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Thread: Credit Score

  1. #1
    Senior Member Boo's Avatar
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    Default Credit Score

    We all know that a good credit score can be very helpful in life. You need it to buy a house, a car, heck, even a job nowadays. So...

    Anybody here work for the Credit Bureau?

    What is the best way to improve and maintain your credit score?

    Should one always pay the full credit card balance? Or less than to give the CC companies some interest fees?

    Any good website to track your credit score that's reliable but not too costly?
    "What is meant to be will always be."

  2. #2
    Senior Member pemberly's Avatar
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    credit cards influence your credit score a lot less than loans. so be responsible with your student loans and car payments.
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  3. #3
    Senior Member expression's Avatar
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    Should one always pay the full credit card balance? Or less than to give the CC companies some interest fees?
    To improve the credit score, one should always try to pay the full balance on time.

    I think everyone is entitled to a free credit report per year in North America: Annual Credit Report
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    Senior Member GuGu's Avatar
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    My credit score improved greatly in the last 3 years.
    I paid at least the minimun amount on time, never late.
    Plus I get a quarterly credit score from my credit card company, which charges me about 3 bucks each time they send me one.

  5. #5
    Senior Member Boo's Avatar
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    Quote Originally Posted by expression View Post
    To improve the credit score, one should always try to pay the full balance on time.

    I think everyone is entitled to a free credit report per year in North America: Annual Credit Report
    I heard you shouldn't do that simply because you want to give the CC companies some profits from the interest
    "What is meant to be will always be."

  6. #6
    Senior Member Boo's Avatar
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    Quote Originally Posted by GuGu View Post
    My credit score improved greatly in the last 3 years.
    I paid at least the minimun amount on time, never late.
    Plus I get a quarterly credit score from my credit card company, which charges me about 3 bucks each time they send me one.
    What CC company is that? Chase and Discover offer a credit score tracker but it costs like $8 a month, which is quite pricey IMO
    "What is meant to be will always be."

  7. #7
    Senior Member Boo's Avatar
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    Quote Originally Posted by pemberly View Post
    credit cards influence your credit score a lot less than loans. so be responsible with your student loans and car payments.
    Fortunately, I haven't incurred any student loans YET and my car is paid off
    "What is meant to be will always be."

  8. #8
    atlantean0208
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    Quote Originally Posted by Boo View Post
    I heard you shouldn't do that simply because you want to give the CC companies some profits from the interest
    This is where you're wrong, the bank always want the credit card owner to pay in full to prevent people have debts increase day by day. Because when they cannot pay anymore and became bankrupt, there are no more income for them.

    The credit company main income is not from the interest paid by the credit card owner but by the commission they get from the merchant when a customer swipe their card when buying things.

    The lowest debt you have to the banks from loans/credit cards, the highest you credit score will be.

  9. #9
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    Quote Originally Posted by atlantean0208 View Post
    This is where you're wrong, the bank always want the credit card owner to pay in full to prevent people have debts increase day by day. Because when they cannot pay anymore and became bankrupt, there are no more income for them.

    The credit company main income is not from the interest paid by the credit card owner but by the commission they get from the merchant when a customer swipe their card when buying things.

    The lowest debt you have to the banks from loans/credit cards, the highest you credit score will be.
    Banks want us to pay the minimum so that we have to pay more (interests and often late fees). They are actually not making money if we pay in full every time. That's why Capital One CC wants your 80-year-old grandma to have their card even though she has NO INCOME, NO HISTORY, NOTHING.

    You might boost your credit score if you pay your CC company the minimum and carry a balance. Why?

    - build your credit history if you have never had a loan before.
    - lower your available credit. Creditors think you are a risk if you have too much credits. But, you want to keep your debt-to-credit ratio to less than 30%.

    You can get free credit score at Credit Karma.com

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    Last edited by jay_z; 11-12-08 at 04:59 AM.

  10. #10
    Senior Member Boo's Avatar
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    Thanks for the website jay_z! I've been trying to look for a free credit tracker. Do you use it yourself?
    "What is meant to be will always be."

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