sucks to be perfect...

[TGS]

Originally posted by: Omegachi
well.. only have 1 cc right now and i've been usingi it for a while. i have never missed a payment and i always pay in full.

See, using a single card for a while helps build credit. Though I imagine if it's your first and only card, it's not putting much history down for you.

Get a few more cards and use them in the same fashion to build a history. Even let a balance idle for a while and take your time making the minimum payment. Once you build up a good credit history it pays out big time when you go to get a car or home loan. BIG TIME. So start building now. Any money spent building will be saved on the important loans.

 

[CRXican]

what's the limit on your current card?

 

[Phoenix86]

Originally posted by: Omegachi
well.. only have 1 cc right now and i've been usingi it for a while. i have never missed a payment and i always pay in full.

And that *still* doesn't mean you have perfect credit.

 

[spidey07]

just sounds like you have a low credit score, not perfect credit.

If you had perfect credit they would fall all over you.

 

[KEV1N]

Homeboy, as others said, you don't have perfect credit-- you don't have enough credit.

 

[Pepsi90919]

Even let a balance idle for a while and take your time making the minimum payment.

you idiot

 

[Yossarian]

Originally posted by: TGS

Originally posted by: Omegachi
well.. only have 1 cc right now and i've been usingi it for a while. i have never missed a payment and i always pay in full.

See, using a single card for a while helps build credit. Though I imagine if it's your first and only card, it's not putting much history down for you.

Get a few more cards and use them in the same fashion to build a history. Even let a balance idle for a while and take your time making the minimum payment. Once you build up a good credit history it pays out big time when you go to get a car or home loan. BIG TIME. So start building now. Any money spent building will be saved on the important loans.

I want to punch you in the eye for writing that. It is WRONG.

 

[Tiamat]

I pay all my credit card bills early, and after a year of doing this, now my mail box gets flooded with credit cards from Capital One, all sorts of freq flyer miles stuff, for insanely high credit lines. Its really annoying having to shred 3 letters every day :|

Credit card co. make the most money off of the good credit people because everytime you swipe, the store or restaurant pays a fee to allow you to swipe.

If you have college loans (and are still in college) does this help obtain "credit" or is that a myth?

 

[jaedaliu]

Originally posted by: Tiamat
If you have college loans (and are still in college) does this help obtain "credit" or is that a myth?

i don't actually know, but that's probably a myth. You aren't doing anything to pay that off, you aren't showing any cool debt paying skills.

 

[exilera]

Originally posted by: Omegachi
did you know... if you have perfect credit, credit card companys will not let you apply for their cards because they know they won't make money off of you?... well, now you know.

Yes and I'm a Nigerian Prince.

 

[Tiamat]

Originally posted by: jaedaliu

Originally posted by: Tiamat
If you have college loans (and are still in college) does this help obtain "credit" or is that a myth?

i don't actually know, but that's probably a myth. You aren't doing anything to pay that off, you aren't showing any cool debt paying skills.

Ok, i didn't know if CC companies look at loans as a way to gauge you.

As in:

"X" gives person "P" $xxxxx.xx loan and this amount translates into "X" fully expecting "P" to be able to pay it off. Since "X" trusts "P" with money, CC company can also trust "P".

 

[tami]

Originally posted by: ArtVandalay
I have excellent (though not perfect) credit. I get trees worth of junkmail offering 0% for 6 months or on transfers and such :frown:

me too. i hate them. i get like 5 a week at the minimum.

 

[HardcoreRobot]

you are wrong

they make their money from taking a cut off each transaction

 

[dullard]

Originally posted by: Tiamat
Ok, i didn't know if CC companies look at loans as a way to gauge you.

As in:

"X" gives person "P" $xxxxx.xx loan and this amount translates into "X" fully expecting "P" to be able to pay it off. Since "X" trusts "P" with money, CC company can also trust "P".

