Re: What’s so wrong with Credit Card Default?
People who use their cards regularly, but pay them off monthly before interest accrues have crappy credit scores.
Everything else aside, I must strongly disagree with you on this one statement. I always pay off my balance every month and have a FICO score over 800.
Are you paying it off before the bank has a chance to charge you any interest on the balance (i.e. during the "grace period")? Maybe it’s just the banks that hold my MC/Visa. My score is almost as high as yours, but the card I pay off weekly has the lowest of all the ratings.
Plickety – I always pay off my credit card before the "due date" if that’s what you mean. That way they never get a chance to charge me interest.
However, I’m not sure what you mean by "…the card I pay off weekly…". I’ve never heard of paying off a card weekly. All credit cards that I’m aware of are billed on a monthly basis. I also don’t understand what you mean by "…the lowest of all the ratings."
Would you please elaborate? Enquiring minds want to know!