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DRich
DRich
Joined: Jul 6, 2012
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October 11th, 2019 at 12:01:42 PM permalink
Quote: MDawg



This is one advantage of AMEX - as long as you pay it off in full having a large balance on it doesn't seem to affect your credit one way or another, even temporarily but with set credit line cards like VISA and Master Card, any balance you have on the cards does affect your credit, especially if that balance reflects over 40% of the credit line.

In general, if you care about the "snapshot" of your FICO score at that moment, and wish to use a credit card to make a large purchase, try to use one with a high line, where the % of use remains as low as possible. Max out any credit card, let alone more than one, and your credit score will plummet until the card(s) are paid off.

By the way, getting a credit card and never using it will result in its eventual closure.



I use my Amex exclusively for day to day purchases. The Amex is not considered a revolving credit card.

I have many credit cards that haven't been used in 15 years and are still open. About 5 years ago I went to make a major purchase at Sears. I pulled out my Sears card and the cashier laughed. It didn't have a chip or a mag stripe it was so old. With that card you still needed to use an old knuckle-cruncher with carbon paper.
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odiousgambit
odiousgambit
Joined: Nov 9, 2009
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October 11th, 2019 at 12:08:30 PM permalink
Quote: MDawg

This delusion must be smashed. ALL the major casinos pull credit as part of granting credit lines.



Did you read the comments at your own blog post?

I learned from you that there is a credit bureau for casino credit. I eventually requested and got my own individual credit report, you are correct that they are required to give it to you and is generally under the *same rules* as the well known credit companies like Equifax.

However, it is *not* the same credit bureau system as consumer credit!! In other words, the ones used to get your credit cleared for buying a car or getting a credit card. Importantly, I believe you normally get no record of inquiry at all. Not just "no hard pull" but no record at all at the regular, non-casino credit bureaus [ I have checked this - in my case no record - there could be exceptions]

PS: I imagine an exception might be where someone asks for the ability to get very large markers indeed. Also, if you fail to pay your markers off, this might eventually ruin your credit generally.
the next time Dame Fortune toys with your heart, your soul and your wallet, raise your glass and praise her thus: “Thanks for nothing, you cold-hearted, evil, damnable, nefarious, low-life, malicious monster from Hell!” She is, after all, stone deaf. ... Arnold Snyder
AxelWolf
AxelWolf
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October 11th, 2019 at 12:24:34 PM permalink
Quote: DRich

My first question is how much revolving credit do you have? Personally, I have lots of credit cards because I try to AP all of the good airline offers. I keep about 20 credit cards in my safe (thankfully, none have a balance unless it is a 0% introductory offer). I just replaced the flooring in my house and put it all on a 0% card so that is the one card with a balance. Keeping a balance on your accounts actually helps the score a little as long as the ratio is less tan 10%.

I believe the current FICO scores max out at 850. Any FICO score over 740 will generally get you the best interest rates on future loans. My credit score usually hovers in the low 800's but recent late payments by my daughter on her student loan has lowered mine (I co-signed for her).

If you haven't tried CreditKarma, it is a great free site that will show you your scores and any derogatory remarks on your file. It will also warn you anytime new accounts are opened and any new negative remarks on the account.

I did Credit Karma recently and was pleasantly surprised how high my credit score actually was, considering I really only started using a credit card over the last five or six years. I have never never bought anything on credit before that, not even a car. I never really paid attention to my debt to credit ratio on that card I didn't even have auto-pay set up. I'm sure I forgot to pay it off more than a few times. Before that, I would pay everything in cash or just use the debit card. Once the local car rentals made it difficult to use your debit card I broke down and got a credit card because I had to(FYI, I don't think I've used a personal check in over 20 years).

I recently got another credit card but it didn't show up on credit karma for about 2 or 3 months. I didn't get any kind of alert from credit karma and I have no idea why it took so long for my CC it to even show up in your system.

What's the best value credit card to get that gives you free stuff or whatever? The last CC gave me like $150 with no annual fees. I'm sure I can do better than that.
♪♪Now you swear and kick and beg us That you're not a gamblin' man Then you find you're back in Vegas With a handle in your hand♪♪ Your black cards can make you money So you hide them when you're able In the land of casinos and money You must put them on the table♪♪ You go back Jack do it again roulette wheels turinin' 'round and 'round♪♪ You go back Jack do it again♪♪
GWAE
GWAE
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October 11th, 2019 at 12:34:21 PM permalink
Quote: AZDuffman

An interesting thing here is bankruptcy and how to handle it. Most people will hold out as long as possible and get tons of "lates" on their report. A smart lawyer will tell you that if it is going to happen just file and get it over with as then you just have one "BANKRUPTCY" derog and not 20 "LATES."