Actually some companies will look at it the exact opposite way. If you owe XXX to all these other companies, how on Earth will you be able to pay off any loan we give to you? And if you default, look at all the other companies we must fight in bankruptcy court for your last scraps of money.

Although, this is a minor effect anyways.

 

[Bryophyte]

You don't have perfect credit. Get a credit report and take a good look at it. You have an inadequate credit history and are thus a risk.

Every time you make a charge with your credit card, the company makes a profit, even if you always pay your bill in full and pay nothing in interest.

 

[xgsound]

Call your current CC company and get the limit raised for starters.

With 1 CC it sounds like you're starting to build your credit. Is that correct? If so keep in mind that debt is not good. Paying off 1 CC monthly is not perfect credit. They want to see numerous things that were paid off in a timely manner. People in thier 50's that always pay cash and don't own property have no credit either.

If you must go into debt, be sure it's for something that helps you make money. Some things would be a dependable car to get to work or a roof over your head.

There are many things to do to "build credit" for credit's sake, but I don't suggest any of them.

Why did you want another CC?


Jim

 

[CRXican]

I work at a credit union. I look at credit all day every day, it's fun.

 

[Ilmater]

Originally posted by: TGS
You will on the other hand get denied for the lack of a credit history.

Exactly. They just said you have no credit history, moron. They're not telling you that you have perfect credit.

 

[Vic]

Originally posted by: Omegachi
no, i applied for a citicard, and they rejected me. so i called them up and asked for the reason why.

this is what it saids on the rejection letter i got:

"your credit bureau report shows you have no revolving accounts with a balance."

That's not perfect credit, that's "inadequate credit history."

The credit bureaus don't know that you pay off your card in full every month. I've been over this several times on this board. They have no way of knowing. All the bureaus see is the monthly balance, i.e. the amount it takes to pay the balance off in full each month. In order to not have balance, you have to have not used it in the previous month prior to applying at Citi.

For premier accounts, it is typical for lenders to require a diverse credit history comprised of multiple accounts. Meaning that a history of only 1 tradeline is inadequate.

Credit providers greatly desire high credit customers. Customers who actually make their payments on time greatly reduce their servicing costs.

 

[DaTT]

Originally posted by: Omegachi
well.. only have 1 cc right now and i've been usingi it for a while. i have never missed a payment and i always pay in full.

Always paying it in full actually hurts you in the end. You do not build credit with the bureau. Keep a balance for a while, you will build your score.

 

[Yossarian]

Originally posted by: DaTT

Originally posted by: Omegachi
well.. only have 1 cc right now and i've been usingi it for a while. i have never missed a payment and i always pay in full.

Always paying it in full actually hurts you in the end. You do not build credit with the bureau. Keep a balance for a while, you will build your score.

I would like to punch you in the eye as well.

 

[fs5]

this thread is funny.

 

[dullard]

Originally posted by: Yossarian
I would like to punch you in the eye as well.

Thanks for joining me in that fight. Vic summed it up well. The credit bureaus don't know if you pay off in full or not. Thus how can it help you? All it can do is to drain your wallet.

AAAAAAAARRRRRRRRRGHHHHHFDHGHHGSHADGFDSA GKASGLdsagsa!!!

Please stop this nonsense.

 

Originally posted by: DaTT
Always paying it in full actually hurts you in the end. You do not build credit with the bureau. Keep a balance for a while, you will build your score.

NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO

Seriously, this is flat-out wrong. You couldn't be more wrong than you are with this last statement.

 

[Pepsi90919]

Originally posted by: dullard

Originally posted by: Yossarian
I would like to punch you in the eye as well.

Thanks for joining me in that fight. Vic summed it up well. The credit bureaus don't know if you pay off in full or not. Thus how can it help you? All it can do is to drain your wallet.

AAAAAAAARRRRRRRRRGHHHHHFDHGHHGSHADGFDSA GKASGLdsagsa!!!

Please stop this nonsense.

:Q