359 People Helped
Member Since: February 2011
I know what you are going through with that. I naver carry a balance on my vredit cards but also get a C rating as my utilization is always zero and to the credit reporters computers 0=100 lol. That's why you and I will never get an A as we don't like to let them rip us off with interest charges ;)
expatbrit's reply was:
They are upfront about the charges but it's not a real credit card and can only be used at their overpriced outlet store where they charge full retail for what should be heavily discounted goods. If you don't mind paying over the odds for the merchandise plus their $25/month fee then it's OK.
They do report to the major credit agencies so if you are OK with their fees you will see an increase in your credit score over time, however for those who say they plan to cancel after a year this will have a negative impact on your credit score as it will reduce your overall credit thus giving you a negative mark from the credit agencies.
Personally I would not recommend this card as the fees are high and you are locked into their outlet, but if you haven't got enough cash to open a secured card account and can afford the $25/month fee it will help you in raising/rebuilding your credit score. Just bear in mind that cancelling once you have your credit where you want it will cause your score to drop somewhat..
expatbrit's response was:
Last May I was looking to get a replacement car as my old PT Cruiser was 11 years old and starting to show her age. Numerica not only gave me approval for a $15,000 loan over 4 years within minutes they also gave me a 2.99% rate despite my credit score being only 688. I have found them very easy to work with and their customer service reps are polite and understanding.
Needless to say I've not missed or been late with even one payment and my credit score is now 714 :)
I have to agree with other posters here as despite a 5 year history of paying 100% on time my credit score with TrasUnion drops or goes up every month regardless of what seems to be happening. I have not applied for new credit or had any derogatory marks against me for over 3 years, but I cannot get my credit score above 700.
I assume part of this is because I refuse to take out a credit card, so according to the score system a home loan and car loan paid on time every month for 5 years doesn't count as much as owing the credit card companies .
NEVER ever let your utilization fall to zero unless you are happy with a score consistently about 12 points below what it could be, as the credit reporting companies computers treat a zero the same as a 100% utilization and your score will be dinged. It's the reason I always get a C for utilization every month instead of an A as I always pay in full before the due date. I'm happy with it as not carrying debt suits the way I want to live and a few points lower score doesn't worry me.