Credit reports

[chibwack]

So I just pulled my credit report from Equifax, and everything is more or less as expected except a couple things. It says I have 6 installment accounts, 5 revolving, and 1 other. Is there a way to find out who these accounts are? I can't find anything on the website to do that.

Edit: nvm, figured it out. The website is super slow right now but I just had to dig in a bit.

To keep a point to this thread, how does living off your credit card every month affect your score? I have a 1300 limit which I pay off in full every 15th, so there's no interest or anything, but that also means I spend a lot of time close to my credit limit. Is that bad per se?

[SpeedIllusion]

The banks or credit card companies usually look for a few things:
1. Do you pay off your balance in full?
2. Are you always close to the limit?

If you are always close to your credit limit, it is actually considered a bad thing even if you pay off your balance in full every month.

[2BLUE]

Originally posted by SpeedIllusion
The banks or credit card companies usually look for a few things:
1. Do you pay off your balance in full?
2. Are you always close to the limit?

If you are always close to your credit limit, it is actually considered a bad thing even if you pay off your balance in full every month.

Is it better to pay your balance in full every month? Or the minimum.

[Disoblige]

Originally posted by 2BLUE

Is it better to pay your balance in full every month? Or the minimum.
?????? What? lol

[J.M.]

Originally posted by 2BLUE


Is it better to pay your balance in full every month? Or the minimum.

Lol pay it off in full obviously.. Unless you like to rack up interest charges :dunno: Can't see why you would just want to keep paying the minimum and increasing your debt?

[chibwack]

Hah well that sucks.... guess I'll have to up the limit to 4k to keep from over utilized cards :banghead:

[ercchry]

to maximize your score dont use more than 30% of your max every month on your card. when they post to these credit unions they do so right before they post your statement. so it looks like your card is always maxed if you hit that limit every month even if you pay it off.

[max_boost]

Once your credit score is over a certain #, varies depending on banks. I know for TD it's 650, it doesn't really matter.

It's just one part of the bigger picture so I was told.

My score has been fluctuating between 720 and 770 for the past decade. Just make sure you don't have any late payments on record .

[YCB]

pulling your credit score lowers your credit score lol..:banghead: :dunno:

your credit score goes up as they make interest off you as well, just gotta pay the minimum on time.

credit for convenience not for cash.

[chibwack]

My score was an even 706, so its good enough but I'd like to get up into the "excellent" bracket, more as a personal achievement to make up for my spend free youth lol. Also turns out I had two loans from way back that still had reported balances despite being paid off. Not sure how that'd impact things as there were no late payments/past due balances, but I'm getting them cleared up. One was a closed credit card that had a balance of $6500 on it :eek:

Also learned that its not necessarily worth it to close out old credit accounts, as old accounts show stability while new ones show impulse spending

[pheoxs]

Whats a good credit score? I'm 23 and when I went to check out the new Focus ST they pulled my EquiFax score and I had a 774

[SpeedIllusion]

Originally posted by YCB
pulling your credit score lowers your credit score lol..:banghead: :dunno:

your credit score goes up as they make interest off you as well, just gotta pay the minimum on time.

credit for convenience not for cash.

It's a supposed temporary lowering(doesn't last for more than a few months) is what I've heard. Someone correct me if I'm wrong.

[max_boost]

Originally posted by pheoxs
Whats a good credit score? I'm 23 and when I went to check out the new Focus ST they pulled my EquiFax score and I had a 774

That's a very good score man.

I don't think pulling your own file lowers your score, I believe that's a "soft" inquiry and doesn't affect it.

[D'z Nutz]

I finally got around to pulling my score this year (well, not really: RBC had some credit business try and get me to sign up with them and as a freebie they sent me a free credit check as an intro offer).

My EquiFax score is 829. I'll have what InRich is having.

[Disoblige]

Nice! Anything over 750 imo is very good :thumbsup:

[Team_Mclaren]

Credit score is so irrelevant now days.

Say some 23 year old with one credit card, wih 1k limit, pays off every month has a score of 760

another 45 year old dude with 3 active credit cards, a line of credit, a mortgage, a car loan and has a score of 680.

I would say the 45 year old has a better "credit report" as a whole than the 23 year old.