how’s your credit worthiness?

According to my credit card company and it's FICO look up... credit scores can go up to 900 these days. I'm pretty sure things have changed. I've seen news in the last few months that the way FICO scores were calculated was being changed.

I've got a 20-25 point spread between my FICO (credit card company) and Credit Karma's scores for me.

 

yes! collections accounts will stay on your report until they fall off naturally, which is around 6-7 years from the charge off period. even if you pay them, they are obligated to stay on there per federal law. so no point in paying them unless you have to for some other reason.

even if you pay off a card in full right after you use it, you’re still helping your score. especially if you can keep increasing your limit with that company. i wouldn’t worry about the lacking of a revolving balance. it’s a low portion of your fico score. your payment history is much more important.

 

here here!!

 

yes, fico model 9 is the newest one but it’s not widely used yet. this new model doesn’t take paid collection accounts into consideration.

 

I was about 20 with my first "decent" job when I got my Capital 1 card. As soon as I got it I charged a tattoo and a gun (hey, I said I was a fool). Next month they sent a letter stating "due to your responsible spending habits, we are raising your credit limit".

 

they knew they could make money off you!!!

 

The fact of the matter is the only thing that has kept me from being a millionaire is a million dollars. I have all the other qualifications.

 

FICO is bullshit!!

 

To an extent, probably. But we all know how it feels when someone borrows money from you and never pays it back. Using credit is the same principle. You borrowed money and can’t or don’t want to pay it back. Is that not BS to the company who lend you money? It shows how irresponsible a person can be. Lenders take that score and determine if the risk to lend you money will be worth it.

Credit is a simple thing but many people have a hard time with it. Pay back what you borrow with in the agreed upon time frame and you’ll be fine.

CC users, to avoid interest charges pay off the statement balance each month. You don’t have to pay off the full balance, just the statement balance each month.

Take what you want from what I say. Agree or disagree is fine. We all walk different parts of life with different experiences. What works for one person doesn’t always work for another.

“Those who know just do and those who don’t teach.”

 

Yup!