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Hoodwinker posted:The extra foolish part about credit-worthiness is that utilization is both an extremely transient and often not the most critical factor in credit score. My favorite with this beyond the fact that utilization is calculated as a snapshot (so its impact on the score is whatever is reported; once what is reported changes, the score changes. There is no historical utilization that is used for the score) is that /statement/ balances are reported to the bureaus. So as long as you use your card and don't pay the balance off in full before a statement is issued then a balance will be reported to the bureau. But you can still pay that statement balance off in full, and remain in grace, and thus pay no interest. So there is absolutely no reason not to pay it off in full for some contrived idea that you need to have a balance reported.
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Aug 24, 2018 21:46
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Having a zero balance reported on a statement for the month does slightly count against you though right? Essentially the cc company has no info to go on and thinks you didn’t use it compared to say a $50 statement that’s .001 of your credit limit. I could see how people get confused on the “carry a balance” part where they’ve heard a statement balance is better than an empty statement balance. Of course you’re suppose to pay that part off instead of letting it roll over where you get thrashed by finance charges George H.W. Cunt fucked around with this message at 22:15 on Aug 24, 2018 |
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Aug 24, 2018 22:12
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George H.W. oval office posted:Having a zero balance reported on a statement for the month does slightly count against you though right?
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Aug 24, 2018 22:18
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This poo poo is confusing. My credit card schedule is: Month 1, Day 15 through Month 2, Day 14: This is Statement Period 1 Month 1, Day 30(or 31, or 28 whatever): Credit bureaus take a snapshot of what my current balance is (CURRENT!!!! Not what the statement balance was on Day 14! This amount will never ever be the same as a statement period balance) Month 2, Day 15: I receive a bill for all charges during Statement Period 1 Month 3, Day 2: My payment for Statement Period 1 is due I've never had to think about timing my charges or payments in order for my utilization to be above 0% and below 30% or whatever
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Aug 24, 2018 22:19
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George H.W. oval office posted:Having a zero balance reported on a statement for the month does slightly count against you though right? Essentially the cc company has no info to go on and thinks you didn’t use it compared to say a $50 statement that’s .001 of your credit limit. I could see how people get confused on the “carry a balance” part where they’ve heard a statement balance is better than an empty statement balance. It doesn't matter to any significant degree. I've had zero balance on some cards for a while in the past, credit score was still fine. The only thing you should worry about is cards being closed due to complete inactivity (the available balance drop will matter).
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Aug 24, 2018 22:20
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Toraen posted:It doesn't matter to any significant degree. I've had zero balance on some cards for a while in the past, credit score was still fine. The only thing you should worry about is cards being closed due to complete inactivity (the available balance drop will matter). I just lost my longest running card that had been opened when I was 18 because I didn’t use it for a year. It hurts a bit yea.
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Aug 24, 2018 22:30
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George H.W. oval office posted:I just lost my longest running card that had been opened when I was 18 because I didn’t use it for a year. It hurts a bit yea. Yeah, I started using mine for laundry to insure this doesn't happen. Do not want to lose an eighteen-year-old credit line from my report.
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Aug 24, 2018 22:33
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George H.W. oval office posted:Having a zero balance reported on a statement for the month does slightly count against you though right? Essentially the cc company has no info to go on and thinks you didn’t use it compared to say a $50 statement that’s .001 of your credit limit. I could see how people get confused on the “carry a balance” part where they’ve heard a statement balance is better than an empty statement balance. Zero utilization shouldn't be a negative, but that might get into the proprietary side of things on what they calculate. Anything below 30% utilization is generally considered good with lower being better. The things they're looking at are total credit you have and total credit available. Both of those are generally "higher is better for the score". Having too much available in credit cards can be a bad thing because underwriters generally look at how much credit is extended when determining what to offer. GoGoGadgetChris posted:This poo poo is confusing. My credit card schedule is: The credit bureaus aren't the ones that gather the information; your creditors report it over. It certainly is possible that a creditor could report a balance other than the statement balance to the bureaus. I have never seen that with my accounts though; they always send an update monthly and it is after they release the latest statement; and it always matches what my statement balance was. There is a period between when the statement period closes and when the statement is created where you could make payments and potentially have the balance reported be less than the statement balance. But even in the case where they're reporting something other than the statement balance; you can use the card and have balances reported without ever paying a cent of interest. Edit: The tl;dr is that you shouldn't be timing anything except the due date from your creditor. And you should be paying the statement balance in full by the due date. In the US federal law actually requires that they treat your payment submission date as the posted date as long as it is completed before end of business day.
