[ 3 / biz / cgl / ck / diy / fa / ic / jp / lit / sci / vr / vt ] [ index / top / reports ] [ become a patron ] [ status ]
2023-11: Warosu is now out of extended maintenance.

/biz/ - Business & Finance


View post   

File: 6 KB, 262x193, images.jpg [View same] [iqdb] [saucenao] [google]
13729523 No.13729523[DELETED]  [Reply] [Original]

I heard that you have to carry a blaance on your credit card. is tris thue? I usually pay off my balance right away. Does that hurt my credit score if I pay it right away?

>> No.13729542

>>13729523
No. Who the fuck told you that?

>> No.13729568

>>13729523
the end of the month bill has to have something on it to build credit shoot for $40-50

>t. someone been trying to build credit for 4 months on a $200 limit card and buying/paying everything off instantly like a debit card and still stuck with $200 limit card lol @ 750 credit score

>> No.13729573

>>13729542
A coworker, he told me that he leaves alway a balance on his card and that he told his wife to do the same and both have good credit score.

>> No.13729575

It's a meme, pay your shit off on time. Only carry a balance during 0% APR period.

>> No.13729593

>>13729568
So I should start carrying a balance? Also is credir karma a good way of checking my crndit? I'm not sure if to trust it or not

>> No.13729596

>>13729568
>4 months
>$200 limit
>thinks he's qualified to advise on any of this

>> No.13729602
File: 19 KB, 220x220, jew_basic[1].jpg [View same] [iqdb] [saucenao] [google]
13729602

>>13729523
true, true, balances most good, yessums

>> No.13729604

>>13729523
https://www.liveleak.com/view?t=kmIsK_1558244412

>> No.13729615

>>13729523
Pay it off in full on the day it is due, that way you dont pay interest.
The card needs to be used to show responsibility so dont leave in a drawer with no activity.
Yeesh, kids these days

>> No.13729622

>>13729573
He's wrong. You get dinged too if you use more than 10% of your credit limit. Don't end the period with a balance that is more than 10% of your credit limit.

>> No.13729637

>>13729523
Credit score is a meme, it’s a credit slave score. You are paying 15-25% on whatever balance you are carrying which is robbery.

Make your payments on time, pay in full, and never exceed 50% of your credit on the card at any time.

>> No.13729653

>>13729622
I'm pretty sure you can use more than 10% of your credit. Anything above 25% is definitely bad though.

>> No.13729654

>>13729622
so is bad if at any given point I used more than 10%? my card has a 2k limit, does that mean that I'm only allowed to use 200 every month? because I usually use around 200 - 500.

>> No.13729674

>>13729637
So how often should my credit limit go up?

>> No.13729907

>>13729654
Who is your card with? Alot of banks have credit tracking apps that will explain to you fluctuations in your credit score when they change.

I get a notice that I ended the period using more than 10% of my credit limit & that usually negatively affects my score, but it bounces back the next period.

>> No.13730403

Been stuck at a 2500 credit limit despite having a score of 764. Was a neet for 2 years but now I've been working and spending around 500 a month with the card and each month I request an increase and they reply saying "nah kid you aren't spending enough.

It's pretty fucking bullshit. I pay off everything I buy within 1-2 days but I keep my balance at 100$ unless leaving it at 100 would cause me to be charged interest in which case I pay off the whole thing and start over at maintaining 100 again.

idk what I'm doing wrong.

>> No.13730447

>>13729568
>>13729593
>>13729523
Do not carry a balance whatsoever. the main parts of credit score is that you have a history of making payments, and that you haven't missed anything. Time (2+ years straight), and consistency (99%+ on time). The amount you pay makes zero difference.

The only other useful help is staying below 10% of the total credit lines you have at any time. So if you make multiple big purchases, and you really need to increase your score for some stupid reason (only if you're getting a home or car loan), pay off your bills early.

>> No.13730460

>>13730403
just apply for a different card. credit limits are determined by income, not fico (unless you're bordering on getting declined for being too low, then they might cap ya at like 1,000

>> No.13730490

>>13730460
I make 56k a year. They gave me the 2.5k limit when I was a college student with a shitty part time job. Then I graduated and got a job, updated my income to 56k on their site, and applied for an increase once a month since then.

