Which credit card do you use the most?
- Thread starter ps99472
- Start date
NEW -> Contingent Buyer Assistance Program
See my post about credit companies pulling random numbers after a certain point and lacking any formula.
One of the "issues" it says on my credit is "too many accounts with balances" and "proportion of loan balances to loan amounts is too high"
However, even according to this, I have better credit than a relative who has no mortgage, no car loans, no CC debt, no student loan debt, no consumer debt at all, pays off the CC every month in full, and has an established line of credit nearing 20 years.
I have an AMEX, Discover, Visa, and Mastercard that I use when it benefits me the most. (best percent back for various purchases)
Discover provides a free FICO score through Transunion.
It's not an age thing nor an income thing...
How do people get variances in their credit scores through the big three reporting agencies? It's because they lack a hard formula.
after a certain level I think credit scores don't show too much. Most people here are probably way better off financially than me, but don't seem to have 800+.
Credit only takes you so far.... Then you actually have to have money to buy things haha
Signed,
Can't Afford Irvine 8)
Just converted my old Citi card to the double cash program, online reviews are so-so, seems like Citi is much slower in posting the rewards to your account versus Capital One Quicksilver. I'll give it a go for the next few months and see how easy it is to use.
On a side note, this thread has an disproportional view/reply ratio, it's higher than some of the new irvine villages threads... explanation? bots? google traffic?
I'm going to wait to see what Costco does... and if they do partner with Capital One... that's what will be in my wallet.
Not really a fan of Citicards in general. I have their Premier Pass and Citi Dividend which has great rewards back when I signed up. But they keep on changing the rewards program and forcing you to convert to that new program .. now both are gathering dust (use probably once a year or so so that they won't cancel it).
Yup. It's my average age of credit history that is my number one drag on my credit score at around 5 years. I only opened my first credit account 10-15 years ago and have closed most of the initial accounts I opened. I now learnt to try not to close old accounts and the age does keep getting longer.. but it will take time to get to 15 years average age.
ps99472
New member
Too many new cards will hurt I say about 5 points per new hard hit to credit report, keeping old cards with high credit limits will increase score. So if you got old cards, use it once in awhile, or the cc company will cancel them due to inactivity and your FICO also get hit. Costco severing ties with AMEX will be hard for many as its their primary card with high limit, pain in the ass to switch something you charge $2-3000 per month on.
Coleman
New member
bones said:
See my post about credit companies pulling random numbers after a certain point and lacking any formula.
One of the "issues" it says on my credit is "too many accounts with balances" and "proportion of loan balances to loan amounts is too high"
However, even according to this, I have better credit than a relative who has no mortgage, no car loans, no CC debt, no student loan debt, no consumer debt at all, pays off the CC every month in full, and has an established line of credit nearing 20 years.
I have an AMEX, Discover, Visa, and Mastercard that I use when it benefits me the most. (best percent back for various purchases)
Discover provides a free FICO score through Transunion.
The Motor Court Company
Well-known member
I used to be 800~810, after the refi it is now 790. Wife is 810+ and has more CCs than me, and my parents are even higher at 820+
Coleman
New member
bones said:Yea my parents are in the 800s too. Must be an age thing
It's not an age thing nor an income thing...
How do people get variances in their credit scores through the big three reporting agencies? It's because they lack a hard formula.
after a certain level I think credit scores don't show too much. Most people here are probably way better off financially than me, but don't seem to have 800+.
Credit only takes you so far.... Then you actually have to have money to buy things haha
Signed,
Can't Afford Irvine 8)
Well I do think age has something to do with it. The main differences between my parents and my use of credit is due to age:
1) age of accounts. I'm younger than them so of course my oldest account isn't as old as theirs.
2) utilization of credit: they're old so they don't like to charge things. They also don't buy as much stuff. So they use a much smaller % of their available credit than me.
3) credit pulls: they have lived in the same house for the last 20+ years. They don't refinance, etc, etc whereas I'm just getting started here.
Obviously you can have a 70yo credit disaster and all the above is null and void. I don't think its an income thing. But def age plays a role.
1) age of accounts. I'm younger than them so of course my oldest account isn't as old as theirs.
2) utilization of credit: they're old so they don't like to charge things. They also don't buy as much stuff. So they use a much smaller % of their available credit than me.
3) credit pulls: they have lived in the same house for the last 20+ years. They don't refinance, etc, etc whereas I'm just getting started here.
Obviously you can have a 70yo credit disaster and all the above is null and void. I don't think its an income thing. But def age plays a role.
ps99472
New member
USCTrojanCPA said:
Just converted my old Citi card to the double cash program, online reviews are so-so, seems like Citi is much slower in posting the rewards to your account versus Capital One Quicksilver. I'll give it a go for the next few months and see how easy it is to use.
On a side note, this thread has an disproportional view/reply ratio, it's higher than some of the new irvine villages threads... explanation? bots? google traffic?
irvinehomeowner
Well-known member
Lookie loos from 99%ers like myself.ps9 said:
I'm going to wait to see what Costco does... and if they do partner with Capital One... that's what will be in my wallet.
USCTrojanCPA said:
Not really a fan of Citicards in general. I have their Premier Pass and Citi Dividend which has great rewards back when I signed up. But they keep on changing the rewards program and forcing you to convert to that new program .. now both are gathering dust (use probably once a year or so so that they won't cancel it).
paperboyNC
New member
bones said:
Yup. It's my average age of credit history that is my number one drag on my credit score at around 5 years. I only opened my first credit account 10-15 years ago and have closed most of the initial accounts I opened. I now learnt to try not to close old accounts and the age does keep getting longer.. but it will take time to get to 15 years average age.
usctrojancpa
Well-known member
One thing I don't like is that they take 4-5 business days to post larger payments to the card ($3K+) but not too much of a concern since I have a high limit. When it's time, I'll just transfer the reward points towards my current balance.ps9 said:
The Motor Court Company
Well-known member
just had an embarrassing phone call with Citi. to them looks like I am trying to do identify theft on myself. I have an old Citi card that I have not used for 4+ years, don't even know where it is, no card/account numbers, and not remembering any of the passwords and security questions. they asked for the phone number on file, but I left it at home - the cusotmer rep grew even suspicious after learning that. So I only have my SS number and nothing else to prove my identity over the phone.
according to the rep, walking into a local branch with my IDs is not an option to re-establish my account...
damn. at least my Citi credit card, if not closed, has the longest credit history which helps my credit score...
according to the rep, walking into a local branch with my IDs is not an option to re-establish my account...
damn. at least my Citi credit card, if not closed, has the longest credit history which helps my credit score...