utahwil

22 Contributions 260 People Helped Top Contributor

Member Since: October 2008

Most Helpful Contribution

How Many Credit Accounts Should I Have?

Apr 24, 2015
Helpful to 153 out of 156 people

you need to work the credit - learn when your closing dates are and when your payment due date is.  For me I work credit cards and have 4 cards.  I never just charge something rather I plan on when to charge (ok emergencies are different).  But for example - 3 of my 4 cards close on the 1st, 7th and 14th.  So any time I plan on charging I do so the DAY AFTER CLOSING - this makes it so I have 1.5 cycles to pay it off before any interest is paid.

What this means for the credit report is it always shows a balance because I have forced a not due for almost 6 weeks and the credit card companies report the balance each closing date.    By showing a balance of about 1% keeps the score high and at times I pay it off and let it be 0% - and it will jump a point or two.

Key is I never ever pay interest so am beating your so called dues idea !  Remember all things have a certain set of *RULES*, once you learn them you can BEND THEM or WORK THEM to your favor !

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How Many Credit Accounts Should I Have?

Apr 24, 2015
Helpful to 153 out of 156 people

you need to work the credit - learn when your closing dates are and when your payment due date is.  For me I work credit cards and have 4 cards.  I never just charge something rather I plan on when to charge (ok emergencies are different).  But for example - 3 of my 4 cards close on the 1st, 7th and 14th.  So any time I plan on charging I do so the DAY AFTER CLOSING - this makes it so I have 1.5 cycles to pay it off before any interest is paid.

What this means for the credit report is it always shows a balance because I have forced a not due for almost 6 weeks and the credit card companies report the balance each closing date.    By showing a balance of about 1% keeps the score high and at times I pay it off and let it be 0% - and it will jump a point or two.

Key is I never ever pay interest so am beating your so called dues idea !  Remember all things have a certain set of *RULES*, once you learn them you can BEND THEM or WORK THEM to your favor !

I always pay my rent on time. Can this be added to my report?

Nov 28, 2019
my understanding -
Helpful to 5 out of 5 people

Rent is like Leasing a car - it is NOT yours - so while it is expected to be paid - the benefit from doing what is expected is minor - but failing to pay has more negative affect on your credit - from bad remarks and late payments.  - Remember Renting/Leasing - means you are borrowing the item (apartment/car) it is NEVER going to be yours.

On the flip side - owning a house/buying a car - shows you are invested in paying it as you will retain the item (house/car) after it is paid off.

leave a balance or pay in all off

Nov 28, 2019
Try this
Helpful to 3 out of 3 people

Learn two dates and Why

Closing date: Each month the account is cut - balance reported and is what interest is calculated. 

Due date: Simply put - date the mininum payment due (then interest starts accruing on balance) or if the above closing date balance is paid - no interest .

Try this - by charging after the closing date - you get two Due dates to pay - and more time to pay the full closing date balance - which causes a balance to be reported (showing activity - which they like to see).  However if you will be diligent - pay the closing balance off by the second due date - and since the charge was AFTER the closing date - BOOM you pay no interest - 

Benefit :  you get Longer to pay off the balance - a balance is reported - showing activity - and no interest is ever accured - IT is using the sytem against itself !   The thing is it takes disapline - as to NOT put more on the card than you can PAY in the extra time you gain by doing this.

I have done this for years- after being shown as a young adult (30's) with a score of about 520 - and at 58 - have an 815 score -  and it is not like I did anything other than the above- and of course - not put on credit more than I could pay off in the extra time alotted.

Good luck!

Wil

What is a good auto insurance score?

Feb 10, 2016
Shop insurance
Helpful to 6 out of 7 people

I have learned Loyalty with any type of insurance is worthless.  I had SF for over 20 years with no accidents or home claims and it continued to go up - all while having a good credit score (good as in really good).  When I asked about it to the agent she told me not much she could do.  So i started shopping around taking m current policies iwth me.   What I find is they have INTRODUCTORY rates to get you in, then after a couple of years they start going up. So ever 2 to 3 years - I shop - and  get the lowest rate possible.   Now SF - continually sends me noticies - come back and save.... maybe one day for a couple of years - but loyality to an insurance company is not a good idea. -

My guess is they figure that pople are basically LAZY and won't take the time to shop insurance..  So give that a try.!

I paid my credit card balance down from 68% to 53% and my score dropped 43 points why?

