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Credit Rating Question?
I have a 792 FICO credit rating, but I’m also a credit “deadbeat”. That means I pay my credit balance in FULL every month. In fact I have a habit of using my credit card like debit, and going home and immediately paying off the debt via internet banking. The CC companies don’t make a cent off me, and I enjoy the 1% cash rebate I get back by doing this. Is this at all hurting my credit score? Should I even be worried?
@Reena
I don’t like the concept of “debt” or owing anyone anything. If anything comes up, I won’t ever need to worry about owing people money. I spend according to what I have.
You can get one better on the credit card companies…. use their money for up to 30 days and pay no interest and enjoy an even higher credit score because the credit bureaus actually see that you use your line of credit and pay it off in full when IT IS DUE.
Paying off any charges as soon as you get home is not helping anything. The credit card companies offered you a whole billing cycle worth of interest free credit and you decide to not take this offer and pay it off in full within hours after you made the charge?!!! Why?
Wait until the bill is due and then send the payment in. I usually remit online payment 4 days before the due date. Plenty of time to get it in on the due date and no interest comes due if the balance is paid in full. They actually paid me. I was able to use their money interest free for a whole billing cycle which can be 28 to 30 days.
Of course… don’t use up more than 30% of your credit line within the billing cycle to keep your credit score in the top form it is now.