My credit score dropped 23 points!

Veronica said:
All my bills but the utilities go on the cards. I live by myself. If I croak and dont pay them maybe they will send someone to check.
I have auto deposit so I could be mummified before anybody noticed otherwise.
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Same! I do text my kids regularly so hopefully they would notice something is amiss. I probably need to tell them if I don’t respond in X amount of time, please stop by and check.
 

I paid off all our credit cards probably 20 years ago. The last time I checked my credit score was probably 15 years ago, and it was in the 840s. I wonder what it is now. Does anyone have a reputable and safe site where I can check?
 
Who sets these credit scores. Both Canadian companies have exactly the same score.
 

Dave03 said:
I paid off all our credit cards probably 20 years ago. The last time I checked my credit score was probably 15 years ago, and it was in the 840s. I wonder what it is now. Does anyone have a reputable and safe site where I can check?
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Check your bank online. Sometimes they provide it for free and it’s not considered as a search.
 
For long time, years had no cc we both worked and saved so much from our checks. Paid cash for everything. Then after I retired got a cc for emergency's. We each have a cc no balances. Oh then the Amazon card I never use. Bottom line is, we have no real debt and that is good, as we barley make it on SS. But our cards are free In case of a emergency. Such as the washing machine..its life span is narrowing. Truck issues..the card. Ever so often charge something then pay off.
I have all credit agencies on Freeze so no one can try and open credit line. Works fer us ;)
 
Zero debt, one cash back credit card, two bank debit cards. Score fluctuates between 815 & 795. Long ago put credit card in my wife's name so she would not have a problem buying a need or want that could be high cost. Cash back has worked in our favor over the years. Buy a high cost "want" item when a sale price is in effect, pay the charge in full so no interest is paid.
 
I charge most of my monthly bills that I would normally pay from checking.
For example I put my water bill on my cc. Then I pay off the cc.
I get cash back and this keeps the cc active. This way you dont have to "use" your cc to keep it active.
And you have "available" credit which helps your credit score.
 
You can open more credit cards or raise your credit limit on the cards you already have. The more credit you have(and in good standing), the higher your credit score will be.
 
Credit score is a smoke and mirrors ruse used to justify interest rates charged. Its not unlike Kelly Blue Book that is a price fixing tool.
Credit score is also used to encourage borrowing.
Borrow money and it goes up. Stay debt free and it goes down.
 
After various hacking incidents last year, I got free credit score monitoring, so from that I discovered that my credit scores go up and down all the time. Apparently the higher your credit limits on your cards then the better the score, but the more you use up your limits buying stuff then the score drops, but pops back up after the CC bill is paid.
 
Our house is paid for, cars are all paid off, monthly credit card balance is always paid off, credit score drops by 22 points. shrug.gif

Credit card companies and credit reporting agencies are not your friends.
 
Buy on credit and pay the minimum due fee, interest fees will continue for life.

I will consider leasing electric vehicle when the State makes it a law to buy EV's.
Of course, that law, its against the Constitution.

No way I want to pay reclaim fees of junk Lithium batterers of that size.
Credit cards that offer rewards, sell you off to other Card Companies.
they buy believing they will get your rewards eventually.
 
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High credit score matters only if you intend to get a loan or certain credit cards. For older people who are winding down their financial journeys, the credit score doesn't matter much.
 
OldOld said:
High credit score matters only if you intend to get a loan or certain credit cards. For older people who are winding down their financial journeys, the credit score doesn't matter much.
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not true .

credit sores in many states are used as part of your insurance score . that score determines your rates , especially auto insurance.

the industry demonstrated to congress that as a group lower credit scores tended to have more fraudulent or padded claims involving accidents where there were no other parties or witnesses.

want a utility or phone account ? your credit score is checked .

many jobs check credit scores where they can . after all how can we trust you will company assets when you can’t even manage your own.

credit scores tend to reflect who you are with your money and as suzie orman likes to say. those who tend to spend more than , tend to think less than about themselves
 
Off topic.

Four days ago I, now at age 76, saw my credit score for the first time ever while filling out some car dealer paperwork. Hmmmm?

Just never bothered even though I could have years ago with a simple web page selection and providing a few details. Well, two credit services both placed me at the center of VERY GOOD even though I've never ever taken out a loan or been in debt.

