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(Possibly stupid) credit question...

H

Heisenberg

Lifer
Does paying your bills on time (such as cell phone, cable, and especially rent) have any effect on your credit rating?
To clarify, I'm talking about the actual score the credit agencies keep.
 
I always do and I pay in full too. People used to say that a small balance on your credit card was good but that doesn't seem to be the case anymore.
 
Originally posted by: Heisenberg
Does paying your bills on time (such as cell phone, cable, and especially rent) have any effect on your credit rating?
To clarify, I'm talking about the actual score the credit agencies keep.
Click to expand...

The bills you are asking about rent, cable and cell phone do not show up on your credit unless you get sent to a collector... being late will not make it to your credit score.
 
Originally posted by: Crazymofo
Originally posted by: Heisenberg
Does paying your bills on time (such as cell phone, cable, and especially rent) have any effect on your credit rating?
To clarify, I'm talking about the actual score the credit agencies keep.
Click to expand...

The bills you are asking about rent, cable and cell phone do not show up on your credit unless you get sent to a collector... being late will not make it to your credit score.
Click to expand...
Ah, ok. Thanks.
 
Yes it does.

Late payments (30 days or more) and excessive inquiries (STOP APPLYING TO 5 different cc's) are bad bad bad bad bad.
 
Originally posted by: RossMAN
Yes it does.

Late payments (30 days or more) and excessive inquiries (STOP APPLYING TO 5 different cc's) are bad bad bad bad bad.
Click to expand...

not to insult the Grand Nagus but did you read his question? I have ben 60 days late on my verizon cell phone and its not on my report... been 30 days late with rent a few times and its not on my report...
 
Originally posted by: Crazymofo
Originally posted by: RossMAN
Yes it does.

Late payments (30 days or more) and excessive inquiries (STOP APPLYING TO 5 different cc's) are bad bad bad bad bad.
Click to expand...

not to insult the Grand Nagus but did you read his question? I have ben 60 days late on my verizon cell phone and its not on my report... been 30 days late with rent a few times and its not on my report...
Click to expand...

Yes I did read his question and I replied with "Yes it does."

That doesn't surprise me about your Verizon bill, sometimes creditors give you 30 days leeway then starting day 61 they report you as 30 day late.
 
So do you gain points from being on time or do you only lose points when you're late? In other words, will my rating increase if I pay all bills on time, or just not drop?
 
Originally posted by: Heisenberg
So do you gain points from being on time or do you only lose points when you're late? In other words, will my rating increase if I pay all bills on time, or just not drop?
Click to expand...

Vic would know, he recently attended an informative MyFico seminar, so I would ask him.

Bear in mind that your overall credit score doesn't only have to do with ontime/delinquent payments, also takes into consideration other factors.
 
Different companies have different thresholds for determening when a late payment is sent to your credit report. In other words, just because you have a late payment does Not mean it will definately be on your credit report.
 
Originally posted by: RossMAN
Originally posted by: Crazymofo
Originally posted by: RossMAN
Yes it does.

Late payments (30 days or more) and excessive inquiries (STOP APPLYING TO 5 different cc's) are bad bad bad bad bad.
Click to expand...

not to insult the Grand Nagus but did you read his question? I have ben 60 days late on my verizon cell phone and its not on my report... been 30 days late with rent a few times and its not on my report...
Click to expand...

Yes I did read his question and I replied with "Yes it does."

That doesn't surprise me about your Verizon bill, sometimes creditors give you 30 days leeway then starting day 61 they report you as 30 day late.
Click to expand...

Verizon is not a creditor they are a service provider... the only way that bill will appear on your credit is if they send you to a collection agency. And since they are not a creditor they do not appear on your credit report at all weather you have all ontime payments or 30, 60 or 90 day lates... same with a cable company they are not a creditor so unless they send you to a collection agency that bill will never show on your report.
 
Originally posted by: Crazymofo
Originally posted by: RossMAN
Heisenberg,

Here's some good reading
http://www.myfico.com/myfico/CreditCentral/ScoringWorks.asp
Click to expand...

I've read your posts in the past Ross and I trust your knowledge on credit... so would you please tell me that my last post was wrong or not?? I'm pretty confident that im correct but I want to know if im not and I think you are the best person to tell me.
Click to expand...

To be perfectly honest Vic is more qualified to give an accurate answer than I would.
 
Originally posted by: RossMAN
Originally posted by: Crazymofo
Originally posted by: RossMAN
Heisenberg,

Here's some good reading
http://www.myfico.com/myfico/CreditCentral/ScoringWorks.asp
Click to expand...

I've read your posts in the past Ross and I trust your knowledge on credit... so would you please tell me that my last post was wrong or not?? I'm pretty confident that im correct but I want to know if im not and I think you are the best person to tell me.
Click to expand...

To be perfectly honest Vic is more qualified to give an accurate answer than I would.
Click to expand...

Alright then, hopefully he sees this thread...
 
utility and phone bills don't have any positive effect on your credit, just negative if you don't pay for a long time and they decide to report you. on-time payments for things like car loans, mortgages, and credit card payments do have a positive impact. they show that you can take on debt and pay it back responsibly.
 
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