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Re: Credit Rating

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You said, "Our credit cards were lost and replacement cards were delayed.  I went to the bank, where I've banked since 1989, to get a new card while the replacements were on the way."

 

Did you get new cards or not?

 

Have you gone online and checked your credit rating?

 

There are more banks than just the one you bank with. I don't have a credit card with the bank that I bank with, checking and savings. I have several credit cards from other banks and several years back I applied for one with my local bank that I bank with and they sent me one for a $100.00. That was a joke to me when I already had several with $10,000.00 dollars or more credit. I put the $100.00 card through my shredder. I still don't have one with them even though they send me offers.

 

I use the cards I have at least one or two times each year and pay them off as soon as I get a statement to avoid finance charges and not lose them.

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Re: Credit Rating

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@WilliamM193973

 

A good credit history and a good credit score are built by having and using credit wisely.  That means having it and paying it off In a timely manner - that includes using it and even paying it off on a monthly bases.

 

A good standing credit score is computed by considering several factor.  

One is by looking at how much credit you have used and how much of of it is still available.  Keeping used credit to below 30% of what is available, gives the best results in this scoring.  

Another factor for computing a good credit score is paying off the debts in a timely fashion with no late payments or defaults.

 

I don't have any debts either - home is paid off and have no actual time payments of any kind.  However, I pay for just about everything using credit cards because I also get cash back awards by using them.  I pay all of them off the following month within the grace period.  So I pay NO finance charges yet get back cash back which I can use to pay off the credit cards.  With a cash back rate of 2% on every purchase, I reduce the amount which I spend by this 2% cash back.

 

There are also consumer protections in play (Fair Credit Billing Act, Regulation Z) when using a credit card that are not available with cash or debit cards.

 

If you want to build credit and are having a hard time getting started, you can do what many young adult do to begin their credit history.  You can begin by establishing a secured credit card.  This means you establish a credit card with money they keep on deposit for you - start with about $500.  Use about 30% of the secured amount for monthly purchases and then pay it off every month.  It will probably take 6 months to a year and you can apply for a real credit card as long as you pay as agreed.   Then you cancel the secured card and begin to build your good credit history.

 

You should pull a current copy of your credit report from the (3) primary agencies and take a look at it to make sure it is correct.  just about every state gives you to right to get these free of charge once or twice year.  

FTC.gov - Get My Free Credit Report

 

 

Good luck.

* * * * It's Always Something . . . Roseanne Roseannadanna
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Credit Rating

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Our credit cards were lost and replacement cards were delayed.  I went to the bank, where I've banked since 1989, to get a new card while the replacements were on the way.  They wouldn't open a new card for me saying I didn't have enough active accounts.  They told me that since I paid off our house, and pay cash for the new cars we buy, I have hurt my credit rating.  This seems backwards.  Does anyone have any suggestions on how to get past this?  I tried to get a new card from one of the myriad ads we get but they say the same thing, I don't have enough accounts.  This seems silly.  I don't have debt and don't need credit.  But, it seems worthwhile to get some, should I ever need it.  Thanks in advance.

 

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