So to all you smiling sweat peas out there, see, mr dave is being fed well.
 
hollydolly said:
yes it's the same here... you need to have credit to get a good credit score. If you don't have any debt you credit score will go down.. because lenders can't see tht you're a good risk... nuts I know.. I've been there . I used to never even have any credit cards.only debit cards.. but because of this situation I got credit cards, and suddenly I was every lenders dream...
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Talk about naive, I didn't even know that we are given a credit score, let alone what it is. My debit card is only used for withdrawing cash from the ATM. My credit card, I share with my other half, never gets used. It's been so long since I made a purchase with it that I have forgotten the security number. My preferred method of payment is always cash.

cashonly.jpg

Cash is anonymous, retailers, banks and others cannot profile cash payments.
For the same reason, I don't have any store loyalty cards. Believe me, as the
economist, Milton Friedman once said: "There's no such thing as a free lunch."
 
i have not owed money in 25 years .

but everything i can goes on my credit cards .

they get paid off and i get thousands of dollars in rebates via points .

i want to thank all the cash payers for paying for the points users get as most pay the same prices paying in cash and get nothing back in return
 
mathjak107 said:
i want to thank all the cash payers for paying for the points users get as most pay the same prices paying in cash and get nothing back in return
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You are most welcome. The real value of customer profiles lies in the fact that they’re constantly changing, one transaction at a time. Banks and retailers are able to spot these changes and respond to them with just the right offer, and that can mean a huge competitive edge for financial service providers.

Profiles can point out that a customer suddenly starts travelling a lot, their bank can approach them with an offer for a travel credit card, foreign currency account or travel insurance, depending on its business and sales strategy. If someone has recently become a homeowner, they might be interested in taking out a home improvement loan or home insurance. A customer has a bigger salary coming in than usual? Why not give them advice on what product they should invest their extra income in and how much their investment would yield?

Customer profiles, of course, not only help banks follow through with their business goals but also serve as the input for setting them. Knowing how many of a bank’s customers are frequent travellers, love fine dining restaurants or have a passion for cycling can offer deep, actionable insights for product development, sales and marketing.

The real value though comes when spending profiles are bought and sold, it's a practice that exists and is often tied to the sale of customer data or customer lists. These customer lists, which can include spending habits, are considered intangible assets according to accounting websites. So enjoy your rebate points, but remember, they are far from free and although it might feel painless, it's your data, your property, that's being marketed without your permission, and you don't see a penny of it.
 
horseless carriage said:
You are most welcome. The real value of customer profiles lies in the fact that they’re constantly changing, one transaction at a time. Banks and retailers are able to spot these changes and respond to them with just the right offer, and that can mean a huge competitive edge for financial service providers.

Profiles can point out that a customer suddenly starts travelling a lot, their bank can approach them with an offer for a travel credit card, foreign currency account or travel insurance, depending on its business and sales strategy. If someone has recently become a homeowner, they might be interested in taking out a home improvement loan or home insurance. A customer has a bigger salary coming in than usual? Why not give them advice on what product they should invest their extra income in and how much their investment would yield?

Customer profiles, of course, not only help banks follow through with their business goals but also serve as the input for setting them. Knowing how many of a bank’s customers are frequent travellers, love fine dining restaurants or have a passion for cycling can offer deep, actionable insights for product development, sales and marketing.

The real value though comes when spending profiles are bought and sold, it's a practice that exists and is often tied to the sale of customer data or customer lists. These customer lists, which can include spending habits, are considered intangible assets according to accounting websites. So enjoy your rebate points, but remember, they are far from free and although it might feel painless, it's your data, your property, that's being marketed without your permission, and you don't see a penny of it.
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i have never bought anything from an ad that i didn’t want or need .

in facts i am glad at least the junk i get as advertising is things i have interest in .

but that doesnt mean one buys stuff they didnt intend to buy .

in the mean time over the years we have gotten thousands of dollars rebated on what we bough that we wanted regardless.

so yep , we thank all those who pay full price with cash and pay for those credit card costs anyway and get nothing back .

in a way if i paid cash for all our grocerys it would be like paying a 5% surcharge for using cash and not our card that gives us 5% back
 
Aunt Bea said:
I’m curious about how it works but it doesn’t really have any impact on my life.
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As near as I can tell it's not interested in how well you manage money. It's more about how much you carry, and I wouldn't be surprised if it goes up if you pay the minimum amount and opt to pay more interest.
 

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