIR CREDIT, and thus it is none of your business. If you're not going to stay positive, as per the decorum policy, then stay off.
On another note, in order for one to build credit, he/she needs to demonstrate good payment activity over time; in order to do that one would need to carry balances and pay them off responsibly OVER TIME....get it???
Really? I'm being judgemental because I mention pay in full? Ha okay.
@mrlh1980 wrote:
@Stralem wrote:
@mrlh1980 wrote:Why not paid in full? I don't spend whatever I can't pay in full. I love the American Express charge card for this. I'm sure other companies would like to see paid in full vs not paid in full. I even spoke with a credit analysts from Bank of America, she mentioned what they like to see is payments in full. That shows great responsibilities. Then she mentioned about my utilization being 5% is great. Now, this month my utilization went to 2%. Which only gave me 8 points on Transunion from 755 to 763
Yeah, because the only reason people carry balances is to buy the newest sneakers and video gaming machines.
Sudden vehicle repair costs and unexpected medical expenses?
Pssssssh!
Judgemental **bleep**.
It's called saving. I have saving just in case something happen. I'm sure they taught you this in school. Rule of thumb you should have at least 6 months savings.
Guess what, champ? **bleep** happens, and sometimes, the **bleep**-happens fund isn't enough.
But no, please continue your finger-wagging in a thread where the OP asked specifically for preening *people* like you not to post. Go right on ahead.
Everyone here is dying to know just how perfect you are.
mod edit: choice of words
@longtimelurker wrote:
@toi34 wrote:
...and so is mine. In fact, doing it my way netted me 11 points in February/March, and 23 points in March/April. My balances from my January shopping spree will be paid off in May, and I guarantee that I will net more Fico points for the April/May cycle. Paying your balances off overtime will net Fico points, period.
Right, as I said in the original post you attacked, you gain positive history by sticking to the terms of the credit agreement, which basically means paying at least the minumum by payment due date. You made the claim that you had to carry a balance to gain positive history. And that is not true, period.
This thread is getting a bit combative, but longtimelurker has been doing this for a long time and is correct. Carrying a balance does not earn FICO points. It will, however, cost you money in interest.
EX:694 TU:744 EQ:777
Reading through this thread, was not pleased in the path it was taking. Will weigh in momentarily.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
I think we got a bit OT on this, and some carried it a bit far. The OP wanted to know about how much extra to pay. There are varying thoughts and situations on this, and it's not a one size fits all. My simple answer would be as much as possible, especially if there was interest being applied. If it was an introductory 0%, then I might pace it out to have it paid off before that wore off.
Now, some points of interest. No, carrying balances does not "earn" FICO points. That is not factored in. Only the util percentage, and how many accounts have balances are figured in. On another note, FICO has no memory of balances, so if util is paid down, then that is scored, and no useage in the past is factored in.
It's always a YMMV type of thing, but please remember, you don't force feed suggestions or advice down someone's throat, and get mad if someone coughs. And, also, don't ask for someone's opinion and then get upset if it's not what you wanted to hear. Not aimed directly at you OP, you were very nice and understanding.
Now,,,, for my last point of advice. Play nice, or else!
Thank you,
Shogun, myFICO moderator.
July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge
Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
June 2017 update: All scores over 820, just pure gardening now.
@Chris679 wrote:
I want to get my two cents in before it gets deleted. OP specifically said not to waste your breath getting on high horse about PIF, why is this so hard? Also, carrying a balance increases FICO? Absolutely not true. You just want to report a balance on at least one card.
+1 And it was a nice and appropriate warning considering that it was obvoius some people were going to just do that. There are so many reasons why someone would need to carry a balance and I like someone else said, it's THEIR credit. Anyway, I still managed to get a few useful pieces of information out of this thread 
@Stralem wrote:
@mrlh1980 wrote:
@Stralem wrote:
@mrlh1980 wrote:Why not paid in full? I don't spend whatever I can't pay in full. I love the American Express charge card for this. I'm sure other companies would like to see paid in full vs not paid in full. I even spoke with a credit analysts from Bank of America, she mentioned what they like to see is payments in full. That shows great responsibilities. Then she mentioned about my utilization being 5% is great. Now, this month my utilization went to 2%. Which only gave me 8 points on Transunion from 755 to 763
Yeah, because the only reason people carry balances is to buy the newest sneakers and video gaming machines.
Sudden vehicle repair costs and unexpected medical expenses?
Pssssssh!
Judgemental **bleep**.
It's called saving. I have saving just in case something happen. I'm sure they taught you this in school. Rule of thumb you should have at least 6 months savings.
Guess what, champ? **bleep** happens, and sometimes, the **bleep**-happens fund isn't enough.
But no, please continue your finger-wagging in a thread where the OP asked specifically for preening *people* like you not to post. Go right on ahead.
Everyone here is dying to know just how perfect you are.
mod edit: choice of words
Ha no need you made it perfectly clear "I am perfect".