Do you purposely leave a balance on your cc to increase your credit score?

[Syringer]

If so, how much is it, and how much interest do you pay as a result?

 

[kranky]

No, and nobody should. It does nothing for your credit score.

 

[MotionMan]

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

 

[PurdueRy]

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

 

[darkxshade]

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

 

[BrokenVisage]

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

 

[DVK916]

Keeping a blance can infact lowers your score, if it causes your debt to credit ratio to be to high.

 

[imported_malcontent]

Originally posted by: BrokenVisage

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

What y'all said.

malcontent

 

[talyn00]

why would you even want to pay the interest?

 

[jlee]

Originally posted by: malcontent

Originally posted by: BrokenVisage

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

What y'all said.

:thumbsup:

I supposedly have a high score (716) for my age/credit experience (22yo)..and I pay it off every month. It seems to work out alright. 😛

 

[Syringer]

https://www.eloan.com/myeloan/creditfaq

Limited information:

* Account payment or credit history not long enough
* Lack of recent information on accounts
* Insufficient number of satisfactory accounts
* Date of last credit too recent
* Too few or no recent balances on revolving accounts (e.g. credit cards)

 

[DaWhim]

Originally posted by: Syringer
<a target=_blank class=ftalternatingbarlinklarge href="https://www.eloan.com/myeloan/creditfaq">https://www.eloan.com/myeloan/creditfaq</a>

Limited information:

* Account payment or credit history not long enough
* Lack of recent information on accounts
* Insufficient number of satisfactory accounts
* Date of last credit too recent
* Too few or no recent balances on revolving accounts (e.g. credit cards)

YMMV. I utilitized a little over 50% on one card with 5k credit line and my credit score dropped.

 

[suse920]

Originally posted by: malcontent

Originally posted by: BrokenVisage

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

What y'all said.

malcontent

What he said.

suse920

 

[Midlander]

Originally posted by: suse920

Originally posted by: malcontent

Originally posted by: BrokenVisage

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

What y'all said.

malcontent

What he said.

suse920

Yep.

Midlander

 

[Syringer]

Originally posted by: DaWhim

Originally posted by: Syringer
<a target=_blank class=ftalternatingbarlinklarge href="https://www.eloan.com/myeloan/creditfaq"><a target=_blank class=ftalternatingbarlinklarge href="https://www.eloan.com/myeloan/creditfaq">https://www.eloan.com/myeloan/creditfaq</a></a>

Limited information:

* Account payment or credit history not long enough
* Lack of recent information on accounts
* Insufficient number of satisfactory accounts
* Date of last credit too recent
* Too few or no recent balances on revolving accounts (e.g. credit cards)

YMMV. I utilitized a little over 50% on one card with 5k credit line and my credit score dropped.

Having that high a balance won't help. From what I understand credit scores are based off your ability to pay off debts, and by paying it off every month and leaving a 0 balance or debt on your cc..you don't establish your ability to pay off a debt. That's why having a mortgage or having car payments will also help your score.

 

[DaWhim]

Originally posted by: Syringer

Originally posted by: DaWhim

Originally posted by: Syringer
<a target=_blank class=ftalternatingbarlinklarge href="https://www.eloan.com/myeloan/creditfaq"><a target=_blank class=ftalternatingbarlinklarge href="https://www.eloan.com/myeloan/creditfaq"><a target=_blank class=ftalternatingbarlinklarge href="https://www.eloan.com/myeloan/creditfaq">https://www.eloan.com/myeloan/creditfaq</a></a></a>

Limited information:

* Account payment or credit history not long enough
* Lack of recent information on accounts
* Insufficient number of satisfactory accounts
* Date of last credit too recent
* Too few or no recent balances on revolving accounts (e.g. credit cards)

YMMV. I utilitized a little over 50% on one card with 5k credit line and my credit score dropped.

Having that high a balance won't help. From what I understand credit scores are based off your ability to pay off debts, and by paying it off every month and leaving a 0 balance or debt on your cc..you don't establish your ability to pay off a debt. That's why having a mortgage or having car payments will also help your score.

not like I don't know it. I carry some debts on my 0% APR card for that purpose.

