Credit....cards.....scores....crap

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smileforme50 -> Credit....cards.....scores....crap (1/8/2015 8:24:43 PM)
[sm=wtf.gif] I just will NEVER understand credit, credit scores and what makes it all tick..... Ok...I admit it....I don't have a great credit score. Many, many moons ago when I was in my 20s I DID have a great credit score....but then a lot crap happened....got sick....lost my driver's license (for 18 years) had to quit the good job and get a crappy job.... I'm now making about 2/3 of what I was making 25 years ago. Figured that after I cleaned everything up and paid it all off I would just lay low for awhile and make a special effort to not get in over my head....just in case any other major catastrophes be-felled me. Lived with the vanilla bf for 10 years and everything was in his name....fine with me....just laying low... After I left him I discovered that wasn't a great idea....apparently it's better to have bad credit than it is to have NO credit. Makes no sense to me, but that's what I am finding out. So....after a few years I now have a couple of unsecured credit cards with relatively low credit limits....just what I need. One has a $300 limit and the other has a $1700 limit. Unfortunately....right now they are both pretty close to their limits. So tonight....I was online at one of the card sites and I looked at my "FICO" score. Apparently, between Oct and Nov last year,, it DROPPED by about 20 points. I have a theory of why this happened, and if I'm right it is something I have been fighting for the last 16 months (sonofabitch idiots) Anyway....the real point of this topic....is that while I was then looking at the website for the other card....the $300 limit card, I discovered that they actually INCREASED.....that's right....INCREASED my credit limit by $1000. WTF??? I never even requested an increased credit limit. So....one month my credit score drops by 20 points....and the next month one of my credit cards QUADRUPLES my credit limit??? How the heck did that happen???? Is there ANY logic in our credit system at all??????[sm=gaah.gif]

NookieNotes -> RE: Credit....cards.....scores....crap (1/9/2015 3:24:23 AM)
quote: ORIGINAL: smileforme50 So tonight....I was online at one of the card sites and I looked at my "FICO" score. Apparently, between Oct and Nov last year,, it DROPPED by about 20 points. I have a theory of why this happened, and if I'm right it is something I have been fighting for the last 16 months (sonofabitch idiots) If you are near your limits on your cards, this will cause your score to drop. quote: Anyway....the real point of this topic....is that while I was then looking at the website for the other card....the $300 limit card, I discovered that they actually INCREASED.....that's right....INCREASED my credit limit by $1000. WTF??? I never even requested an increased credit limit. They raised your limit, because you make them money in fees and interest. It's simple.

LiveSpark -> RE: Credit....cards.....scores....crap (1/9/2015 4:33:44 AM)
quote: ORIGINAL: NookieNotes quote: ORIGINAL: smileforme50 So tonight....I was online at one of the card sites and I looked at my "FICO" score. Apparently, between Oct and Nov last year,, it DROPPED by about 20 points. I have a theory of why this happened, and if I'm right it is something I have been fighting for the last 16 months (sonofabitch idiots) If you are near your limits on your cards, this will cause your score to drop. quote: Anyway....the real point of this topic....is that while I was then looking at the website for the other card....the $300 limit card, I discovered that they actually INCREASED.....that's right....INCREASED my credit limit by $1000. WTF??? I never even requested an increased credit limit. They raised your limit, because you make them money in fees and interest. It's simple. It's also possible that someone obtained the credit card number and it using it fraudulently. This summer I learned that it is sickeningly easy for someone to fraudulently obtain a card online using stolen info. According to the police it is also possible to get an increase on the limit of an existing card on the phone or online without being asked for proof that the person is who they claim to be. OP contact your credit card company. While this may not be the reason it's possible

InHisHeart -> RE: Credit....cards.....scores....crap (1/9/2015 6:11:51 AM)
As Nookie said, you're making them money by keeping a balance going. CC companies love people who don't pay the bill in full each month. They're betting on if they give you a higher limit, you'll use that money but not pay it off in full when the bill comes and they'll make more money off of you.

stef -> RE: Credit....cards.....scores....crap (1/9/2015 10:04:49 AM)
quote: ORIGINAL: smileforme50 Is there ANY logic in our credit system at all??????[sm=gaah.gif] There is plenty of logic in it. Credit card companies LOVE high-balance, minimum-payment customers. As long as you're making regular payments, they'll keep munching on your high interest rate payments for as long as you're willing to make them and raise your limit to tighten the noose around your wallet even more. Unfortunately, that behavior doesn't do good things for your credit score. If you're unable to pay off balances in full, it indicates that you might not be in a good position to incur any new debt so your scores generally go down to reflect that. If you want your score to go back up, you should have less than 20% of your credit card balance carry over month-to-month and don't miss any payments.

