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Show HN: The $10 coffee that tanked my credit score

1 points by soelost 1y ago

A $10 latte cost me 50 credit points last year. Not because I couldn't afford it - because it pushed my Chase card from 29% to 31% utilization. That's when I learned: Your balance won't hurt your credit score. Your utilization will. The problem isn't the rule (everyone knows 30%), it's tracking it. With multiple cards, changing balances, and daily spending, you're basically guessing which card is "safe." So I built Cretit - daily traffic lights for every credit card: Green = safe to use Yellow = be careful Red = will hurt your score Hope you guys like this one more than HumanAlarm

leakycap 1y ago
Clicking your link in Safari results in a download, not a page load. Sounds like an interesting concept, but there is more to it than a simple 30% rule, surely?
- soelost 1y ago
  It was trying to download the PWA then the domain started giving me issues. Its now at https://whichcard.info https://whichcard.info Yes, theres more to that than the 30% rule. The goal is to optimize your utilization: - start with the 30% rule for daily management - spending: dont use AMEX until tomorrow - use Chase instead - bills: move AXA car insurance to Discover card to save $10/mo - due date: move utility bill from 7th to 10th to drop utilization 9% * avoid spending between due and statement date because that could "undo" your payment and artificially spike your utilization
pwg 1y ago
> Your balance won't hurt your credit score. This implies "carrying a balance". Which, if true, is far worse than a 50 point credit score loss, because the interest on credit card balances usually is just shy of being high enough to be defined as Usury. Credit cards are best used when one pays the balance in full every month, so that no interest charges accrue.
- soelost 1y ago
  Your balance is the unpaid amount on any given day. Your utiization is a snapshot of your balance on your statement date. You could have a 0 balance for 28 days and unknowingly make a large purchase the day before your statement closes and now youre at 63% and your score takes a hit. You could also be at 63% of your limit for 28 days and pay just before your statement closes and have a 0% utilization and your score doesnt take a hit. So even if one pays the balance in full every month, so that no interest charges accrue, they can impact their credit if timed incorrectly and that could lead to higher rates elsewhere. I'm sorry it didn't translate as I'd hoped.
saaaaaam 1y ago
Why is this asking me to download something when I click the link on mobile?
- soelost 1y ago
  It was trying to force download the PWA then the domain started giving me issues. Its now at http://whichcard.info http://whichcard.info

1 points by soelost 1y ago

leakycap 1y ago

Clicking your link in Safari results in a download, not a page load. Sounds like an interesting concept, but there is more to it than a simple 30% rule, surely?

soelost 1y ago
It was trying to download the PWA then the domain started giving me issues. Its now at https://whichcard.info https://whichcard.info Yes, theres more to that than the 30% rule. The goal is to optimize your utilization: - start with the 30% rule for daily management - spending: dont use AMEX until tomorrow - use Chase instead - bills: move AXA car insurance to Discover card to save $10/mo - due date: move utility bill from 7th to 10th to drop utilization 9% * avoid spending between due and statement date because that could "undo" your payment and artificially spike your utilization

pwg 1y ago

> Your balance won't hurt your credit score. This implies "carrying a balance". Which, if true, is far worse than a 50 point credit score loss, because the interest on credit card balances usually is just shy of being high enough to be defined as Usury. Credit cards are best used when one pays the balance in full every month, so that no interest charges accrue.

soelost 1y ago
Your balance is the unpaid amount on any given day. Your utiization is a snapshot of your balance on your statement date. You could have a 0 balance for 28 days and unknowingly make a large purchase the day before your statement closes and now youre at 63% and your score takes a hit. You could also be at 63% of your limit for 28 days and pay just before your statement closes and have a 0% utilization and your score doesnt take a hit. So even if one pays the balance in full every month, so that no interest charges accrue, they can impact their credit if timed incorrectly and that could lead to higher rates elsewhere. I'm sorry it didn't translate as I'd hoped.

saaaaaam 1y ago

Why is this asking me to download something when I click the link on mobile?

soelost 1y ago
It was trying to force download the PWA then the domain started giving me issues. Its now at http://whichcard.info http://whichcard.info