Nothing. Have no fucking clue what I am doing wrong here. Never missed a payment, my score is pretty decent at 764.

>> No.13730525

>>13730490
make a large purchase

>> No.13730542

>>13730490
yeah, my experience is CLIPs dont really increase credit line by much. Not sure why.

Just get a different card. It's likely that you can get a much better one (reward program) than one that you got as a student.

Do you have student debt? Sometimes credit policies will take existing debt into account, especially in a ratio to your income. I.e. if your debt is over half your income, they'll cap or decline you.

>> No.13730561

I understand you feel forced to participate in this credit scam and its all but normalised by society. I dont play this game and I dont give a shit what this nonsense credit score supposidly tells me fuck them and their system i say. The whole system merely normalises to the banks how much of a risk you are to borrow their precious that they conjour out of thin air. Its complete madness you are on a biz board interested in crypto how about growing some balls and telling them and their jew system to get lost by simply not participating and borrowing anything. The sooner more people gained freedom by accumulating different types of wealth that is not borrowed this credit score bullshit would soon end.

>> No.13730589

>>13730542
I have 0 debt. I even tried applying for the citi 2% cash back card and got rejected and got a hard inquiry for it. Now I'm afraid to apply for more cards.

What exactly is the point of my credit score if it isn't getting me anything?

>> No.13730683

>>13729523
was hoping OP was going to be a webm
c yall later

>> No.13730972

This thread is actually starting to piss me off with the level of retardation here. Just because your mommies let you use her credit card does not mean you automatically know how beacon scores are calculated by credit bureaus.

So here's the down and dirty:

Paying your bills on time = GOOD
Carrying a balance = BAD (due to interest)
Paying your bill in full once you receive your statement = GOOD
Paying your bills before the statement = BAD

That's right, kiddies. As much as you think that you're being a good wageslave by running home to pay off your card within an hour of making a purchase, you're actually fucking yourself over because that does not build credit.

The trick is to carry a balance only until you receive your statement with the payment due date. THEN you pay it off.

As far as the credit bureaus are concerned, if you are paying your card before the statement, it looks as though you haven't even used credit since the balance on your account is always $0. Therefore, if you are not using credit, you cannot increase your credit score.

Also, just because you have a great credit score does not mean you'll get approved for a mortgage, line of credit, credit cards, etc. etc. because banks also look at your credit to income ratio. If that ratio does not fall within the bank's risk management portfolio, you'll be denied based on the fact that you could go rogue at any point in time with no way of realistically paying off your debt. They also look at personal assets they could seize collateral but that's not as important at your credit to income ratio when being considered for credit approval.

>> No.13731402

>>13729523
>>13729573
>>13729593

jesus fucking christ you people are uninformed.... use your fucking credit card to buys hit - pay it off immediately.

>> No.13731974

>>13729907
Wellsfargo, never got those kind of notifications.

>> No.13732113

>>13730972
took me months and months to lear this. thank you dude <333

>> No.13732168

>>13732113
My pleasure :)

>> No.13732196
File: 561 KB, 860x758, 1556677232885.png [View same] [iqdb] [saucenao] [google]
13732196

Since this is a credit card thread...
I recently bought a car for 10k. I paid for it with cash (5k) and the remaining sum I paid off with one of my cards (because meme rewards). I repaid the balance on the card in its entirety in 3 installments over the course of 10 DAYS in such a way that the balance has never been reflected on a monthly statement (ie: it has been settled by closing date). Now I check my credit score and it has gone down from 797 to 740. What the actual fuck? Also another thing: the bank of the card I used in the transaction offered me (I didn't ask) an increase in credit of $1500 shortly after I made the purchase. Can somebody explain to me why my score went down?

>> No.13732210
File: 400 KB, 816x1020, certified shit wrecker.png [View same] [iqdb] [saucenao] [google]
13732210

Credit cards are for broke poor people.

Cut up mine, only debit cards and cash yo.

>> No.13732228

>>13729523
credit is total bullshit, i go to buy a house my credit score is 700 i go to apply for a dumbass amazon credit card my score is 540 systems bugged buy bitcoin

>> No.13732248

>>13732210
Debit cards cannot be used for online purchases (unless you have one of those Visa branded debit cards)

AND

Debit/cash does not earn you air miles or cash back like credit cards do.