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Credit scores lowered from shopping at gas station stores???

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sarchin
Valued Member

Credit scores lowered from shopping at gas station stores???

This is a copy of a comment from an article about The Home Depot changing how they calculate timesheets. 

 

anyoneever heard of this?

 

did you know that credit scores are lowered by lots of purchases from gas stations?  the "reasoning" is that someone willing to waste more money at a gas station rather than buying the same items from a grocery store or Walmart isn't financially responsible...

Nevermind the fact that, in many low-income neighborhoods, where people often don't have cars they can readily drive to the store, the only viable option to get that gallon of milk or bag of chips they're out of is to go to the local gas station.  They're called "food deserts" for a reason.
And it doesn't matter if that person n
ever misses a payment on their credit card, they still get penalized for buying a lot of stuff from the gas station in the first place








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Message 1 of 20
19 REPLIES 19
coldfusion
Community Leader
Mega Contributor

Re: Credit scores lowered from shopping at gas station stores???

 

I'd like to see that article so I can read it.  

 

The food deserts issue is a real one where there is a lack of nearby full-service grocery stores, but I'm interested in reading how they describe the direct association between where and what you purchase for groceries and your FICO scores. 

 

 

(3/2024)
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 2 of 20
sarchin
Valued Member

Re: Credit scores lowered from shopping at gas station stores???

https://www.msn.com/en-us/money/news/home-depot-will-scrap-controversial-timesheet-rounding-and-pay-... 

 

I'm not saying I believe it, just curious what people think.

 

This isn't from the article itself, it's in the comments by Cathy Rado, I have to be in private mode to view comments.  And, here's a screenshot as well.

gasstation.png

 








Starting Score: ~670
Current Score:~684
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Message 3 of 20
SouthJamaica
Mega Contributor

Re: Credit scores lowered from shopping at gas station stores???


@sarchin wrote:

This is a copy of a comment from an article about The Home Depot changing how they calculate timesheets. 

 

anyoneever heard of this?

 

did you know that credit scores are lowered by lots of purchases from gas stations?  the "reasoning" is that someone willing to waste more money at a gas station rather than buying the same items from a grocery store or Walmart isn't financially responsible...

Nevermind the fact that, in many low-income neighborhoods, where people often don't have cars they can readily drive to the store, the only viable option to get that gallon of milk or bag of chips they're out of is to go to the local gas station.  They're called "food deserts" for a reason.
And it doesn't matter if that person n
ever misses a payment on their credit card, they still get penalized for buying a lot of stuff from the gas station in the first place


I'm pretty sure it's not true.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 4 of 20
JoeRockhead
Senior Contributor

Re: Credit scores lowered from shopping at gas station stores???

Have never heard this, my Initial reaction... Sounds like some kind of crackpot conspiracy theory

Message 5 of 20
coldfusion
Community Leader
Mega Contributor

Re: Credit scores lowered from shopping at gas station stores???

I looked at the related comments.

 

IMO that person is either a troll or has been looking at waaaaay too many low quality YouTube videos.

(3/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
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Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 6 of 20
SouthJamaica
Mega Contributor

Re: Credit scores lowered from shopping at gas station stores???


@JoeRockhead wrote:

Have never heard this, my Initial reaction... Sounds like some kind of crackpot conspiracy theory


Agreed. Just sounds like something someone made up.

 

What would be the negative reason code in FICO -- "Buys unhealthy snack food"?


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 7 of 20
pizzadude
Credit Mentor

Re: Credit scores lowered from shopping at gas station stores???


@sarchin wrote:

This is a copy of a comment from an article about The Home Depot changing how they calculate timesheets. 

 

anyoneever heard of this?

 

did you know that credit scores are lowered by lots of purchases from gas stations?  the "reasoning" is that someone willing to waste more money at a gas station rather than buying the same items from a grocery store or Walmart isn't financially responsible...

Nevermind the fact that, in many low-income neighborhoods, where people often don't have cars they can readily drive to the store, the only viable option to get that gallon of milk or bag of chips they're out of is to go to the local gas station.  They're called "food deserts" for a reason.
And it doesn't matter if that person n
ever misses a payment on their credit card, they still get penalized for buying a lot of stuff from the gas station in the first place


This is 100% incorrect as it pertains to FICO scores which are based on CRA reported balances only, not the content of what / when / where those balances originated.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 8 of 20
FinStar
Moderator Emeritus

Re: Credit scores lowered from shopping at gas station stores???


@pizzadude wrote:

@sarchin wrote:

This is a copy of a comment from an article about The Home Depot changing how they calculate timesheets. 

 

anyoneever heard of this?

 

did you know that credit scores are lowered by lots of purchases from gas stations?  the "reasoning" is that someone willing to waste more money at a gas station rather than buying the same items from a grocery store or Walmart isn't financially responsible...

Nevermind the fact that, in many low-income neighborhoods, where people often don't have cars they can readily drive to the store, the only viable option to get that gallon of milk or bag of chips they're out of is to go to the local gas station.  They're called "food deserts" for a reason.
And it doesn't matter if that person n
ever misses a payment on their credit card, they still get penalized for buying a lot of stuff from the gas station in the first place


This is 100% incorrect as it pertains to FICO scores which are based on CRA reported balances only, not the content of what / when / where those balances originated.


In addition to what pizzadude mentioned, here's what I think of said article...

 

0771601F-5E84-408E-9D89-A321A540373F.png

 

The sad truth is, a variety of folks will believe in the contents of the article and spread it around through social media (and other sources) and this is how we end up with a lot of misinformation.

Message 9 of 20
EAT_SLEEP_JEEP
Valued Contributor

Re: Credit scores lowered from shopping at gas station stores???

as noted above, the CRA's don't really have access to your line by line purchase summary so I have to say it sounds like a load of bollocks to me

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Message 10 of 20
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