And I'll preface this by saying that this may sound like a dumb question.
OK, my credit score has been strong for some time. Discount a few late payments when I was young. About 8 years ago, I missed one payment when I was travelling. It stayed on my record for 7 years. That was my only blemish, my credit score was well above average.
I'm not a threat to stiff, as proven by my history of paying. I don't miss the Minimum payment ever (any more). I rarely pay Interest charge. I don't use credit too much. My % use of available credit is pretty low.
Here's where things changed for me (recently). I accumulated multiple bills (for various reasons) in the same month. I paid well over the Min Payment but knew I couldn't pay the full amount without redeeming some of my retirement funds.
Funny thing, my new credit score shows that my # SKY-ROCKETED. I gained +37 points. I have to imagine that's tied to me accumulating an Interest charge (for first time in a while). Long story short, is Credit Score a mis-nomer? They want to know you won't stiff...but they also want to know they can make some $$ off your account.
OK, my credit score has been strong for some time. Discount a few late payments when I was young. About 8 years ago, I missed one payment when I was travelling. It stayed on my record for 7 years. That was my only blemish, my credit score was well above average.
I'm not a threat to stiff, as proven by my history of paying. I don't miss the Minimum payment ever (any more). I rarely pay Interest charge. I don't use credit too much. My % use of available credit is pretty low.
Here's where things changed for me (recently). I accumulated multiple bills (for various reasons) in the same month. I paid well over the Min Payment but knew I couldn't pay the full amount without redeeming some of my retirement funds.
Funny thing, my new credit score shows that my # SKY-ROCKETED. I gained +37 points. I have to imagine that's tied to me accumulating an Interest charge (for first time in a while). Long story short, is Credit Score a mis-nomer? They want to know you won't stiff...but they also want to know they can make some $$ off your account.
