On 5/5/2021 10:32 AM, Gary wrote:
> Â*Graham wrote:
>> What I can't understand is that my credit rating, obtainable when I do
>> any online banking, has just dropped to just below 800. It usually sits
>> at 870 but should be 900 as I have no debts, apart from modest credit
>> card balances that I pay off promptly every month.
>
> From what I understand, they look at your "potential" debt. Even with
> one credit card that's used and paid off each month (like me), they look
> at your credit limit because at any point, you could charge it up to
> that limit.
>
> To have extra credit cards that you never use, can take down your score.
> They seem to base your score on potential debt, not current debt or
> timely payments.
>
It's been at least 15 years but I had a credit card from a major bank
for about a year; I paid it off every month. One time I used it for a
fairly large (IIRC it was about $1500) purchase. When the bill came I
paid it in full. They cancelled my card. They *want* people to carry
balances, otherwise they don't make any money.

Jill