Originally Posted by
ddallas
NON-PROFIT
These are the cardmembers who know what they're doing. They're the group of people that pay their bill off, in full, every month, like clockwork. They don't pay finance charges, and they're never late. They don't go over their credit line, they don't have returned payments, and they earn rewards. Which all amounts to the bank isn't making any money on your account. So if you get a late fee, you have absolutely zero chance of getting it waived.
I have under 10yrs history with chase, but its enough to have been through the small (almost inconsquential) new post-2008 credit regulations imposed on the banking industry. Throughout my history with them, no late fees, not a cent of interest, they make money only on my card use transactions not off my account balances.
They waive my annual fees, they indulge me in my special requests, they've always been very accomodating and helpful.
So whatever comes up on 'my screen' must be "dead-beat who we like".
Originally Posted by
CFFrost
So, what is truly the best customer? One that charges a LOT onto a card, pays his annual fees, and ALMOST always pays the balance in full. The bank gets lots of transaction volume, some interest revenue, and gets their annual fee, but still doesn't consider the client high risk.
As to the original question, I think that the distinction between person "A" and person "B" is fairly negligible but I do think that paying your balance daily might look suspicious or like you're really concerned about how much you're spending = money problems, credit risk, etc. In short, don't do anything to draw attention to yourself - including making an excessive number of payments.
I think this is an incorrect assumption. I
PURPOSELY pre-pay my account multiple times in any billing period. I pay off my balances before the statement generates, or I leave a balance of 1% or less of CU
ON PURPOSE across some cards. I stress on purpose because I am purposely gaming the algorythms to increase/maintain my high credit scores.
RISK, to my understanding, is the new big factor. People dont know the exact formula, many understand it to be a combination of your credit utilization, the amount of credit inquiries, credit requests, average balances, highest balance achieved, late payments, judgements and filings, etc.
But what's drawn in a larger focus than I noticed pre junk-mortgage selloff is an increase to the amount of spend and balance to stated income. What you put as your income on your app has now drawn much further weight than before. Banks would do a credit pull, see your scores, history, utilization, but the app income amount now is playing a larger role into their formula.
Originally Posted by
mintcilantro
Interesting because I just checked my monthly credit scores with Citi Identity monitor. Last month I had balances on 3/11 Credit cards. This time it was 5/11 and my scores dropped by an average of 10 points.
With chase it is hard to achieve zero balance as they allow you to pay only the outstanding balance. Outstanding balance doesn't include pending transactions so despite best efforts I have ended up with a balance on the card (<$50). I had $10 and $14 on the other cards and it still managed to ding my score by 10 points.
I dont know what other chase you bank with but all my accounts allow the option to pay the statement balance, outstanding balance, or some other amount. You simply cannot do it every day, it must be every 3 days or so. If you want an absolute zero blance, you need to control your spending to time so that all transactions and your final payment post(s) by the statement close date. This is your neglect, not the banks.
Dropping 10 points in 2months? You have some other outlining factor going on there... Like apply for new cards, insurance inquiries, or a forgotten neglect? You are viewing your true fico scores, and not the fako generated scores like credit sesame, etc?