icanectc wrote:@SparkyinCA my post is incorrect? I assure you it is not - I have spent the better part of my years as a major underwriter for large banking organizations within the U.S. I have spent numerous years explaining how FICO scores are calculated and how to increase those scores. Sure, myfico might be the only place to get the true "FICO" score which is an industry standard for many banks.
And yes it would be wise for one who does do credit monitoring to ignore a score thats not a FICO score - but I never said credit monitoring as a whole is bad. In fact I support it for everyone - I don't believe my post is advising people to NOT check their score?? The OP said he wasn't sure where to go for credit monitoring other than with hard inquiries.
Everyone can agree INQ are bad - 10INQ are bad sure- but NOT as bad as 10 INQ with a new credit line established. As the increase in overall available credit will offset the hard INQ. Do you not realize this?!?! If so you are the one that needs a lesson in credit.
Not really sure what your point is on #4 - Using a credit card and paying it off will not prevent a CC agency from reporting a prior balance (though if paid too quickly I can see that happening) and I believe I did tell the OP that he should not be affraid to USE his credit - though it would be UNWISE tell a person they should use ALL of their credit cards if they cant pay the bills - focusing on one or two would be sufficent to increase a credit score. And I have never advicated that a person to not use his credit cards so again not sure what you are talking about.
You are correct about total credit lines and not going over 10% but I am more inclined to go with the 15% rule and I believe you mis-understood what I was saying; I was specifically refering to ONE credit card not ALL of them should not go over 50% of their credit card limit on any one card - it would clearly NOT be wise to use 50% of ALL your credit cards so I apologize if that is the way it came across.
I appreciate your responses, but, I assure you, I do understand how credit works. You have proven that even folks in the business (an UW declines or approves credit apps) but they certainly don't always understand how credit building/rebuilding works. It's a pretty common joke that even bankers don't know the difference between a hard and soft pull for instance.
Your advise still sucked to the OP. If you don't understand what I meant by my comments in #4, tells me you have very little understanding of credit and how to build and improve it. Do some research. You might want to go to where there is real information to learn at creditboards.com where folks truly understand and help people to learn about credit, how to build credit, and how to rebuild credit depending on their specific situation.
No need to apologize. It's not necessary. Just understand you need to learn much more and gave some terrible advice. That's all I'm pointing out and bankers are usually the biggest offenders of giving out bad advice to applicants. You're still wrong about 15% UTIL rate. FICO scores will plummet at 15%. You're not getting what it takes to maximize your scores only what scores are presented to you as an UW. Credit can be manipulated to your advantage if you understand what impacts what and how to maintain excellent credit. It's hard to convince someone when they think they know something when they clearly don't. Someone has to speak up when this happens. There is another poster here, MoneyCard. He hasn't a clue about credit and no one calls him on his ludicrous advice. I hope others that understand credit will speak up when bad information is posted.
Again, this is not personal. You just don't realize you don't understand the nuts and bolts of credit only how to read and approve/decline what is presented to you as an UW. It's like someone who is a good driver trying to convince you they know how to build a car since they can drive a car down the road straight without crashing.
Good luck to you, but please take the time to learn more before giving out bad advice. You're doing more harm than good.