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credit score

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If he owes nothing on credit cards, higher credit lines can hurt because creditors see all of that available cash as a risk compared to smaller untapped balances.
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[/quote]


exactly...

Imagine im a bank and you want a loan to buy a house. After your bills you only have so much income left to pay for your house loan payment.
Now if you have a card with a 10k credit limit just sitting there, that makes me weary.

Becasue right now, you have so much left to pay my bill. but if for some unforseen (no matter how legitimate) reason, you charge that card up... you now have 2 bills to pay with the money normally set aside for one.

Too much unused credit line is usually considered a credit risk.

 
Originally posted by: sao123
Imagine im a bank and you want a loan to buy a house. After your bills you only have so much income left to pay for your house loan payment.
Now if you have a card with a 10k credit limit just sitting there, that makes me weary.

Becasue right now, you have so much left to pay my bill. but if for some unforseen (no matter how legitimate) reason, you charge that card up... you now have 2 bills to pay with the money normally set aside for one.

Too much unused credit line is usually considered a credit risk.
Click to expand...
That is at least twice today you posted this antiquated and now false information. Credit scores are NOT any longer harmed by having unused credit. A credit score is about how trustworthy you are. Having open accounts by multiple companies shows that multiple companies trust you. Thus you are benefited in your credit score by having unused credit lines. It means that many companies trust you and that you aren't abusing that trust.

For example, I just refinanced my mortgage. My average score 780 from the three companies. Their number one reason that it wasn't higher? I didn't have enough open credit lines that were unused. If I had one more credit card sitting unused, it would have been around 800 instead.

Closing those accounts shortens your credit history length and hurts your credit score.
 
sweeeet... just checked my report. credit score is 777. imagine what it could be if i didn't have any debt. =(
 
Originally posted by: dullard
Originally posted by: sao123
Imagine im a bank and you want a loan to buy a house. After your bills you only have so much income left to pay for your house loan payment.
Now if you have a card with a 10k credit limit just sitting there, that makes me weary.

Becasue right now, you have so much left to pay my bill. but if for some unforseen (no matter how legitimate) reason, you charge that card up... you now have 2 bills to pay with the money normally set aside for one.

Too much unused credit line is usually considered a credit risk.
Click to expand...
That is at least twice today you posted this antiquated and now false information. Credit scores are NOT any longer harmed by having unused credit. A credit score is about how trustworthy you are. Having open accounts by multiple companies shows that multiple companies trust you. Thus you are benefited in your credit score by having unused credit lines. It means that many companies trust you and that you aren't abusing that trust.

For example, I just refinanced my mortgage. My average score 780 from the three companies. Their number one reason that it wasn't higher? I didn't have enough open credit lines that were unused. If I had one more credit card sitting unused, it would have been around 800 instead.

Closing those accounts shortens your credit history length and hurts your credit score.
Click to expand...


Whatever man.. I know what my bank told me when I applied for my first home loan last summer.
 
Originally posted by: edprush
My score was 785 this summer but in the last month I have requested that my credit card credit-limit be increased from $17k to $30k.

How much do you figure that caused my credit score to drop?
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Probably nothing. I recently did the same thing and didn't notice a change in my score. I use myfico.com, you can look on the web for a code when checking out.

Edit: I figured you meant the request itself, not if you got the increase or decrease. It might add an inquiry, in which case it might drop.
 
Originally posted by: sao123
Originally posted by: dullard
Originally posted by: sao123
Imagine im a bank and you want a loan to buy a house. After your bills you only have so much income left to pay for your house loan payment.
Now if you have a card with a 10k credit limit just sitting there, that makes me weary.

Becasue right now, you have so much left to pay my bill. but if for some unforseen (no matter how legitimate) reason, you charge that card up... you now have 2 bills to pay with the money normally set aside for one.

Too much unused credit line is usually considered a credit risk.
Click to expand...
That is at least twice today you posted this antiquated and now false information. Credit scores are NOT any longer harmed by having unused credit. A credit score is about how trustworthy you are. Having open accounts by multiple companies shows that multiple companies trust you. Thus you are benefited in your credit score by having unused credit lines. It means that many companies trust you and that you aren't abusing that trust.

For example, I just refinanced my mortgage. My average score 780 from the three companies. Their number one reason that it wasn't higher? I didn't have enough open credit lines that were unused. If I had one more credit card sitting unused, it would have been around 800 instead.