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Aug 24, 2018 22:36
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I have two CCs that I don't regularly use, so I have a small recurring bill on each (Netflix and Hulu) that's also set to autopay. Never have to worry about them.
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Aug 24, 2018 23:33
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metallicaeg posted:I'm not aware of a negative effect of a 0% utilization, but I am often wrong. The absolute optimal credit utilization for FICO scores is like 9%, it has a significant effect like 30 to 40 points compared with 0% or 11-20% There are various credit score simulator as you can play with to estimate the effect.
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Aug 24, 2018 23:41
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BEHOLD: MY CAPE posted:The absolute optimal credit utilization for FICO scores is like 9%, it has a significant effect like 30 to 40 points compared with 0% or 11-20% There are various credit score simulator as you can play with to estimate the effect. Just in case someone thinks they need to carry a balance, the credit card company reports the statement balance so if you put any spend on a card and don't pay it off until after the statement cuts it will be reported.
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Aug 24, 2018 23:54
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Don’t the credit card companies also report how much you paid in each period? Should be easy to see that you’re using your cards even if you never carry a balance.
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Aug 25, 2018 00:19
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Wolfy posted:Don’t the credit card companies also report how much you paid in each period? Should be easy to see that you’re using your cards even if you never carry a balance. Not directly, no. Generally they'll report that you paid and if it was on-time, 30 days late, 90 days, etc and they'll report an updated balance (the statement balance generally for a credit card). For installment loans they'll also report the original balance lent. The required minimum payment is also reported. If someone had snapshots of your credit report at various times they would be able to construct what you would have had to pay to get the balance to what it is; but even that won't tell the whole story with a credit card. If you pay on your credit card before the period ends then your statement balance will be $0 and the amount you charged and paid off will be completely unknown; hypothetically someone could spend up to their credit limit every day and pay it off and by the end of the period have spent and paid off 30x their credit limit but it still gets reported as $0 to the bureaus.
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Aug 25, 2018 02:26
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https://www.reddit.com/r/wallstreetbets/comments/95otw7/just_borrowed_232k_at_600mo_interest_to_buy_623/?st=jl9ct73m&sh=a3741bc3 ...yeah. (Sorry if it has been posted before.)
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Aug 25, 2018 12:53
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MrOnBicycle posted:https://www.reddit.com/r/wallstreetbets/comments/95otw7/just_borrowed_232k_at_600mo_interest_to_buy_623/?st=jl9ct73m&sh=a3741bc3 That's pretty awesome. After reading that, I went and looked at the subreddit for the first time. Every post in there is about nVidia, AMD, Blizzard, Tesla or weed stocks. I was going to ask what kind of dumbass does something like that, but now I know!
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Aug 25, 2018 13:14
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MrOnBicycle posted:https://www.reddit.com/r/wallstreetbets/comments/95otw7/just_borrowed_232k_at_600mo_interest_to_buy_623/?st=jl9ct73m&sh=a3741bc3 
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Aug 25, 2018 14:25
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Tesla just announced they are remaining public. That guy's hosed.
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Aug 25, 2018 14:35
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Um, could that actually be good with money by allowing him to sue Tesla or Musk over the tweet and claim damages based upon the borrowed money and expected returns from the $420 price Musk tweeted? I don't know enough about the laws surrounding this to know if that is something he could do or not.
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Aug 25, 2018 14:55
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Even if that was a violation of securities law and even if there is a formal cause of action for the individual investor (neither of which are definitely assured) this would mean a long, expensive legal process while he's on the hook for hundreds of thousands of dollars in loans assuming he cuts his losses now. And assuming there will be a party to recover from once all is said and done. So, no, this is still very BWM even if he wins; he goes from turbofucked to badly hosed.
