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Credit score questions
Posted on 10/9/14 at 11:27 am
Posted on 10/9/14 at 11:27 am
I just did Mint's free credit score thing, and it says I'm in the "excellent" range. It then breaks down some factors that contribute to the score: CC usage, payment history, age of credit, total accounts, credit inquiries, and derogatory marks. The only factor I have a low score on is total accounts. It says that creditors like to see a good mix of loans and credit cards. I don't even have a credit card (though my wife does).
Questions:
Should I get a credit card in my name?
Does it really make no difference to creditors once a score is higher than a certain number?
Would it be beneficial if, after I get a credit card, to pay the mortgage with the card instead of bank draft? I mean aside from reward points and what have you, strictly speaking credit score. Do the credit bureaus notice this type of "detour" payment and cancel out the beneficial effect to your score from using (and paying off) the credit?
Questions:
Should I get a credit card in my name?
Does it really make no difference to creditors once a score is higher than a certain number?
Would it be beneficial if, after I get a credit card, to pay the mortgage with the card instead of bank draft? I mean aside from reward points and what have you, strictly speaking credit score. Do the credit bureaus notice this type of "detour" payment and cancel out the beneficial effect to your score from using (and paying off) the credit?
3
Posted on 10/9/14 at 11:35 am to Korkstand
1) Yes I would get a card in your name. shite happens, it would be best to have a CC.
2) Your mortgage company lets you pay with a credit card? Do they charge you the 3% fee?
2) Your mortgage company lets you pay with a credit card? Do they charge you the 3% fee?
Posted on 10/9/14 at 11:55 am to TigerintheNO
quote:Oh, I don't know, I just assumed I could pay however. Guess I need to look into that.
Your mortgage company lets you pay with a credit card? Do they charge you the 3% fee?
Posted on 10/9/14 at 12:01 pm to Korkstand
I would get a credit card and if you've lived this long without needing one just don't use it but keep it open.
Most mortgage lenders won't let you pay a payment with a credit card. I've actually never heard of one allowing it.
Most mortgage lenders won't let you pay a payment with a credit card. I've actually never heard of one allowing it.
Posted on 10/9/14 at 12:11 pm to Al Dante
quote:From the little bit I've read, typically to make this happen you'd have to use your credit card company's bill pay system if they allow mortgage payments, and if they do allow it they probably wouldn't give rewards for it. So would that do anything for credit score, or should I just scratch the whole idea and just use the card for all my other bills?
Most mortgage lenders won't let you pay a payment with a credit card. I've actually never heard of one allowing it.
Posted on 10/9/14 at 12:15 pm to Korkstand
Also, Mint suggests having 22+ lines of credit! I have 11, only 1 of which is open. Should I really shoot for 22, or just get a credit card or two and call it good enough?
Posted on 10/9/14 at 12:43 pm to Korkstand
You can't just pay a mortgage with a credit card. There are ways around that guys like Teddy and others from the credit cards thread can outline for you.
Posted on 10/9/14 at 1:00 pm to Korkstand
I'd get just one credit card, pay all your bills but your mortgage on it, then pay the credit card bill out every month. I don't know how old you are and I think that makes a difference as a lender. If youre 27 and have 22 account lines on your credit that would be a red flag to me. If you're 47 and I see 22 lines as long as many of them have small balances or are closed i wouldn't bat an eye.
I think it would help to have one, ONE, credit card.
I think it would help to have one, ONE, credit card.
Posted on 10/9/14 at 1:22 pm to Al Dante
quote:Thanks! I'm 34, so I guess I should have a credit card.
I'd get just one credit card, pay all your bills but your mortgage on it, then pay the credit card bill out every month. I don't know how old you are and I think that makes a difference as a lender. If youre 27 and have 22 account lines on your credit that would be a red flag to me. If you're 47 and I see 22 lines as long as many of them have small balances or are closed i wouldn't bat an eye.
I think it would help to have one, ONE, credit card.
I have skimmed the older credit card threads a bit, but there are a whole lot of pages and some conflicting information. I gather that credit utilization is a factor, but is 10% better than 0%? As in, if I get a 10k limit, is it better to let 1k worth of bills hit a statement, or to pay it off immediately and get $0 statements?
Posted on 10/9/14 at 1:34 pm to VABuckeye
quote:
You can't just pay a mortgage with a credit card. There are ways around that guys like Teddy and others from the credit cards thread can outline for you.
I want to take this as a compliment, but I just feel like a dirty schemer instead
Posted on 10/9/14 at 1:42 pm to Korkstand
If you put 1k bucks on a credit card and pay it out the same month it will still show up as 1k on your credit report. So paying it all out each month has no ill effect on your credit.
Credit card utilization is a factor so if you get one you have to use it every month to get a bump in your credit. 10-20% is what I would aim for. But again pay it out every month and enjoy the rewards/mileage you earn for free.
Credit card utilization is a factor so if you get one you have to use it every month to get a bump in your credit. 10-20% is what I would aim for. But again pay it out every month and enjoy the rewards/mileage you earn for free.
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