garyb36350

1 Contributions 282 People Helped

Member Since: December 2012

Most Helpful Contribution

Why Your Credit Score Matters

Jan 22, 2015
Helpful to 282 out of 312 people

Credit scores are adversely affected by inane things.  Because I used over 50% of one cards availabe credit (It has the best money back rewards), my score was downgraded even though I was under 10% of credit available on all of my cards.

If I open a new card because of a better interest rate I am penalized because the average life of my credit cards is lessened.  The same thing happens if I close a very old account.

If I shop my mortgage, looking for a better rate, I am downgraded because of hard inquiries.

If I get a gas company credit card to take advantage of the reduced prices for using it to purchase their gas, then close the account, I am penalized.

These items need to be addressed as it costs theconsumer money to comply with these "rules".

Activity (1 Total Contributions)

Why Your Credit Score Matters

Jan 22, 2015
Helpful to 282 out of 312 people

Credit scores are adversely affected by inane things.  Because I used over 50% of one cards availabe credit (It has the best money back rewards), my score was downgraded even though I was under 10% of credit available on all of my cards.

If I open a new card because of a better interest rate I am penalized because the average life of my credit cards is lessened.  The same thing happens if I close a very old account.

If I shop my mortgage, looking for a better rate, I am downgraded because of hard inquiries.

If I get a gas company credit card to take advantage of the reduced prices for using it to purchase their gas, then close the account, I am penalized.

These items need to be addressed as it costs theconsumer money to comply with these "rules".