@LilyBee wrote:Ditto, I don't know what that is, Sarge. How is it measured? And, is it automatic with getting one's FICO score? Or, is that another charge, Sarge.
Since my scores have been dunned by that two-year wait for opening a since-closed account in 2019, I haven't checked my FICO scores lately. Readers need to know.
https://ficoforums.myfico.com/t5/General-Credit-Topics/FICO-Score-Stress-Indicators-Indexes/td-p/596... It is now provided with a 3b pull here on Myfico. It is the Equifax version supplied, but it is a new fico score to indicate how resilient our credit is to a recession or economic downturn. Most of us with high fico 08 scores have bad scores in this Resilience Index Score. It is sensetive to having a lot of cards or high credit limits, even with low utilization.
Hey Sarge:
Thanks for the info. I'm not going to check my scores from the 3 bureaus until after February 2021. That's apparently when they will stop dropping my overall scores for that mortal sin of mine for opening a new credit card (which I have deleted since then); but the penalty stands for two years.
Anyway, several of my credit cards show FICO scores of 840+ across the board, which is not too shabby. I only have about eight active credit cards with no balances, until I get an Amazon shopping fit. I also have one mortgage account. But my go-to card is a Debit card. I'm allergic to the other credit cards.
@LilyBee wrote:Hey Sarge:
Thanks for the info. I'm not going to check my scores from the 3 bureaus until after February 2021. That's apparently when they will stop dropping my overall scores for that mortal sin of mine for opening a new credit card (which I have deleted since then); but the penalty stands for two years.
Anyway, several of my credit cards show FICO scores of 840+ across the board, which is not too shabby. I only have about eight active credit cards with no balances, until I get an Amazon shopping fit. I also have one mortgage account. But my go-to card is a Debit card. I'm allergic to the other credit cards.
@LilyBee, I can certainly understand what might motivate someone to use debit cards instead of Credit cards, but I would use premium credit cards instead, and just always PIF. Credit cards often provide extended warranties, purchase protections, 0 fraud liability, as well as rewards. If someone manages to make fraudulant charges on a debit card, it often costs the consumer a little, and ties up funds until fixed. A stolen debit card number can result in the thief draining your account, and even though you will likely get it back, it may result in the funds not being available until the investigation is complete. I have already used the extended warranty on a few items. Useing credit cards has always been considered the safer of the two options and costs nothing if paid in full. That is the case, everywhere I have seen expert comparisons of the 2 payment methods. If you are aware of advantages to paying by debit, could you share that, because I am more than open to using alternate methods if there is a good reason to do so. If it just to avoid having to keep up with charges to multiple cards, and the extra convenience is worth the added risk and reduced benefits to you, please let me know that too. Please don't consider this as being critical of you using a debit card, I am not, I just want to know if there is a benefit to doing so that I am not aware of. I have known some people that did so simply due to the fact that the money being withdrawn directly prevents compulsive buying for them. There is a possible psychological reluctance to spending when there is instant reduction of funds, that does not exist with credit cards. Each individual should use a method that works best for them. My Mother has used cash and checks only her whole life, and it works for her.
Hey Sarge:
I understand the preference of using credit cards over debit cards, but that doesn't sway me. If I go on an Amazon shopping spree or high end stores, I pay off the credit charges before they are due. My debit card is usually used for groceries. I keep a tight rein on my finances and spending, so I don't want for much. To that end, I just bought my son a new car and paid cash. I have had 'phantom' charges a few times on credit cards, but they are taken care of quickly by the card company. The only short delay is getting a new credit card, which I seldom use anyway. Psychologically though, I just like to keep my scores above 800; so no new credit cards for me.
By the way, how do I delete the FICO scores at the bottom of my post. I expect to get new ones next year.
EQ and TU was sitting above 800 for a couple months. I was waiting for EX to catch up. Checked my reports tonight and finally hit it across the board.