Yes, crazy, but that is they system.



That is so true. You can have 20 cards all go late and pay them all off. Your report will still show recent lates for 12 months. It will take 3 years for the lates to not matter as much and 3.5 more years for them to fall off. If you would have filed BK then your score would have only sucked for 12-18 months.

However you can get car loans and home loans with lates that are over 12 months old but good luck with a BK
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GWAE
GWAE
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Thanks for this post from:
AxelWolfbeachbumbabs
October 11th, 2019 at 1:12:40 PM permalink
Mike forgot to mention.

There are multiple credit score models. Whenever you go to somewhere like credit karma they give you a generic model which is not accurate. Some credit cards like Citi will give you a free FICO but they are giving you a model that goes to 900 which scores things differently. They put more weight on certain categories which are more important to them. If you go for a home loan they will use another model that goes to 850 that puts more weight on different things than a cc cares about. Then there is a FICO that car lenders use that also goes to 850 but uses a different method to get the number.
All of these are fair isaac so they are called FICO. You never know which one they are using. You also dont know if they are only using 1 of the 3 bureaus or all 3 combined.

Now when you go to get car insurance or home owners they will use a credit score but it is not a FICO. It is just a credit score. They have their own models to figure out your score
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AZDuffman
AZDuffman
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October 11th, 2019 at 3:14:24 PM permalink
Quote: GWAE



Now when you go to get car insurance or home owners they will use a credit score but it is not a FICO. It is just a credit score. They have their own models to figure out your score



Last time I went for car insurance the agent said they used a blend of MVR and credit, lower numbers being better. For those that doubt it, there is absolutely correlation between good credit and safer drivers.
All animals are equal, but some are more equal than others
100xOdds
100xOdds
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October 11th, 2019 at 3:47:30 PM permalink
Quote: DRich

I consider people who don't borrow at 0% interest and no fees to be fools.

i did that.
took a hit on my credit rating.
my car/home insurance bill went up because rates were based on credit rating.
thats what they said when i called them to ask why my rates went up so much compared to previous years.
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GWAE
GWAE
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October 11th, 2019 at 5:08:49 PM permalink
Quote: 100xOdds

i did that.
took a hit on my credit rating.
my car/home insurance bill went up because rates were based on credit rating.
thats what they said when i called them to ask why my rates went up so much compared to previous years.



Some insurances will pull your credit every year at renewal and will adjust based on score. I don't think it happens that often though. More likely though your rates went up because of the clause in many home owners plans that have a % increase every year. My Allstate policy is like that. I believe it is 6% every year no matter what. Makes no sense why they do that because in 10 years it will be a ridiculous rate and force me to shop around.
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ChumpChange
ChumpChange
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October 11th, 2019 at 6:59:22 PM permalink
Maybe 750 is an A+ and everything above that is "extra credit."

I would have 2 cards, one for online and gas stations, and another for larger purchases. Don't like to have a high limit card online to get stolen from. Nowadays cards can be stolen by rando phones at the checkout lines in the local Wal-Mart. Gotta order some Lock Wallets with additional protective sleeves. I also need to learn how to use a phone to pay the fast food bill at the fast food kiosk at the mall.
Gandler
Gandler
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October 11th, 2019 at 7:17:56 PM permalink
Quote: Wizard



The following is my Facebook post today, which I am interested to get thoughts on.

I just checked my Fico score and was unpleasantly surprised to see how low it is. If we assume scores are distributed on a uniform basis from 250 to 900, then that would mean 21% of people have a higher score. To put it in comparison to Texas Hold 'Em starting hands, my score is a Q-10 off-suit.

Maybe I should be thankful, but I don't see any reason why it shouldn't be a perfect 900. I absolutely loathe debt. Most bills I overpay and on my credit card I'm on auto-pay for the full balance. House payments I have always made on time and usually paid off well ahead of schedule.

On the plus side, I don't really care. I just feel insulted.

The question for the poll is what is your Fico score?





Honestly not having debt can put you at a disadvantage.

Bill payments don't matter (as long as you do not get put in collections)....

One factor is active accounts, if you don't have many credit cards (and lines of credit) that ironically can harm you. If you keep a small balance (even just a few dollars) on several cards every month that would probably increase your score.

But, I would not worry about feeling insulted about an arbitrary score that lenders use to measure you, especially if you have no intentions for applying for credit.

Credit score does not really matter for casino credit if that is your fear (as long as it is not beyond horrendous)....

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