Hooters-Feeling the Love!

[tinroofrusted]

I got a $200 CLI today when I logged on!!!

WOOHOO!

Not much, but every little bit is fantastic!

YAYAYAYAYAYA!

[FilingOnMyOwn]

Congrats. Nothing wrong with $200 as long as its fee free.

[tinroofrusted]

Congrats. Nothing wrong with $200 as long as its fee free.

Totally fee free.

And I bet it would have been more if I wouldn't have done a balance transfer last month on one of my higher cards to get it down a bit!

[Grace]

Why would you have a balance on a credit card so soon after bankruptcy? I know there's a well-written myth that circulates telling people that if they carry a balance on their credit cards that it helps their credit score, but it isn't true. No way you should pay any interest if you don't have to.

[CAB_44]

Congrats TinRoof!!!!!

Nevermind what the trolls say!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[Sickthing]

cool. how long did it take? what % of your limit did you carry over each month?

[tinroofrusted]

Why would you have a balance on a credit card so soon after bankruptcy? I know there's a well-written myth that circulates telling people that if they carry a balance on their credit cards that it helps their credit score, but it isn't true. No way you should pay any interest if you don't have to.

YAWN.

How about what I do more than two years after bankruptcy is none of your damn business? And if it's only on one card, it's not going to hurt me one little bit....

And for the record, I suggest you read up on what causes credit scores to go up and down. Creditors look at you more favorably if you DO carry something of a balance on some of your cards. It shows your using them, and are a responsible consumer.

[tinroofrusted]

cool. how long did it take? what % of your limit did you carry over each month?

I have had the card 6 months now. (hard to believe!)

Some months I would carry a balance, some I wouldn't. I ended up having to put a few last minute wedding things on this one (it's one of my highest limits with a lower interest rate) and now my husband and I are paying that off. We also used one of our credit cards on our honeymoon, and transferred the balance over on that last month.

[AMISLANDER]

I just applied for this card today.

My case was discharged in January and I figure I'd better try to build some credit.

God, I hope they approve me!

Congratulations!

[Grace]

YAWN.

How about what I do more than two years after bankruptcy is none of your damn business? And if it's only on one card, it's not going to hurt me one little bit....

And for the record, I suggest you read up on what causes credit scores to go up and down. Creditors look at you more favorably if you DO carry something of a balance on some of your cards. It shows your using them, and are a responsible consumer.

I was only trying to help.

I have read what causes credit scores to go up and down. As I pointed out, credit scores do not increase due to carrying a balance. This is a myth. Your credit score is a snapshot. If you make only one purchase a month and then pay it off in full when the bill comes, at any given point during that month that snapshot shows a balance. There's no reason to carry that from month to month. Credit card companies want you to believe it helps because they make more money that way.

Here's an article I found.

http://www.creditcards.com/Credit-Card-Myths.php

"In fact, getting a credit card and then building a good relationship with your lender by consistently paying off your balance each month can actually help you to improve your credit score."

[tradewiz50]

How about what I do more than two years after bankruptcy is none of your damn business?

Easy tiger.

[tinroofrusted]

I was only trying to help.

I have read what causes credit scores to go up and down. As I pointed out, credit scores do not increase due to carrying a balance. This is a myth. Your credit score is a snapshot. If you make only one purchase a month and then pay it off in full when the bill comes, at any given point during that month that snapshot shows a balance. There's no reason to carry that from month to month. Credit card companies want you to believe it helps because they make more money that way.

Here's an article I found.

http://www.creditcards.com/Credit-Card-Myths.php

"In fact, getting a credit card and then building a good relationship with your lender by consistently paying off your balance each month can actually help you to improve your credit score."

Are you actually aware that every single credit card company has different standards and different programs for pulling credit? In fact, the FICO that you purchase are complete and utter myths, as is your statement regarding balance carrrying. Some credit card companies will actually give you higher points FOR CARRYING A BALANCE. It's no myth. In fact, most companies don't look on you favorably if you are paying it off every month; you're not making them any money, so why are they doing to help you and bump up that credit score? It makes no sense.

The article was interesting, but I highly encourage you to do your research on this one, Dave Ramsey Jr.

http://ezinearticles.com/?New-Credit-Advice:-Dont-Pay-off-Those-Credit-Cards!&id=4392

"Contrary to what many credit advisors say, paying off credit cards each month is not always the best action to take. When making credit card payments, don't pay the balance in full each month -- let a little roll over. Carry a balance on your credit card every other month --as little as a dollar. Paying balances in full does not increase your credit score; paying balances in full may in fact lower your credit score. Accounts with zero balances do not compute significantly in your total score. For instance, a credit card with a perfect payment history and no balance will not raise your credit score as much as a credit card with a low balance. Any balance keeps the card active so it computes in your credit score."

http://www.ajchomefinder.com/newsinclude/content/27jadams.html

having a very small balance without missing a payment shows that you have managed credit responsibly and may be slightly better than carrying no balance at all. On the other hand, closing unused credit accounts that show zero balances and that are in good standing will not raise your score.""


And these are only a few examples.

[Grace]

The truth is that no one knows the exact formula used to compute a credit score. That's why everything is prefaced with "could" and "might". What I know for sure is that if you carry a balance from month to month on a card with an interest rate higher than 0% you definitely are giving a bank your hard-earned money with absolutely no guarantee of any positive effect on your credit score. To me, that's not worth it. If it's worth it to you, there's nothing I can say to convince you not to do it.

When I look at my credit report, it shows the limit, the current balance (at the time the report was printed or issued), and payment history. There's nothing noted saying "carries balance month-to-month". If I use the same card regularly and pay the balance only once a month in full when the statement comes, there will always be a balance and thus a positive trade line showing a balance with an on-time payment history. There's no distinction between that type of behavior and leaving a small balance on the card every month when you pay the bill.

Do credit card company like people who pay their balance in full? I don't know, and I definitely don't care. It's my money, and I don't intend to use it to please a bank. :-) I'm pretty confident, though, that no one will be turned down for a loan or a mortgage because they don't carry a balance on their credit cards every month.

[tinroofrusted]

The truth is that no one knows the exact formula used to compute a credit score. That's why everything is prefaced with "could" and "might". What I know for sure is that if you carry a balance from month to month on a card with an interest rate higher than 0% you definitely are giving a bank your hard-earned money with absolutely no guarantee of any positive effect on your credit score. To me, that's not worth it. If it's worth it to you, there's nothing I can say to convince you not to do it.

When I look at my credit report, it shows the limit, the current balance (at the time the report was printed or issued), and payment history. There's nothing noted saying "carries balance month-to-month". If I use the same card regularly and pay the balance only once a month in full when the statement comes, there will always be a balance and thus a positive trade line showing a balance with an on-time payment history. There's no distinction between that type of behavior and leaving a small balance on the card every month when you pay the bill.

Do credit card company like people who pay their balance in full? I don't know, and I definitely don't care. It's my money, and I don't intend to use it to please a bank. :-) I'm pretty confident, though, that no one will be turned down for a loan or a mortgage because they don't carry a balance on their credit cards every month.

Great!

What are you doing here then, other than spouting superficial BS?

[lrprn]

Ok, Tin and Grace....how about agreeing to disagree on this topic and let's move on?

Truth is that currently there is no absolute right answer for whether it's better to keep a small balance on a credit card month to month or not. The credit bureaus sure aren't in any hurry to let us know the truth either - that would skew their precious mathematical model all to he**!