Comments on: What Is A Good Credit Score Good For?

By: Tim A.

Tim A. — Tue, 29 Jun 2010 04:34:25 +0000

Ditch the credit cards and give the proverbial finger to these banks people. They are controlling you with this FICO bull crap. Credit has been the bane of this country for decades and now Americans are more debt than any other time in history. The banks want you to borrow. They want you in debt. They want to make as much money off of you as possible. It is time to fight back and not have some arbitrary figure like a FICO score determine your worth and trustworthiness as a individual. It is nothing but control and we play right into their hands. When the banks got all of these bail-outs from “We the people…” for making bad business decisions, it showed me that we are nothing but cattle to these people and that the same rules that apply to us if we go into don’t apply to the super-rich, i.e. bankers. It is time to fight back if you ask me.

By: Walking Away from a Mortgage

Walking Away from a Mortgage — Mon, 28 Jun 2010 09:01:54 +0000

[...] will take a hit. If your credit is already shot, you may not care. If you are of the opinion, what’s a good credit score good for anyway, then you may not [...]

By: FICO Score Not Estimator Of True Wealth

FICO Score Not Estimator Of True Wealth — Mon, 10 May 2010 13:01:52 +0000

[...] is reacting to this recent lending debacle by improving on its formula for creating the almighty FICO score. Habitual late-payers will be more heavily penalized, while those of us with the occasional 1-30 [...]

By: Eliminate Credit Card Debt Without Bankruptcy

Eliminate Credit Card Debt Without Bankruptcy — Mon, 10 May 2010 13:00:42 +0000

[...] free. Closing a credit card account, even if it is paid off, can have a negative effect to your FICO score. If you are considering applying for a mortgage in the near future, it is a good idea to leave [...]

By: Card Issuers Cut Limits, Lowering FICO Scores

Card Issuers Cut Limits, Lowering FICO Scores — Mon, 10 May 2010 13:00:15 +0000

[...] utilization ratio. The amount of your outstanding balances accounts for approximately 30% of your FICO score. The amount you owe as a percentage of your total credit limit is referred to as credit [...]

By: Dazed and confsued

Dazed and confsued — Mon, 26 Apr 2010 18:25:02 +0000

I never had a creedit score at all until I was in my mid 30′s. I decided I probably should buy some credit so I could buy a house. I bought my credit with a secured loan. You know, I paid a bank to borrow my own money (strange concept isn’t it?)

I now have 6-8 credit cards. I only use 1 of them. I use the sears card that charges about 24% interest instead of another card that charged about 10% interest. You wonder why I do that? I can walk into a sears store pay it off and never be told I made a late payment with the associated late payment fee.

My credit score is lower than it should be. I deal with everything paying cash except for online. I almost never remember I have a credit card. If I thought to use it more often I am sure my credit score would be a bit higher than a 740.

As of this date I have yet to need credit. I needed a car. I flew 1,500 miles to buy one as it was cheap and rust free. I drove it back home. My shiney new 1999 (in late 2009)car was bought with cash at about $1,500 under book after expenses.

If you can’t afford it do not buy it. Credit is for suckers and paying interest is a fast way to lose money. I wonder how much I have saved a year driving my $1,000 and under cars (except for the last one) for 20 years with no financing compared to those who financed nice new cars.

p.s. never having had a real loan and saving my pennies I am now worth 6 figures 2 times over. Define available credit. I have it in my back pocket.

By: what is a good credit score

what is a good credit score — Tue, 17 Nov 2009 03:18:43 +0000

Last year I helped my father by cosigning a auto loan for him that he swore he’d pay off and on time… Well he didn’t and now I’m almost $9,000 in debt… I’m tryin to get a loan for school but even though the “repo” wasn’t my fault I’m being punished for it…
My husband was killed by a roadside bomb in iraq on 6/25/09 and shortly after his death I found out I was pregnant and had our son 1-19-09… After my husband died I was left with his credit debt as well as mine and I jus dnt know what to do… Ya $8 isn’t a lot to spend on a credit score for some people, but it is to me… I need some advice!!

By: David Bruce

David Bruce — Fri, 17 Apr 2009 08:57:50 +0000

I just received a copy of my credit score (740). On the report from Trans Union there were reasons why my score is lowered. One of the reasons is “insufficient length of credit history”. At the top of their report it shows my credit history started in 1971. Another reason was “Too many recent credit checks (or recent applications). I had 3 inquiries in 2008: 1 from Equifax, probably when I asked for my free credit report, one from “MDA” (I don’t know who that is) and 1 from an insurance company (maybe when I got a quote to see if another company would lower my premiums) OR maybe it counts against you when companies check your credit rating before they send you mass mailing.

By: This Article Is Awful

This Article Is Awful — Tue, 14 Apr 2009 05:00:34 +0000

The title should be, “Why I Personally Don’t Think FICO Scores Should Be Important, But THEY ARE.”

Be as “mad” as you want, but the only thing to do is to make sure you have a high score. There are ways to do that. And make sure that the score is correct. Challenge anything that is the least bit wrong, with certified letters and affidavits if necessary. Don’t tell yourself it doesn’t matter. If it’s wrong, and against your best interests (it always seems to be, doesn’t it?), then get it corrected.

As for companies on the verge of insolvency that cut your line of credit despite a perfect payment history (yeah, that one is ironic, isn’t it — you are in better financial health than they are, but they can ding you), see about getting another card you already have to increase your credit limit modestly. Don’t use it, just keep it, so that your percentage of available credit being used doesn’t go up. This may cause a small, temporary dip in your score (if it is counted as an “inquiry”), but it will go right up again very soon.

Seek out other sound strategies, and play the game to get your score up. It’s only numbers. Sucking up to an incompetent boss is much harder than this.

By: Canceling Your Credit Card Could Hurt Your Chances of Getting a Home Loan - Mortgage Rate News

Mon, 13 Apr 2009 22:37:10 +0000

[...] lender pulls up your credit report to determine whether or not you are an acceptable risk. If you credit score is not high enough, there is a chance that you will not be able to get a home mortgage loan. This [...]