re: Factors affecting your credit score

quote:

---

I owe zero. No house. No car. No credit card. No personal loan.

---

This is actually your biggest problem affecting your credit score. Seriously.

quote:

---

Weird because I haven’t carried a loan in over a decade (no mortgage, never had a car loan, and never carry credit card balances over). I pay off my credit card balance every 2 weeks. Other than that just paying bills. Figured it’d be worse since I’m not a debtor’s target audience.

---

You’re the Dave Ramsey audience; a self admitted retard who thinks historically low interest debt used to leverage the acquisition of assets is bad, when in reality, you’d be a lot richer using a 1.75% mortgage for 30 years that the government tried to hand your dumb arse.

Autos were being financed basically fricking free for well over a decade, but BabyRamsey out here plowing $100k cash into a King Ranch so he can post on the OT about how he fired a consultant from said cash acquired King Ranch for not being on camera enough.

Also, why would you pay a credit card off every two weeks? Anyone with serious cash flows has that shite automated at due date, balances paid, money diverted into investment vehicles. There is literally no logical reason to pay a CC bill every two weeks unless you’re maxing it out, and if that’s the case, increase the LOC.

quote:

---

Last I looked it said something like revolving debt too high or something like that and have always paid off in full every month for 30 years

---

Balance reflected on the credit report is whatever the statement closing balance is. So even if you pay it off in full, if the statement closes with a high balance relative to your overall available credit, it can be a big ding. Easy way to avoid that is pay off the balance before the statement closing date.

My credit score factors look like the national debt.

quote:

---

Portions of balances to credit limits are too high.

---

Just kidding LOL.

We are all OT rich and drive jacked up Platinum F-150’s and have an Amex Centurion Black at our disposal.

quote:

---

If you’re checking your credit score monthly, I believe them that you may have too many inquiries.

---

The only inquiries on a credik report that count are hard pulls which are pulls that some creditors use to open an account. Other inquiries are considered soft pulls which can be for credit monitoring, a current creditor checking on a current customer to ensure other bills are being paid or new credit extended, promotional uses where XYZ Mortgage or Crappy Bank USA wants you to open a credit card with them so they can send you an application/preapproval. Another thing that soft pulls are used for is by collection agencies to find out your current contact information, or if you are applying for a mortgage so they can hit your credit file and try to reage some debt, but you can always dispute that if it is past 7 years.

Note several pulls within a certain window are considered one pull, so when you buy a car and the dealership and 6 other banks pull your report for car financing, that is considered 1 pull, even though some credit monitoring may count that as multiple pulls in their scoring model or analysis.

Also Hard pulls stay on your credit report for 2 years and are used in the scoring model.

Soft pulls are tracked, but only for your eyes, I don’t think creditors are given this information as it is not used in scoring.

quote:

---

Also Hard pulls stay on your credit report for 2 years and are used in the scoring model.

---

True. I have read, although I can't remember where, that hard inquiries do not impact your credit score after 1 year, even though they stay on your credit report for 2 years.

I have an 834 score, zero debt, run all purchases through a single card for the points (haven’t paid for a flight in years), pay it in full every month (haven’t paid interest on anything in years)…

…and mine says the same thing as yours.

It’s all pretty much nonsense.

quote:

---

Total of all balances on bankcard or credit card accounts is too high.

---

I get this once in a while, yet I pay zero interest because I always take the balance to zero for each statement.

What I found out is they look at the balance on a certain day of the month and not anything else.

"Credit" is highly controlled by Credit card companies.

It used to be a great measure of financial discipline, now its more of a measure of Credit card aptitude.