FreeCreditReport.com

[Offshoredrillin]

Less than 20% ?

yes, if you have all of them paid down. on mine, because I use them for business I have about 75 k available on my cards, if they are all down, they take the fact that I can change my debt in an instant by using them. It is called "making a run" having too much available credit can lower your score as well.

 

[Ratickle]

yes, if you have all of them paid down. on mine, because I use them for business I have about 75 k available on my cards, if they are all down, they take the fact that I can change my debt in an instant by using them. It is called "making a run" having too much available credit can lower your score as well.

Didn't know that one, we always pay ours off but their limits are huge.....

 

[03darkshadow]

Didn't know that one, we always pay ours off but their limits are huge.....

i didnt know that, i always pay mine off every month. hmm.

 

[Offshoredrillin]

i didnt know that, i always pay mine off every month. hmm.

its good to have a little on each one and use it and pay it. especially now, lots of cc companies are cutting limits. if you have a 10 k limit and its never over 2, they will cut it back to 5, and if you have 2 k on it when they do it, it takes you from 20% to nearly 50% just by them reducing the limit, and may disqualify you for certain programs. I had it happen with one, that had a 3000 limit, but the high balance was 8k at one time, i paid it off and didnt use it and it raised flags at the bureau.

 

[clayinaustin]

its good to have a little on each one and use it and pay it. especially now, lots of cc companies are cutting limits. if you have a 10 k limit and its never over 2, they will cut it back to 5, and if you have 2 k on it when they do it, it takes you from 20% to nearly 50% just by them reducing the limit, and may disqualify you for certain programs. I had it happen with one, that had a 3000 limit, but the high balance was 8k at one time, i paid it off and didnt use it and it raised flags at the bureau.

Yep, alot of your credit score is baised on "available credit". Too much or too little is bad. If you have a card with a 10K limit and you usually run a $5K balance, that is good because you have $5K available.

But, if you pay off the card and close that account, you just lost $5K of available credit. You paid off a debt, but your credit score drops!

 

[Ratickle]

Yep, alot of your credit score is baised on "available credit". Too much or too little is bad. If you have a card with a 10K limit and you usually run a $5K balance, that is good because you have $5K available.

But, if you pay off the card and close that account, you just lost $5K of available credit. You paid off a debt, but your credit score drops!

I knew that if you cancelled the card, but had no idea if you kept it paid off.

 

[clayinaustin]

I knew that if you cancelled the card, but had no idea if you kept it paid off.

If you cancel a card that has a $10K limit but was always paid off, then you just lost $10K of available credit. Your score will drop.

 

[Scarab KV]

But like Drill'n was say'n, they also look at cards with no balance as potential debt

 

[clayinaustin]

But like Drill'n was say'n, they also look at cards with no balance as potential debt

Exactly. Too much available credit is also bad. If you have two or more cards with zero balances, then you have the potential to run up some serious debt real quick.

 

[MacGyver]

Exactly. Too much available credit is also bad. If you have two or more cards with zero balances, then you have the potential to run up some serious debt real quick.

I have two cards that are always paid off. My score is 798. Come to think of it, I think I have a Home Depot card too, but I only used it once and paid it off right away.

 

[clayinaustin]

I have two cards that are always paid off. My score is 798. Come to think of it, I think I have a Home Depot card too, but I only used it once and paid it off right away.

How do you know your credit score is 798? What service do you use? (That was the point of this thread)

BTW, anything over 700 is good. 798 is very close to 800 which is just about perfect. WTG!

 

[MacGyver]

How do you know your credit score is 798? What service do you use? (That was the point of this thread)

BTW, anything over 700 is good. 798 is very close to 800 which is just about perfect. WTG!

I heard of this site while watching Clark Howard on CNN. I think 850 is the top of the Credit Score scale.

http://www.creditkarma.com/

 

[MacGyver]

Ooops, I was wrong. My score is 791 not 798. Credit Karma receives that number directly from Trans Union on your behalf.

Now I'd like to figure out a way to get it over 800.

 

[Scarab KV]

I heard of this site while watching Clark Howard on CNN. I think 850 is the top of the Credit Score scale.

http://www.creditkarma.com/

Mac, will a check thru them show up as an inquiry?

 

[MacGyver]

Mac, will a check thru them show up as an inquiry?

From Credit Karma's FAQ:

Will using Credit Karma lower my credit score?
No. Credit Karma is making the credit score request on your behalf. Inquires made on your behalf will not be shown to creditors and will not affect your credit score.

 

[Scarab KV]

From Credit Karma's FAQ:

Will using Credit Karma lower my credit score?
No. Credit Karma is making the credit score request on your behalf. Inquires made on your behalf will not be shown to creditors and will not affect your credit score.

Thanks Rick
Oh yea....Clarke Howard is the man

 

[Offshoredrillin]

Ooops, I was wrong. My score is 791 not 798. Credit Karma receives that number directly from Trans Union on your behalf.

Now I'd like to figure out a way to get it over 800.

also keep in mind that trans union is only one of the 3 agencys, there is also experian and Equifax.

here is what i had said about a credit analyzer. just plug in the info and it tells you how it will affect it. you get quarterly updates.

The Credit Analyzer allows you to explore the impact that various credit actions may have on your credit score. You can experiment with making payments, transferring balances, opening or closing accounts, making credit inquiries, and more. This may help you determine whether you really want to take these actions period.

Using Credit Analyzer will not change your credit score or the information in your credit report at the credit agency. The Credit Analyzer is a simulation tool; it does not carry out real credit actions.

Select a Credit Score

Select the credit score you wish to simulate scenarios for:
Equifax
Experian
TransUnion
Select your Simulation
Depending on your situation, several scenarios may interest you. Select the simulation that best applies to you, then choose one of the listed scenarios to see how it may impact your credit score. Or, create your own custom scenario.
Simulation Scenarios
See how my score will change over time

. Pay on Time
. Miss Payments
. Reduce my debt

Seek new credit or finance a large purchase

. Increase my debt
. Apply for credit
. Open new account

How this action could affect my score

. Pay down (decrease) debt
. Consolidate debt into one account
. Spread debt among accounts
. Pay off debt
. Make all payments on time
. Close unused accounts

Having trouble making minimum payments

. Miss payments
. Declare bankruptcy
. Close accounts
. Max out my cards

Refinance my debt

. Refinance and get cash out
. Rates and terms refinance