I love credit cards so much! v5.0 - 2022 (see first page for add'l details)

[leeniewdw]

I think they are a bit off the mark. I pay my bills weekly and sometimes sooner. When the charge posts, you now have a bill whether it is 'due' or not. Score stays max high and credit extended is high. I always have to go in and lower it when I get a new card.
Fico scores use:

• 35% - Payment History
• 30% - Outstanding Debt
• 15% - Length of Credit History
• 10% - New Credit
• 10% - Credit Mix

I really have very little outstanding debt but don't seem to be penalized, probably because in the past I've paid off a few mortgages, home equity loans, car loans.

This is us. I don't really pay weekly, but probably > once a month for sure. We've paid off cars and our mortgage so no debt and this is how I pay my cards and my score stays above 800.

 

[CaptainAmerica]

I looked at the 10xtravel group that @Narnia_girl mentioned, and one of the modules said that credit wise, it's not ideal to pay your cards off weekly. Essentially, they're saying that you don't get the benefit of showing you are paying your bills on time, because there's no bill to pay. I think this game is only valuable if you never get in the situation where you overspend or overtend yourself, and never get a finance charge. So I know lots of people choose to pay weekly just to have that security.

To optimize the formula, you'd want to pay your accounts daily down to a $1 balance so that you minimize credit utilization but always generate an "on-time payment" the following statement period. It doesn't really matter if you're paying daily, weekly, or monthly, what matters is whether your account balance is $0 on your statement close date. This impact is miniscule however, and you shouldn't plan around it.

 

[CaptainAmerica]

When the charge posts, you now have a bill whether it is 'due' or not. Score stays max high and credit extended is high. I always have to go in and lower it when I get a new card.

That is not correct.

If you charge $100 on January 10 and then pay it off on January 20 such that your balance is zero when the billing period closes, you won't get credit for paying your January statement "on time" in February. It doesn't hurt you, either, it's mathematically the same is if you hadn't used the card at all.

Fico scores use:

• 35% - Payment History
• 30% - Outstanding Debt
• 15% - Length of Credit History
• 10% - New Credit
• 10% - Credit Mix

The transaction described above is part of Payment History.

 

[Judique]

That module did say where this really hurts is new credit users, who are trying to establish a credit history.

Just a reminder to parents about doing authorized user cards for their minors, whether the minor ever sees or uses the card or not. Amex allows at age 13. Not sure on others. Anyway did AU on Amex for my now 29 year old DD when she was old enough and at age 21, a new car was financed for her. She had saved Xk for a payment - not sure if it was 4K or 6K, and I gave her a couple of thousand as well.

When her credit got pulled, length of credit was back to the opening of the card, 2001. She was 9 then, so not sure they did the math. Score was 800. I held the card mostly but gave it to her to make purchases up until she got approved for her own credit card at 18, then I would use the card to pull offers. Card is still open, but since the charges go to my account and she manages her independent credit, it still stays with me.

She paid off the car after a 5 year loan at 0.9% with Honda, never missed a payment, and the car is still relatively low mileage for a 2013 - under 90K, has been serviced regularly and I can't convince her to upgrade it.

 

[CaptainAmerica]

Just a reminder to parents about doing authorized user cards for their minors, whether the minor ever sees or uses the card or not. Amex allows at age 13. Not sure on others. Anyway did AU on Amex for my now 29 year old DD when she was old enough and at age 21, a new car was financed for her. She had saved Xk for a payment - not sure if it was 4K or 6K, and I gave her a couple of thousand as well.

When her credit got pulled, length of credit was back to the opening of the card, 2001. She was 9 then, so not sure they did the math. Score was 800. I held the card mostly but gave it to her to make purchases up until she got approved for her own credit card at 18, then I would use the card to pull offers. Card is still open, but since the charges go to my account and she manages her independent credit, it still stays with me.

She paid off the car after a 5 year loan at 0.9% with Honda, never missed a payment, and the car is still relatively low mileage for a 2013 - under 90K, has been serviced regularly and I can't convince her to upgrade it.

Yep my son is 2 and has a 15 year credit history.

 

[Judique]

That is not correct.

If you charge $100 on January 10 and then pay it off on January 20 such that your balance is zero when the billing period closes, you won't get credit for paying your January statement "on time" in February. It doesn't hurt you, either, it's mathematically the same is if you hadn't used the card at all.


The transaction described above is part of Payment History.

Doesn't matter to me. All 3 bureaus report me at 850.

I'm pretty sure issuers stay aware of who uses a card and who doesn't.

Can you offer a link from a credit authority that verifies your theory? If what you say is indeed correct, it might be good info for newer card holders.

In my experience, back in the dark ages, before the ability to use a computer to manage payments, like all others at the time, I had to wait for the snail mail to bring me my paper bill and then I would send a check.

My score was decent back then, but it wasn't consistently at 850 and I paid my bills on time, had car loans and credit cards and have had a mortgage on a house since I was 25. Not the same house as we've bought and sold and bought again.

 

[Narnia_girl]

I'm looking for ideas for a relaxing early January getaway. I already know that late fall through Christmas will be busy/stressful and I'd like 3-5 days to unwind.
I'd like someplace warm as we live in the Midwest. I thought of Key West or Sedona/Scottsdale but I'm open to any ideas. A resort with a nice pool would be ideal. We are not really the type to sit on a beach for a week, but one day would be fine. Thanks!