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Aug 25, 2018 15:33
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MrOnBicycle posted:https://www.reddit.com/r/wallstreetbets/comments/95otw7/just_borrowed_232k_at_600mo_interest_to_buy_623/?st=jl9ct73m&sh=a3741bc3 quote:VirtualRay• 16d BWM: i dont know many of those words
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Aug 25, 2018 15:52
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All depends on intent I suspect. Knowing Musk he on record somewhere saying he’s about to fake a public to private offering to screw short sellers. And then he calls them all pedos.
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Aug 25, 2018 16:50
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I'm sorry I can't post all the images, but BWM/BWL - assuming your $60k wedding is something your friends and family OWE you https://twitter.com/0lspicykeychain/status/1033361828292771840?s=09
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Aug 25, 2018 17:53
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The saddest part of those stories is the bitter angry person that fabricates them
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Aug 25, 2018 18:06
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TheQuietWilds posted:I'm sorry I can't post all the images, but BWM/BWL - assuming your $60k wedding is something your friends and family OWE you  I skimmed most of this at first and thought the 2k carriage was, like, a horse-drawn carriage that was going to be part of the wedding. But no, it's a baby carriage.  E: Bad With Money 2018: A local psychic told us to go with the more expensive option, and we thought why the hell not? Haifisch fucked around with this message at 18:10 on Aug 25, 2018 |
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Aug 25, 2018 18:07
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TheQuietWilds posted:I'm sorry I can't post all the images, but BWM/BWL - assuming your $60k wedding is something your friends and family OWE you Thank you for posting this, made my morning. Naming the baby “Declyn” was the warning sign. Edit: drat, when the psychic was the least crazy part of the post.
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Aug 25, 2018 18:18
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This is more Bad With Luck or Bad With Due Diligence, but Bought a meth-contaminated house, now facing foreclosure quote:
https://www.reddit.com/r/personalfinance/comments/9a1o8q/bought_a_methcontaminated_house_now_facing/?st=jl9q6lm4&sh=7f90b328
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Aug 25, 2018 18:57
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That sucks so much.
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Aug 25, 2018 19:33
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There's no such thing as "meth contamination." They're being taken for a ride because they're credulous idiots.
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Aug 25, 2018 20:12
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Notorious b.s.d. posted:There's no such thing as "meth contamination." Whether you believe in meth contamination or not, some states have passed laws regarding meth residues in houses https://www.npr.org/sections/health-shots/2015/07/01/416452137/buy-a-meth-house-unawares-and-pay-the-health-consequences
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Aug 25, 2018 20:47
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Notorious b.s.d. posted:There's no such thing as "meth contamination." This idea has been gaining traction largely because a government funded study in New Zealand declared it mostly bullshit (lots money spent on houses where people used meth), but it's still a going concern in the states, right or wrong. Usually when meth is manufactured, not consumed, on a property though. A meth lab can absolutely be a problem. Someone smoking it in a garage probably doesn't warrant gutting the property, at least if that one study is to be believed. At this point it sucks to be them in any case. At the very least, in their shoes, I'd get a second opinion.
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Aug 25, 2018 20:48
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I would bet all the money in my couch the meth testing company is the house stripping company.
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Aug 25, 2018 20:55
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Haifisch posted:
Didn’t some goon in AI get an insanely expensive baby carriage?
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Aug 25, 2018 21:42
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Cacafuego posted:Didn’t some goon in AI get an insanely expensive baby carriage? Eyebeem and it was a mere $1200
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Aug 25, 2018 22:02
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TheQuietWilds posted:I'm sorry I can't post all the images, but BWM/BWL - assuming your $60k wedding is something your friends and family OWE you 13 Reasons Why season 7 sure went to a weird place
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Aug 25, 2018 22:36
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Aug 25, 2018 23:43
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Tweet thread went private. Screenshots?
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Aug 26, 2018 02:30
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The wedding shaming facebook group is a reliable source of grade A content. Your wedding may have been expensive, but was it helicopter rappelling horse archery expensive?
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Aug 26, 2018 04:00
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It might be the first wedding in history to be actually interesting to watch.
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Aug 26, 2018 04:19
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She and her bridesmaids can all try to hit the rappelling groom and whoever hits him first gets to marry him. Hopefully he survives becoming a pincushion.
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Aug 26, 2018 04:25
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Clearly you sit on the horses as the horses are lowered from a moving helicopter and try to hit the fleeing townspeople with arrows.
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Aug 26, 2018 04:40
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