grsthegreat
Super Star Member
My insurance company just used my fico score to lower my rates on my new work truck. And i pay cash for everything, but keep a good fico score.
ultrarunner
Epic Contributor
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- Cat D3, Deere 110 TLB, Kubota BX23 and L3800 and RTV900 with restored 1948 Deere M, 1949 Farmall Cub, 1953 Ford Jubliee and 1957 Ford 740 Row Crop, Craftsman Mower, Deere 350C Dozer 50 assorted vehicles from 1905 to 2006
Mine will vary 30-35 points depending on how much of my combined limit is in play…
I use to run a lot of my employers expenses through my card and get reimbursed… it would take a hit when I had a lot on it even though paid in full each month.
When my hospital merged with a very large provider… somehow the ATT phone bill went unpaid at Corp during the transition… as accounts payable moved to Corp.
As the phones, fax, Internet was going down I learned it was due to non payment…
The administrator and the corp card both declined so I reached into my wallet and paid the $14,500 charge to restore service within the hour.
My score took a hit for that but then came back higher than ever…
I use to run a lot of my employers expenses through my card and get reimbursed… it would take a hit when I had a lot on it even though paid in full each month.
When my hospital merged with a very large provider… somehow the ATT phone bill went unpaid at Corp during the transition… as accounts payable moved to Corp.
As the phones, fax, Internet was going down I learned it was due to non payment…
The administrator and the corp card both declined so I reached into my wallet and paid the $14,500 charge to restore service within the hour.
My score took a hit for that but then came back higher than ever…
lman
Veteran Member
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- Oct 3, 2009
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- Indiana
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- New Holland 3040, New Holland 1530, Oliver 1850
We froze all of our credit reporting several years ago for security reasons and haven't removed the freeze since. It was recommended after unauthorized credit card transactions. So, it sounds like that is a mistake for insurance?
grsthegreat
Super Star Member
When i purchased the tundra, the salesman came back and told me they could not access my credit score. I simply pulled out my phone and logged into true credit and unlocked the scores. They were able to check them then, after which i relocked them. I really like this feature, as it prevents someone opening a card or credit line against me.
I have one card which I use to track expenses on my truck. Usually it's just gas, but last month I had a $500 repair bill, and also insurance due. My balance is a bit over $1100, which caused my score to drop by by 7 points. I will pay it off this month, and it will climb back up again. It means more to me that I had the bank's money free for a month plus, than to worry about those few points on my score.
Joel/ak
Platinum Member
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- Mar 22, 2022
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- Bobcat 324
Especially if your not trying to buy a house, etc
I have not read the full lot of answers, so this may have been covered. The credit bureaus are looking at ‘responsible’ credit usage on the balances you have. If you have a $10k limit, and spend over $4000 per month on the card, that is not good usage and your credit will suffer. Get multiple cards, and use them revolving, one then the other. This way the balances on the cards stay lower than putting it all in one card. I think you don’t want to spend over 35% on a card’s limit to stay on the good side of the reporting bureaus.
Pro tip here - Use cards that will reward you with something. I have a Hilton Honors card, an American Airlines card, and another airline card. I stack them in my wallet so when I use one, it goes to the bottom of the stack and the others are used. See where this is going? - free airline trips and free hotel stays (though I absolutely hate flying nowadays). Lots of different rewards, pick what works for you.
Pro tip here - Use cards that will reward you with something. I have a Hilton Honors card, an American Airlines card, and another airline card. I stack them in my wallet so when I use one, it goes to the bottom of the stack and the others are used. See where this is going? - free airline trips and free hotel stays (though I absolutely hate flying nowadays). Lots of different rewards, pick what works for you.
jyoutz
Super Member
I’m not discounting the need for a good FICO score, but I’m at the life stage where I don’t care what mine is (even though it’s mid 800s). I’m on my last mortgage, have nothing more than a few hundred dollars of credit card debt, and my only other loans are vehicles and my zero interest Kubota loan. If I ever move again, I’ll pay cash on the next place from the sale of my current home. Whenever I need a loan, my credit union gives me the best rates.
Sprinkler Fitter
Gold Member
We have an $8000 dollar limit on our citibank credit card and we run 3-4000 dollars a month on it for our business but we pay it off as soon as the charges clear the card and I have a decent credit score.
And, it is our only credit card.
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Oaktree
Super Member
When I was still working fulltime, I had one card I'd use for all expenses on the company truck. It was kind of a gas hog and required a lot of repairs, so I racked up quite a bill each month. I let all the rewards accumulate...it almost completely covered a vacation road trip my wife and I did a few years ago.
Gotta say, all that credit (paid in full each billing cycle) goosed my credit score!
I have 2 cards, a Discover and a Visa. Cashback rewards are different on each one in any given quarter. I'll use whichever one has the rewards that match what I'm buying.
I hear ya. At that same stage of life myself. No monthly payments of any kind (other than recurring bills), don't see myself needing a loan ever again. Have always paid cash for vehicles, same for my current house. Still take some pride in having a score that hasn't dipped below 800 as far back as I can remember even if I don't need to take advantage of it.