Importance Of Credit Scores

Discussion in 'Money & Finances' started by Frank Sanoica, May 22, 2021.

  1. Frank Sanoica

    Frank Sanoica Veteran Member
    Registered

    Joined:
    Feb 21, 2016
    Messages:
    8,868
    Likes Received:
    9,763
    How many folks do you know who have spent an entire lifetime being "on-time" with bill payments, financial commitments, and keeping up personal integrity?

    Several of my credit card issuers issue my personal score along with my statement every month. Here is mine:

    [​IMG]

    I am besieged constantly via email (mostly spam), regular mail offering new credit cards, loans, etc., many from banks I have never heard of. Little do they know that, unlike the majority of ego-driven people, I could not care less what that fancy number was......

    OTOH, it seems ironic that several of my cards have bumped their credit limits up to where any single one could be used to buy a new car! I broached the concept to my wife(!).

    Her response? "WHADDAYA NUTS?"

    Frank
     
    #1
  2. Ken Anderson

    Ken Anderson Senior Staff
    Staff Member Senior Staff Greeter Task Force Registered

    Joined:
    Jan 21, 2015
    Messages:
    17,776
    Likes Received:
    27,653
    I need you to cosign for a house for me, Frank. Maybe a new car, too.
     
    #2
  3. Beth Gallagher

    Beth Gallagher Veteran Member
    Registered

    Joined:
    Jan 11, 2018
    Messages:
    10,039
    Likes Received:
    17,228
    Yes, we tried all our adult lives to be responsible to keep that score up. Now we have our credit history frozen with all three major credit reporting bureaus and seldom get credit card offers any longer. (Thanks to the Experian data breach of 2015.) We have more than enough credit to last our lifetime.
     
    #3
    Don Alaska and Frank Sanoica like this.
  4. D'Ellyn Dottir

    D'Ellyn Dottir Well-Known Member
    Registered

    Joined:
    May 16, 2021
    Messages:
    214
    Likes Received:
    295
    It always used to confuse me that I needed to create debt in order to get credit. Back in the day, I preferred paying a balance in full with cash, until I started having to pay rent. When I finally did get a credit card it got cancelled on me because I never used it, so not making any interest charges for the company. When I got another, I was terrible at paying the balance on time because I had to mail it and I always forgot.

    Finally when auto deposits and direct debits came along I got my act cleaned up. When I bought my last car and they checked my credit , the guy came back and said, wow, you really don't like having debt, do you? because I had a good record of paying off entire balances on time. My FICO was 856, the highest he'd seen.
     
    #4
  5. Lon Tanner

    Lon Tanner Veteran Member
    Registered

    Joined:
    Apr 14, 2016
    Messages:
    4,577
    Likes Received:
    4,643
    At this stage of my life my Credit Score is not important to me.
     
    #5
    Hoot Crawford and Jeff Elohim like this.
  6. Jeff Elohim

    Jeff Elohim Very Well-Known Member
    Registered

    Joined:
    Nov 26, 2020
    Messages:
    1,506
    Likes Received:
    310
    Because I have no credit score, they will not give me a credit card.
    Like the Amish and Mennonites (perhaps years ago), with no credit,
    they / I / simply pay cash.

    Whoever a person owes money to, they are a slave to them until it is paid .
     
    #6
    Frank Sanoica likes this.
  7. John Brunner

    John Brunner Veteran Member
    Registered

    Joined:
    May 29, 2020
    Messages:
    7,081
    Likes Received:
    7,037
    I get angry that there are now "apps" to bump up your score. So once the value of a high score becomes diluted, responsible people will be shouldering the risk and the cost of folks who are better at "apps" than they are at paying bills on time.

    Regarding high limits: When I moved here, Lowes gave me a Credit Limit north of $10,000. I almost laughed when I saw it. I guess if I wanna build an addition...

    @D'Ellyn Dottir I, too, greatly benefited from online bill pay technology. I used to stretch out my bills until the Due Date, and really hated all the paperwork implicit in checks and envelopes and stamps (that aversion happened when I started doing office work before the computer era.) So things got mailed late. I really love being able to take a bill I receive in today's mail, logging into my bank account, and setting it up to get paid on a specific date.

    I also agree with the perverted rational with which Ratings are calculated. I was going to kill some credit cards that I never use and my bank told me that if I reduce my amount of unused credit, it will lower my score. I found that if I spaced out the cancellations that the hit was slight and my score recovered in a month or two. It's so stupid.
     
    #7

Share This Page