 

[Syringer]

Another link:

http://www.etigazette.com/Top-News-Searches-2005-Cre-to-Cus/credit_score.php

Keeping a balance on old credit cards, even if the interest rate is high. The average age of one's credit lines is a factor in the credit score. The older, the better. If a $0 balance is carried on a credit line, eventually that credit line will no longer show up on the credit report, so it is good to keep at least a $10 revolving balance (i.e. don't pay the whole thing off each time).

Anyone here actually have anything intelligent to say, or is that asking too much? 😛

 

[Descartes]

Utilization is what you're talking about, and it counts for 30% of your score if I remember correctly. The higher your utilization the lower your score. The only thing that gets reported to the bureaus is whether or not you paid on time and what the balance is. If your balance is zero they still report your account as being paid on time. It's not like they record your balance over a few months and keep a tally on the fact that you've carried a balance.

The fact that you actually carry a balance and pay interest as a result is the most ridiculous and irresponsible thing I have ever heard.

 

[Descartes]

Originally posted by: Syringer
Another link:

http://www.etigazette.com/Top-News-Searches-2005-Cre-to-Cus/credit_score.php

Keeping a balance on old credit cards, even if the interest rate is high. The average age of one's credit lines is a factor in the credit score. The older, the better. If a $0 balance is carried on a credit line, eventually that credit line will no longer show up on the credit report, so it is good to keep at least a $10 revolving balance (i.e. don't pay the whole thing off each time).

Anyone here actually have anything intelligent to say, or is that asking too much? 😛

That's preposterous. The credit score merely reflects what is reported to the bureaus, and it's the original creditor's ability to report information on your account that gives the score merit. To suggest that a zero balance account simply disappears from your report is absurd; granted, the original creditor might make the decision to do so, but I've never heard of such a thing.

What the creditor can report is governed by the FCRA (Google it).

 

[Syringer]

Originally posted by: CadetLee

Originally posted by: malcontent

Originally posted by: BrokenVisage

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

What y'all said.

:thumbsup:

I supposedly have a high score (716) for my age/credit experience (22yo)..and I pay it off every month. It seems to work out alright. 😛

You're not establishing a history by paying it off very month..unless you have a car/house payment that you're making.

 

[Descartes]

Originally posted by: Syringer

Originally posted by: CadetLee

Originally posted by: malcontent

Originally posted by: BrokenVisage

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

What y'all said.

:thumbsup:

I supposedly have a high score (716) for my age/credit experience (22yo)..and I pay it off every month. It seems to work out alright. 😛

You're not establishing a history by paying it off very month..unless you have a car/house payment that you're making.

You have no idea what you're talking about.

Here.

What many people don?t know is that credit scores don?t distinguish between those who carry a balance on their cards and those who don?t. So charging less can also improve your score -- even if you pay off your credit cards each month.

Yes, you've been wasting your money. Good job.

[edit]Updated to be a little nicer 🙂[/edit]

 

[JulesMaximus]

No, I have a credit score of 740. My goal is to pay off my credit cards as soon as possible. I pay the maximum I can to get it down to zero as soon as possible.

<--I've carried as much as $18,000 credit card debt in one month. :laugh:

 

[cyclistca]

Originally posted by: Syringer
If so, how much is it, and how much interest do you pay as a result?

No, and anyone that does this is an idiot.

 

[AbAbber2k]

Originally posted by: cyclistca

Originally posted by: Syringer
If so, how much is it, and how much interest do you pay as a result?

No, and anyone that does this is an idiot.

QFT

 

[DVK916]

Originally posted by: CadetLee

Originally posted by: malcontent

Originally posted by: BrokenVisage

Originally posted by: darkxshade

Originally posted by: PurdueRy

Originally posted by: MotionMan

Originally posted by: kranky
No, and nobody should. It does nothing for your credit score.

What he said.

MotionMan

What he said.

PurdueRy

What he said.

Darkxshade

What they said.

BV

What y'all said.

:thumbsup:

I supposedly have a high score (716) for my age/credit experience (22yo)..and I pay it off every month. It seems to work out alright. 😛

Me too, I have a score of 767 at 22yo. I always pay off my credit cards each month.