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Syntax joined in and replied with this 13 years ago, 4 minutes later, 1 hour after the original post[^][v]#422,643
For a long tyme I held back on numbers cause I was under the impression that more counted as a negative on the algorithm they use to determine your credit score.
I hit a cash crunch period last year & now solved - But to help me past that I started to take advantage of those offers one gets where they will open your account with a cash gift.
Was getting $25-50-100-200-250 to open new bank accounts and new credit cards - Chase has been like a Cash cow to me - Amazon now with three cards cause they offer cash to open a new rewards card but want you to keep the old ones.
This gets real tricky - I have been lucky and keep my cards 100% paid off even back in cash crunch - Turns out more cards do not hurt the score and can even help drive it up IF you don't run over this rule
Your debt-to-credit ratio This fancy term simply measures the total amount of your current credit card balances against your total available credit. You want to keep this ratio at or below 35 percent of your total available creditor less; ratios of 40 percent or more will begin to do serious harm to your credit score, since higher ratios equal greater risk from the lenders' and credit bureaus' perspectives.
tl;dr
Keep balances low or keep cards to a minimum if you cannot.
Killer Lettuce !!iNo3FkiZx replied with this 13 years ago, 19 minutes later, 1 hour after the original post[^][v]#422,645
credit cards are better to use. buy stuff with them, go home and pay them off the day after for an increase in credit rating
beckyderp !8ElfFaoFao (OP) replied with this 13 years ago, 6 minutes later, 1 day after the original post[^][v]#422,856
@previous (!KThEOwLwbU)
Also, in the US at least you have a lot more protection against fraud if someone gets ahold of your credit card vs. a debit card.
Killer Lettuce !!iNo3FkiZx replied with this 13 years ago, 2 hours later, 2 days after the original post[^][v]#422,867
@422,855 (!KThEOwLwbU)
Nah. I'd rather simply just spend money that I actually have, rather then potentially spend money that I don't have.
!KThEOwLwbU replied with this 13 years ago, 9 hours later, 2 days after the original post[^][v]#422,910
Doing that will result in a poor credit rating. Even taking a loan and falling behind in payments is better for your fiscal reputation than not having anything. You're pretty naive about how the world works. You'll almost certainly be refused loans in future if you don't take steps to prove to the banks that you're a responsible person who won't default immediately.
Anonymous K joined in and replied with this 13 years ago, 30 minutes later, 2 days after the original post[^][v]#422,913
@previous (!KThEOwLwbU)
This would be true if he cared about his credit rating right now or expected to take out loans soon. For some people it's more important to avoid even the prospect of getting into debt.
Besides, paying it off so soon after isn't likely to make you attractive to lenders. Why would they want to lend to you when they're making so little profit?
Killer Lettuce !!iNo3FkiZx replied with this 13 years ago, 3 hours later, 2 days after the original post[^][v]#422,938
@422,910 (!KThEOwLwbU)
When I said "spend money that I actually have" I didn't mean spend all of it... What are you going on about, man. Card type has nothing to do with whether or nor you decide to pay off loans.