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Re: What’s so wrong with Credit Card Default?

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  • Wed, Jun 10, 2009 - 06:38am

    #49
    Peak Prosperity Admin

    Peak Prosperity Admin

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    Re: What’s so wrong with Credit Card Default?

[quote=PlicketyCat]

[quote=SamLinder]

Plickety –

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. 

[/quote]

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.

[/quote]

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!