Jan 15, 2017
simple answer
Helpful to 2 out of 2 people

While your question does not provide much in the way of facts - it all depends on how you are paying off your credit cards - Unfortunately while it may seem paying down to 53 % from 68% is nice it is still well above the recommended 30% -

What I suspect is your credit history of owing a high percentage on your total credit - even if down -  is not enough based on your history. I would suggest with stll owing 53% of your total credit - is showing YES you have paid down - but will this continue?  Does your history show you never get it down to 30% or less?

I would suggest keep paying it down - and don't worry with the score YET.   Get it down to 30% and I suspect your credit score will go up.  But keep in mind - using credit is wise,  but keeping the total at 10% or less shows you are on top of the issue.. at over 50% -- well sorry to say - can be seen as not as on top of the issue as should be.

what happen to being able to see all my accounts? this new site sucks

May 09, 2015
Credit Karma Good To HORRIBLE
Helpful to 2 out of 2 people

I have a feeling Credit Karma has decided that it is not worth being a service anymore - I would suspect they are just getting ready to be another paid service - so folks hold on to your hats.  What use to be a great service to give a snapshot of an individuals basic information has now turned into you have to link your accounts so that Credit Karma can watch your accounts.   I am sure eventually what this is ramping up to is just another pay service like LIFE LOCK - which I don't get.

Instead of paying for someone to monitor your accounts - just visit TransUnion, Exifax and Experian and for most 3.00 each LOCK your credit down - This way even if your identiy is stolen - no new accounts can be opened.  Sure to get new credit one has to unlock/unfreeze it but think about it YOU CONTROL IT.

What happens then is you have 100% control - knowing no one has access to your life - and then CREDIT KARMA becomes only a visit once a month to see their worthless VANTAGE 3.0 score - that you can see how it is going and if well - log out. If going down then you can take a glance at the credit report to see why and if you then really want to know visit FICO.com and get the real score - the one banks really use... Believe you me - I went into my bank one day and just asked out of curiousity = do they look at the VANTAGE SCORE - and they said NO that this alternative scoring method is NOT what the majority of lending instatutions (BANKS) use..

It is what it is after all - CREDIT KARMA is not interested in providing you a service - in the long run they only want to make money - whcih is fine but they should NOT PRETEND it is anything but that.

Take it for what it is !  A site to offer you products - and evenutally a charge site.

If I downgrade my credit card (e.g., AMEX Gold to AMEX Green card), will it affect my credit score?

Nov 28, 2019
I did this exact thing -AND
Helpful to 1 out of 1 people

I did the same thing with my Chase card - one that did not give rewards to one that did offer rewards.  Here is what happened.

Original card: Was shown as Closed by issuer

New Card : Was opened by issuer

Net gain: My credit report showed I had more accounts (one open and one closed), The closed card remains for 7 to 10 years adding benefit as total number of accounts.  Credit Karma even states in your over view - the more accounts the better as it shows -credit worthiness. 

Net loss: Is the new card will reduce the number of years (average) open accounts - but that is low impact

My best guide - is learn the rules behind what the big Three Equifax, TU and experian do -to make the score - and USE it against them.  Remember rules are just that guidelines and if you use the rules to your benefit - BOOM - you WIN

Thanks and good luck

Wil

How Many Credit Accounts Should I Have?

Apr 24, 2015
Helpful to 1 out of 1 people

This is just my way - but debt is the 20th and 21st centuries versions of slavery, or indentured service. Remember the credit score system FICO or Vantage are for lending/bank/instatutions.   These organizations only make money if the consumer borrows and tries to keep up with the Jones's .  When consumers like yourself get to the point where you have money or make a good deal of it and can pay cash - well you still have a score and it might go down.. But it is a WHO CARES senario.   Why because as a cash basis individual your credit score can be 10 points - as it won't matter. 

So what one has to realize is a credit score is for the middle and lower class to keep them in place and a form of control.  Not that it is a bad thing in today's GIVE ME without working society.  

Remember - Bill Gates, Warren Buffet etc.. do you think they give a rats about their credit score - no they don't... it is us every day folks who work for these folks that this system of credit scores were made for... They are there as a guide !  Just think if we were back in the 1950's or 60's - this information would NOT be provided it was a huge secret for banks -lenders..

I paid cash for condo. Want to borrow against it

Nov 28, 2019
HELOC -

If paid off - a Home Equity Line of Credit  - can be established - but know these rates go up and down depending on the fed interest rates.   They are essentually the same as a mortgage - have an ending date. They have a minimum payment like a credit card - 

Just be careful - they can be a TRAP and just like a mortgage - if you don't pay - your home could be lost.

Cheers and good luck

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