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Discussion in 'Credit Talk' started by Rach, Dec 4, 2000.
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From personal experience I can tell you...
YES, It is affecting your credit! Your 3 credit reports release both your credit limit, your balance and some will even release your payment history, so if you have a $2000 credit limit and you owe $1900 and your report shows that you're only making the minimum payments, that is NOT good.
Another problem with maxing out credit cards is that you are more likely to go over your credit limit thanks to the interest rates and other charges you may accumulate and that also goes on your record.
Treat your credit responsibly, remember that what you do today (credit wise) may affect your life for the next 7 to 10 years.
I wish you the best with your situation!
Make that all 3 CRA's are reporting payment history,and i can prove that by mines.I just got 3K in credit line increases.Also i am getting hit in the ass with low rate offers.If that's not being responsible with credit then i don't know what else it can be.How do you think credit scoring gets you a higher rating?Altough this is only 1 factor toward calcalating a person score.Being maxed out is a no win situation for anyone with credit cards.No one no matter who it is can afford to have a 7 or 10 years of bad credit on their credit files.
Belive it or not creditor's do report your payment history.Lets say you had a 2000.00 balance,and the min-due was 40.00.When you pay your creditor your creditor in return reports what you paid,and the score card knows if it is more then the min-due or not.Now to make matter's worse the score card knows what you are paying in finance charges!Sounds insane dosn't it?I wouldn't lie to anyone on this subject because you need to know the true facts about some of the factors that credit scoring uses.How do you think creditor's offer the lowest interest rates to their very low risk customers?By this kind of information supplied by all 3 CRA's.It's no wonder why that i am scoring big for low rate offers.Plus getting my credit lines increased without asking for it.This is true power of credit scoring.I have nothing against it at all.If it wasn't for credit scoring everybody would be paying very high interest rates,and that's a fact.
My credit reports don't show the amounts I actually pay each month. Instead, for instalment accounts, they show the monthly scheduled payment and for revolving accounts, they show the minimum payment.