 

[CaptainAmerica]

My score was decent back then, but it wasn't consistently at 850 and I paid my bills on time, had car loans and credit cards and have had a mortgage on a house since I was 25. Not the same house as we've bought and sold and bought again.

Respectfully, your score didn't go to 850 because you started paying your accounts weekly, your score went to 850 because you're old now .

AAoA is de facto age discrimination. It's mathematically impossible for a young person to have an 850 score.

 

[CaptainAmerica]

I'm looking for ideas for a relaxing early January getaway. I already know that late fall through Christmas will be busy/stressful and I'd like 3-5 days to unwind.
I'd like someplace warm as we live in the Midwest. I thought of Key West or Sedona/Scottsdale but I'm open to any ideas. A resort with a nice pool would be ideal. We are not really the type to sit on a beach for a week, but one day would be fine. Thanks!

Where in the midwest? Delta is adding a direct flight from Detroit to Honolulu.

 

[NewbieMom]

I don't know of any and I would probably do what you suggested, have a separate bank account to link the preschool fees to.

Thank you! Yes I really don't feel comfortable giving them access to pull from our account. I don't like managing a lot of separate accounts, but I'll look for a bank bonus and open a new one just for the preschool.

 

[IFlossU]

I'm looking for ideas for a relaxing early January getaway. I already know that late fall through Christmas will be busy/stressful and I'd like 3-5 days to unwind.
I'd like someplace warm as we live in the Midwest. I thought of Key West or Sedona/Scottsdale but I'm open to any ideas. A resort with a nice pool would be ideal. We are not really the type to sit on a beach for a week, but one day would be fine. Thanks!

Sedona & Scottsdale probably won’t be warm enough for a pool day in January, but I live here, and upper 60’s low 70’s is sweater weather for me Sedona will probably see highs in the 50’s or 60’s and quite possibly have snow. Scottsdale would be 60’s or 70’s. Still absolutely better than frigid winters of the midwest, but maybe not pool weather. Excellent for sight seeing though

 

[lsutigers03]

There are some 2.5% flat cards with no AF out there if you wanted to simplify your non-category spend.

Which ones and can the points be used to cash out at 1CPP to a bank account?

 

[elgerber]

Sedona & Scottsdale probably won’t be warm enough for a pool day in January, but I live here, and upper 60’s low 70’s is sweater weather for me Sedona will probably see highs in the 50’s or 60’s and quite possibly have snow. Scottsdale would be 60’s or 70’s. Still absolutely better than frigid winters of the midwest, but maybe not pool weather. Excellent for sight seeing though

I went to Sedona in Feb once and we had snow. We went hiking in the morning and it was 21 degrees LOL.
This Feb we went to Phoenix, and one day in Scottsdale in it was warmer than normal. Risky though to plan a trip with pool days for sure.

 

[dez1978]

Hello. I have an offer on my Citi card for 5% cb at Sam's club, says it includes gift cards. Does anyone know if this would work if I used ibotta to click thru to Sams club to purchase? Combined that would be 11% off Disney gc, which is pretty decent these days.

 

[2TxAgs]

I'm looking for ideas for a relaxing early January getaway. I already know that late fall through Christmas will be busy/stressful and I'd like 3-5 days to unwind.
I'd like someplace warm as we live in the Midwest. I thought of Key West or Sedona/Scottsdale but I'm open to any ideas. A resort with a nice pool would be ideal. We are not really the type to sit on a beach for a week, but one day would be fine. Thanks!

If you're a Hyatt person, check out the Lost Pines resort near Austin. Not sure it will be swimming weather, but you're close enough to go into the city, or down to San Antonio to the river walk.

 

[CaptainAmerica]

Which ones and can the points be used to cash out at 1CPP to a bank account?

Ollo Optimum is invite only, Alliant is open to everyone.

 

[LilSweetPeaPhoto]

UGH....it's been 72 hours and 200k Avios still missing! I called today and managed to get the exact same girl as Monday. She's like, did I talk to you earlier this week? I swear I sent your case onto BA! She sent it again. I'll call again tomorrow. I'm not checking availability. I'm going to be BEYOND upset if seats are gone when I go to book these tickets.

In other news, the BF and I awoke to the B6/NK news. I have to laugh, he immediately started to tell me the non-rev options I'll be getting. Aer Lingus is one, LOL. He's like well you can always non-rev to Ireland. I told him for my DD's 18th I won't. But for trip round 2 my mom will want I probably would, LOL. I'm more happy AA is on the list! Bring on the flights to NC! WOOOO! LOL. Of course it's a LONG road ahead.

 

[Babars_Wife]

I figure this forum will understand the joy I am feeling.
Opened a new CIC yesterday. Today I got an email asking me if I would purchase $4,500 worth of school supplies from Office Depot which will be reimbursed by the PTA. Why yes. Yes I will.

 

[softballpooh]

mathematically impossible for a young person to have an 850 score.

Well this makes me feel better! I feel like I am so responsible and hover around 815- 820, so kept wondering what I was doing wrong to not get to that elusive 850 that I see y’all posting about. Now I know I’m just among seasoned professionals

 

[Judique]

Ollo Optimum is invite only, Alliant is open to everyone.

Looking at Alliant, you have to open a checking account and meet certain terms before you get your 2 and 1/2%.

Not for me.