61 People Helped
Member Since: December 2014
Credit Karma gets paid by these lenders to push their financial instruments. That's why Credit Karma doesn't charge you for your credit score. They're making their money off of the card companies/lenders.Enter Your Reply
MoonWoof's reply was:
You're exactly right Gary! Another thing that they'll do is punish you for whats they call, "excessive use of a financial intrument".
I very rarely use cash, instead I use one specific card for all of my routine purchases, Gas, Groceries, Restaurant, etc. I have a set monthly allowance (budget) that I stick to and then pay it off every month so as to avoid any interest charges. By doing so, I also earn 1% cashback on all of my purchases (something I would be out if using cash) and every quarter this particular card offers 5% cashback on specific purchases, ie. the 1st quarter of the year I received 5% cashback on all of my Gas and transportation charges, who wouldn't like that? This current quarter I'm earning 5% cash back on restaurant and entertainment charges. None of which I would have gotten back had I used cash. That's called smart money managment, aka: getting the most bang for your buck! Another nice part is that I see my cashback balance on my monthly statement and can have it direct deposited into my personal bank account anytime, FOR FREE! If I happen to be shopping on Amazon I can also use whatever amount of my cashback balance, should I choose to, towards the purchase price of whatever I buy on Amazon.
But shame on me, we're going to have to shave some points off of that precious credit score because you're just a little to financially savy with your money. lol............... Go for it credit score police!
@TogaLady, Most companies will still close your old accounts within two years of being inactive anyway, so if you've had the card for 20 years and stopped using it, you're going to end up losing that time anyway. Also, If they close and tag them "CBC, Closed By Consumer" you're fine, but they will also close and tag them "CBG, Closed By Grantor" meaning the card company closed the account and they usually won't give a reason why. That's a red flag when creditors run a credit check on you.
@FGSJ, You're also correct, and even if you have credit cards that you use, your score will still be limited as far as how high it will go unless you diversify your credit with other types of loans such as Home or Auto loans.
Your best bet is just to do business, preferably with one Bank/Credit Union and deal with the same people. Years of faithful reliable financial history with one particular financial institute will serve you better than any credit reporting agency and credit score will.
When you close a CC account, make sure you tell the card company to mark it as "closed at consumers request" when they report it to the credit agenecies if you're worried about your score being affected.
For instance, I have 4 accounts that I've closed over the years and my report will read: Closed by consumer, No missed payments, 0 Balance.
I had 1 card that the card company closed because I hadn't used it in 2 years, that simply said: Closed, No missed payments, 0 Bal. But that didn't seem to have any affect on my score.
Well, best of luck ubermodele, but I think that you really should have pulled back on the 5 star rating a bit, I mean, don't you think? Considering your past experience with Chase and only hopeful that it works out ok this time. It's rather misleading.
The credit reporting agency won't have a file on your wife unless they have her SSN on file, that is what they would use as her primary identification. Without that there is no way for them to retrive identifying information on your wife.
The credit card companies know this, that's why when you apply for a credit card they want your SSN, that's what the credit reporting agency is going to want when the credit card company requests your credit report. If your wife is also on the card they should have gotten her SSN when you originally applied for the card. Credit reporting agencies, when checking a persons background will simply input the proper SSN and go by whatever information comes back that's associated with that particular number. If nothing comes back, they won't have anything. They're not going to use just her name to try to track down information. To many people have the same names, they would have to try to track them all down and then try to figure out who's who. That's one of the reasons why they have individual SSN's.
Here's what I'm thinking, and please don't get alarmed, but, as I already stated, the credit card companies know this, they may have violated Federal regulations or law by issuing a financial instrument to an individual without obtaining their SSN. As a matter of fact, I'm pretty sure that they did. That's probably why they gave you the BS story about credit reporting agencies simply "have ways" just using her name.
You might want to talk to a lawyer or at the least, have an American friend or if possible someone from your place of employment go with you to your local police station and inquire about it through them. That shows good faith and no intent on your part should the credit card compnay(s) have done something that they weren't suppose to. They may not have, I don't know. You need to get that figured out though, I know that.
MoonWoof's response was:
My CK score went down as my balances went down. No missed or late payments, EVER! No bad marks. In essence, the less I owed, the lower my credit score. Lenders charge a higher interst rate for loans to individuals wirth a lower credit score as they are deemed riskier than those with a higher score. Hmm, odd, wouldn't you say? Just sayng.... gotta call'em like I see'em!!!
The entire credit score system is a scam set up to increase the lenders bottom line. Not to mention all of the advertisements that you see on this site for credit counseling services, we can improve your credit score, legal advise on how to remove bad public records from your credit report, etc..........
Contact your US Congressmen/Women and this would also be a good place to contact as well: http://financialservices.house.gov/about/
In this case I would suggest drafting a single email detailing the matter along with your concerns and forwarding (cc) copies to both of your US State Senators and your Districts House Representitive.
That fiasco belongs to Fannie mae, Freddie mac and the Democraps! They were warned about their loaning practices and inevitable housing market collapse if they didn't correct their course a full 5 years before the collapse occured by the Bush administration. This was all instituted during the Clinton administrations "affordable housing act". Everybody regardless of income was to be given so-called affordable housing loans, even those who would otherwise not qualify for a home loan.
Your creditors are on your credit report. If for some bizarre rason they aren't you need to contact the reporting agency and ask why.
I obtained my first loan when I was 16 y/o, my father of course had to cosign. I'm 56 now and have never needed a cosigner since. I've never worried about my credit score, and yes, I've had my turbulent times over the years, unexpected loss of a job, unexpected major medical, etc. I've fallen behind and then played catch-up with bills and I've also had nice long runs with no major negative curve balls thrown my way that life likes to throw at you out of the blue from time to time. The thing is, whenever I've needed a loan, I simply applied for it, 90% of the time I received it, the only two times that I can recall being turned down for a loan, I went to a different bank and applied with no problem and both times on the same day that the original creditor turned me down. If the financial institute has money to loan and your credit isn't a complete mess, 9 times out of 10, you'll get the loan. Hey, how about that, 9 times out of 10... 90%. Works for me.
P.S. I signed up on this CreditKarma just to check it out, about one third of the information on me is either missing or incorrect, Hmm.... imagine that. Take Care! Life's too short to worry too much, and CreditKarma is definently one not to let get under your skin.