MariaB -> RE: Credit....cards.....scores....crap (1/9/2015 12:34:50 PM)
I think credit cards can really work in our favour so long as we are careful. The only reason I use credit cards is for reward schemes but basically I never spend what I don't already have.

stef -> RE: Credit....cards.....scores....crap (1/9/2015 12:39:15 PM)
Yes. They're a great tool if you use them properly. If you use them as "extra money", like way too many people fall into the trap of doing, you'll almost certainly end up taking it right in your credit rating.

smileforme50 -> RE: Credit....cards.....scores....crap (1/9/2015 8:37:39 PM)
quote: ORIGINAL: LiveSpark quote: ORIGINAL: NookieNotes quote: ORIGINAL: smileforme50 So tonight....I was online at one of the card sites and I looked at my "FICO" score. Apparently, between Oct and Nov last year,, it DROPPED by about 20 points. I have a theory of why this happened, and if I'm right it is something I have been fighting for the last 16 months (sonofabitch idiots) If you are near your limits on your cards, this will cause your score to drop. quote: Anyway....the real point of this topic....is that while I was then looking at the website for the other card....the $300 limit card, I discovered that they actually INCREASED.....that's right....INCREASED my credit limit by $1000. WTF??? I never even requested an increased credit limit. They raised your limit, because you make them money in fees and interest. It's simple. It's also possible that someone obtained the credit card number and it using it fraudulently. This summer I learned that it is sickeningly easy for someone to fraudulently obtain a card online using stolen info. According to the police it is also possible to get an increase on the limit of an existing card on the phone or online without being asked for proof that the person is who they claim to be. OP contact your credit card company. While this may not be the reason it's possible Yes....of course I already did that......

smileforme50 -> RE: Credit....cards.....scores....crap (1/9/2015 8:39:56 PM)
quote: ORIGINAL: InHisHeart As Nookie said, you're making them money by keeping a balance going. CC companies love people who don't pay the bill in full each month. They're betting on if they give you a higher limit, you'll use that money but not pay it off in full when the bill comes and they'll make more money off of you. Funny thing is.....back in July after I got my mother's life insurance payout...I DID pay them off. I have a feeling that has something to do with it. But that still doesn't explain what part a credit score plays in all this.

NookieNotes -> RE: Credit....cards.....scores....crap (1/10/2015 4:13:20 AM)
quote: ORIGINAL: smileforme50 Funny thing is.....back in July after I got my mother's life insurance payout...I DID pay them off. I have a feeling that has something to do with it. But that still doesn't explain what part a credit score plays in all this. Yeah. We did: quote: ORIGINAL: NookieNotes quote: ORIGINAL: smileforme50 So tonight....I was online at one of the card sites and I looked at my "FICO" score. Apparently, between Oct and Nov last year,, it DROPPED by about 20 points. I have a theory of why this happened, and if I'm right it is something I have been fighting for the last 16 months (sonofabitch idiots) If you are near your limits on your cards, this will cause your score to drop. quote: ORIGINAL: stef If you're unable to pay off balances in full, it indicates that you might not be in a good position to incur any new debt so your scores generally go down to reflect that. If you want your score to go back up, you should have less than 20% of your credit card balance carry over month-to-month and don't miss any payments.

LiveSpark -> RE: Credit....cards.....scores....crap (1/10/2015 4:57:19 AM)
quote: ORIGINAL: smileforme50 quote: ORIGINAL: LiveSpark quote: ORIGINAL: NookieNotes quote: ORIGINAL: smileforme50 So tonight....I was online at one of the card sites and I looked at my "FICO" score. Apparently, between Oct and Nov last year,, it DROPPED by about 20 points. I have a theory of why this happened, and if I'm right it is something I have been fighting for the last 16 months (sonofabitch idiots) If you are near your limits on your cards, this will cause your score to drop. quote: Anyway....the real point of this topic....is that while I was then looking at the website for the other card....the $300 limit card, I discovered that they actually INCREASED.....that's right....INCREASED my credit limit by $1000. WTF??? I never even requested an increased credit limit. They raised your limit, because you make them money in fees and interest. It's simple. It's also possible that someone obtained the credit card number and it using it fraudulently. This summer I learned that it is sickeningly easy for someone to fraudulently obtain a card online using stolen info. According to the police it is also possible to get an increase on the limit of an existing card on the phone or online without being asked for proof that the person is who they claim to be. OP contact your credit card company. While this may not be the reason it's possible Yes....of course I already did that...... I'm glad. Having been through the ringer with regards to credit card fraud I wanted to make sure. Apparently not everyone thinks to check that especially when they still have the card.

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