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#1 Dec 18, 2021 5:22 pm

houston
Active

Credit scores

Borrowell.com is an interesting free app that will send weekly updates of your credit score, which is such an important measurement when doing any type of business these days.
My score report was initially in the good range but eventually fell into the fair category with zero debt and all credit paid on time. Yet my rating dropped?
In other words, you need to be in debt and making payments on time in order to increase your credit score.
This is another example of bullshit data that effects the livelihood of hard working people that pay bills on time.
Zero debt equals reduced credit ratings?
Seems odd but that is the way of todays upside-down world.

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#2 Dec 18, 2021 6:50 pm

houston
Active

Re: Credit scores

I guess if you run a balance owing and make regular payments, your credit score will slowly go up eventually.
Here are some other tips on how to increase the dreaded but much needed credit score.

-Have only one credit card.
-Negotiate with the financial provider for lowest interest rates, they are often more flexible than you think.
-Never agree to a new credit card offer from another financial  institution. This will result in a hard credit check that would effect your rating score.
-Never cancel a current card unless necessary, this could also effect ratings. Best to keep it with a minimum balance.
-Remember the difference when applying for credit. Each hard check on financial background will effect your rating. Soft checks do not. It is well worth understanding when and when not hard checks would be applied.

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#3 Dec 18, 2021 7:06 pm

houston
Active

Re: Credit scores

Sorry, I must be having a conversation with myself again.

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#4 Dec 18, 2021 9:45 pm

New Historian
Active

Re: Credit scores

Chill Houston, I do that all the time lol! When I moved to America in 1992 with a healthy bank balance and zero debt, I got refused for an American Express card! Because you don't borrow any money! Never have before nor since. Except for one short-lived mortgage.

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#5 Dec 19, 2021 8:14 am

Slice
Active

Re: Credit scores

houston wrote:

I guess if you run a balance owing and make regular payments, your credit score will slowly go up eventually.
Here are some other tips on how to increase the dreaded but much needed credit score.

-Have only one credit card.
-Negotiate with the financial provider for lowest interest rates, they are often more flexible than you think.
-Never agree to a new credit card offer from another financial  institution. This will result in a hard credit check that would effect your rating score.
-Never cancel a current card unless necessary, this could also effect ratings. Best to keep it with a minimum balance.
-Remember the difference when applying for credit. Each hard check on financial background will effect your rating. Soft checks do not. It is well worth understanding when and when not hard checks would be applied.

Am retired, I have an 11 year old car and two Credit cards. My houses in Grenada and America is paid off, honestly ah doh give ah rats ARSE about Credit Score.  Maybe if ah decide to get another vehicle ah might think about credit score.  For now, ah enjoying that extra $700.00 ah month for car payment.

Maybe ah look for another house in Grenada.  So much in life ah doh worry about, especially if you can't do ah thing about it.   Hey NH, ah tink Ben is in Grenada.  Give him ah call nah so allyu can have ah drink.

Two days ago, one of me in-law, ended up in the Emergency room.  He is so lucky he is alive.  His wife found him barely alive.  He worked very hard, and had some monies, and doh mind telling anyone he meets.  While he and I was in Grenada, he would easily spend $500.00 for ah F%$k.  Enjoy life stop worrying about things you can't change.

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