Revolvers and Hardcore Revolvers

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in Credit cards
I never knew the industry referred to users by such terms.
Revolvers are users that don't pay off their balance in full each month and pay interest on the amount left outstanding. Apparently there are over 11% of us in this category.
Hardcore Revolvers are those who pay only the minimum requested each month. A massive 31.5% of folk do this.
Both of these types will damage your credit rating even if never missing a monthly payment or paying late.
Revolvers are users that don't pay off their balance in full each month and pay interest on the amount left outstanding. Apparently there are over 11% of us in this category.
Hardcore Revolvers are those who pay only the minimum requested each month. A massive 31.5% of folk do this.
Both of these types will damage your credit rating even if never missing a monthly payment or paying late.
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.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
Credit card facts and statistics: 2022
All they are interested in is history & debt (both available & used) to income ratio.
Hardcore will get the persistent debt letters, & risk facility being stopped.
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
Credit card firms make a great deal of money (typically 30-40% of their income) from merchant fees, contrary to popular myth, people who pay off in full every month are actually VERY attractive to lenders, hence prime cards like cashback are typically issued to those with good credit history. Further, almost no risk of default and having to chase payments, low risk of things like debt write off, persistent debt costs to the lender etc. BT and MT offers get them a fee for the most part. It is a rare customer who could balance a cashback credit card with only using 0% fee BT cards and only making money for the bank by sales
I know, you say 'typicall', but still want to say that one of my best CCs is Aqua with 0.5% cashback and zero currency exchange fees. The starting credit limit was below £500 when I already had other CCs with much higher limits.
.withdrawal, NOT withdrawel ..bear with me, NOT bare with me
.definitely, NOT definately ......separate, NOT seperate
should have, NOT should of .....guaranteed, NOT guarenteed
That's the message that took absolutely aeons to be absorbed by my brain! (Duh) I used to listen to Martin Lewis saying 'clear the balance, IN FULL! every month' but never did it because although I really wanted to, I couldn't afford to. Now the penny has well and truly dropped, I've got my budgeting under control and can manage my finances better, I get it. And I'm now in that gang. But it took some time! And I received some of those 'persistent debt' letters in the past, too. Shoved them in the nearest available drawer. Not the way to deal with things!
If you clear all your balances every month, you're more likely to be looked on more favourably by any lender.
And of course, as everyone knows, credit scores/ratings mean nothing at all since no-one but you can see them.
This is my own opinion, based on my own experiences with credit cards, loans and lenders.