Closing those accounts shortens your credit history length and hurts your credit score.
Click to expand...


Whatever man.. I know what my bank told me when I applied for my first home loan last summer.
Click to expand...

The extra credit does not hurt your score in any way. However, it may make a bank worry, in which case they'll just ask you to close a line. Having the extra credit improves your score though.
 
Originally posted by: msparish
Originally posted by: sao123
Originally posted by: dullard
Originally posted by: sao123
Imagine im a bank and you want a loan to buy a house. After your bills you only have so much income left to pay for your house loan payment.
Now if you have a card with a 10k credit limit just sitting there, that makes me weary.

Becasue right now, you have so much left to pay my bill. but if for some unforseen (no matter how legitimate) reason, you charge that card up... you now have 2 bills to pay with the money normally set aside for one.

Too much unused credit line is usually considered a credit risk.
Click to expand...
That is at least twice today you posted this antiquated and now false information. Credit scores are NOT any longer harmed by having unused credit. A credit score is about how trustworthy you are. Having open accounts by multiple companies shows that multiple companies trust you. Thus you are benefited in your credit score by having unused credit lines. It means that many companies trust you and that you aren't abusing that trust.

For example, I just refinanced my mortgage. My average score 780 from the three companies. Their number one reason that it wasn't higher? I didn't have enough open credit lines that were unused. If I had one more credit card sitting unused, it would have been around 800 instead.

Closing those accounts shortens your credit history length and hurts your credit score.
Click to expand...


Whatever man.. I know what my bank told me when I applied for my first home loan last summer.
Click to expand...

The extra credit does not hurt your score in any way. However, it may make a bank worry, in which case they'll just ask you to close a line. Having the extra credit improves your score though.
Click to expand...

thank god for that. over the last year, i had $30k+ in cc debt, but was always good on my payments. because of ther high amount of unused credit that i have i was able to maintain a 700+ credit score. i have since moved over $15k of the debt and have a score of 777.

 
Originally posted by: sao123
Originally posted by: dullard
Originally posted by: sao123
Imagine im a bank and you want a loan to buy a house. After your bills you only have so much income left to pay for your house loan payment.
Now if you have a card with a 10k credit limit just sitting there, that makes me weary.

Becasue right now, you have so much left to pay my bill. but if for some unforseen (no matter how legitimate) reason, you charge that card up... you now have 2 bills to pay with the money normally set aside for one.

Too much unused credit line is usually considered a credit risk.
Click to expand...
That is at least twice today you posted this antiquated and now false information. Credit scores are NOT any longer harmed by having unused credit. A credit score is about how trustworthy you are. Having open accounts by multiple companies shows that multiple companies trust you. Thus you are benefited in your credit score by having unused credit lines. It means that many companies trust you and that you aren't abusing that trust.

For example, I just refinanced my mortgage. My average score 780 from the three companies. Their number one reason that it wasn't higher? I didn't have enough open credit lines that were unused. If I had one more credit card sitting unused, it would have been around 800 instead.

Closing those accounts shortens your credit history length and hurts your credit score.
Click to expand...


Whatever man.. I know what my bank told me when I applied for my first home loan last summer.
Click to expand...


Just case the banks tells you something does not mean you understand it. I can tell that in order to reduce EMI, you should reduce the area in which the current runs. You can tell that to as many people as you want, but it still doesn't mean you know what you are talking about😉
 
all these contradictory "facts" makes it apparent how worthless a "Credit Score" actually is

its all a scam.

I just checked my credit score, my credit HISTORY is better than my wife's yet I score about on avg 15 points less...I am willing to bet not one person or company out there can explain to me why that is...maybe it has to to with my last name.

my name = hispanic
her name = anglo

😛

moral of the story? treat your finances WELL and you will have done everything in your power to score as well as you possibly can, and even then its all a crapshoot.
 
Originally posted by: sao123
Whatever man.. I know what my bank told me when I applied for my first home loan last summer.
Click to expand...
Banks are different than credit scores. Banks take credit scores as one part of the decision to make a loan. You are confusing the two.

I can post thousands of links to back me up. Here is the first that appeared for me: CNN link.
Don't close the accounts Having unused credit available from lenders with whom you've had long relationships will help boost your credit score.
Click to expand...
 
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