rating by the credit card companies?

They can and do give 'on time' users bad credit references because they are not making any money on the interest!!!

I know many people who this has happened to.

Why is indebtedness something good for Capitalism?

That is not new at all. Credit card companies routinely review your credit. If you read the disclosures that come with your credit card, it is clearly stated.

Your are right . FICO scores ONLY measure your potential to generate interest for lending institutions. I recently purchased a new car with cash and it negatively impacted my FICO.

What a country.

That has never happened to me and if it did, there would be hell to pay.

Under the Fair Credit Reporting Act, you have the right to a free copy of your credit report if any negative information has been entered about you and dispute any negative reports by crooked credit card issuers.

P.S. If I were you, I would cancel any credit card issued by slime that did that to me.

If you pay your bills on time, you will not be given a bad credit rating, it just don't work that way. Your either paying late not paying your minimum or something. I have way to many credit cards I pay my bills on time and I have never had any of them to give me a bad rating. You can get to many high money volume of credit cards that don't use from each credit card and that will bring your score down , but will not get a bad credit rating if you pay and pay on time, it just don't work that way your stating. You can get the Retail Credit Bureau to send you a copy of your credit and you'll see what you did wrong. If you don't agree with something on your credit call them and they will either fix it or tell you what to do.

Because it gives big bucks to the capitalist giants- the main companies that run a majority of the companies you buy from/conduct banking with.

Credit card companies are notorious for making superfluous claims about how they can charge you for ridiculous things. Go through your credit card bills and keep all reciepts of purcases you make to check for any "miscalculations" on their part. Credit card companies aren't regulated very strictly, so they get away with a lot of things.

It's the mindset of the American Economy. Do things the old fashioned way like me. Save up and pay cash!

That is why you always have the right to inspect your credit reports and add your own notations and corrections!

The complicated percentage and weighted criteria - yeah i guess,

good debt is ok, bad debt is bad

[Hedwig]

Originally Posted by Kelly B

rating by the credit card companies?

They can and do give 'on time' users bad credit references because they are not making any money on the interest!!!

I know many people who this has happened to.

Why is indebtedness something good for Capitalism?

Some credit card companies have charged fees or even canceled cards if you don't pay any interest. But it would only give you a bad rating if the card was canceled by them, not if they charged the fee.

If you always pay so that the credit report shows a zero balance, it could impact your score. Carrying a small balance seems to help the scores some.

Originally Posted by fredrick z

Your are right . FICO scores ONLY measure your potential to generate interest for lending institutions. I recently purchased a new car with cash and it negatively impacted my FICO.

What a country.

There is no way that your credit report shows you paid cash for a car. The only way that paying cash would negatively impact your credit is if the dealer pulled your report to try to finance you. Then the inquiry could hurt. But there is no place on the report that says you paid cash for anything, and it wouldn't impact your ratios at all.