Friday, January 28, 2022

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How is your credit rating?

First, let us please remind you that we have no idea how you answer in our polls. We have absolutely no way of knowing, we just see the final results just like you do. So, if you’re ever hesitant to reveal any personal information in our polls, remember this!

Credit scores range anywhere from 300-850 and measure the person’s likelihood to repay a debt. If your score is lower, you may have a harder time repaying a debt and if your score is higher, you’re more likely to have an easier time repaying a debt. In 2020, the average credit score in the U.S. was 710. That’s impressive!

How is your credit rating? Please tell us below (and remember what we said above!). Thanks!

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Deanna L. Church
23 days ago

Currently 826. Was higher but went down when I paid off my house last year. Weird, I know.

Rich
23 days ago

Rules for Financial Success:

– Live well beneath your means
– Cash is king. Avoid lomg-term debt other than a mortgage. Mortgage should be no longer than 15-yrs with at least 20% down.
– Develop and live by a budget.
– Wise use of credit cards. Pay off balance each month.
– Save. Invest.
– Follow the above and you won’t need to worry about your credit score

John Koenig
23 days ago

I “zero balance” every credit card I’ve used EVERY month. Simply pay your bills ON TIME every month and you too can enjoy a great credit rating.

The Lazy Q
23 days ago

Is 810 good?

Dick and Sandy near Buffalo, NY
23 days ago
Reply to  The Lazy Q

810 is very good compared to 700 or less. Actually 740 will get you a loan about anywhere. Also your credit score will effect your house, car and RV insurance premium. Stay well, stay safe

David Stansbury
23 days ago

We use one credit card for 90% of our purchases, including gas, and of course always pay it off monthly. We have never carried a balance. But if we spend a little bit more than usual, wham! Our score drops 15 points. Then, a few days later, right back up there again. Don’t really care, but what the heck?

Snayte
23 days ago

We do the same. What I think is silly is, at least it appears to me, that the reporting agencies see that balance that we pay in full every month as a running balance. So it affects our score negatively.

Last edited 23 days ago by Snayte
John Koenig
23 days ago

I see that too; w*f??? Credit Sesame is ALWAYS “recommending” I get two or three MORE credit cards to “improve” my credit score (99+ % of my charges are on my Discover Card). For the last 20+ years, I’ve always paid in full any and all bills. I have NO doubt that this is just another scam.

Lisa Adcox
23 days ago

I buy groceries,gas,everything on my bank credit card. Pay it off every month in full. I never have interest. In Dec my credit close out date was Dec 25th. So on Dec 26th I paid off complete balance. The payment I paid that day was Jan payment date. So it says nothing due for Jan 25th payment due. It stops all interest and helps credit rating. Also I get money back for every dollar spent and use it for when I need to fly home or other things. Since we have been fulltime I have flown home at least 2 times a year and the money back has paid for those flights.

Bob M
23 days ago

My wife has the Cadillac credit card. She claims that even though she pays it off fully each month, if she charges too much it goes against her credit rating. Which doesn’t make sense in today’s environment.

Wayne Braxton
23 days ago

Pay your Bill’s and don’t overload your capability to pay. I once overheard a RV sales manager tell his salesman that if I wanted it I could buy anything on the lot. Was tempted to over reach my self imposed safety point but did not buy.

Tom Burns
23 days ago

I don’t understand ratings, if you have 3 cards you don’t use you get a good rating. One card even paid every month you won’t get as good a rating.

Sue
23 days ago

Why is it a negative in the credit rating world not to have any debt? Especially as a senior. This makes no sense.

Fred
23 days ago
Reply to  Sue

Many people mistakenly believe that a credit rating is a measure of how debt free you are. That is not the purpose of a credit rating. A credit rating is designed to measure your ability to handle the responsibility, the temptation, & the discipline of handling money available to you thru the credit limits on credit cards, home equity loans, mortgages, etc.. It’s a measure of your timeliness in making payments, & your ability to resist maxing out your credit limits.
You have chosen to live a debt free lifestyle, which is great. A person who has filed for bankruptcy, due to money mismanagement, is also living a debt free lifestyle because they’re not allowed to acquire debt. Should you both have the same credit rating because you’re both debt free? You have chosen to not go thru the sometimes, cumbersome process of showing your ability to handle debt payments & limits. But credit ratings are how lenders measure your ability to handle money.

Last edited 23 days ago by Fred
TIM MCRAE
23 days ago
Reply to  Fred

Great answer!

If you play the game you must know the rules!

If you have no late pays or collections on your (recent) history you only have to follow 3 or 4 simple guidelines every month to have 800+ credit.