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re: Let's be honest about credit scores
Posted on 10/23/17 at 8:56 pm to foshizzle
Posted on 10/23/17 at 8:56 pm to foshizzle
So where am I wrong? That others use it on the premise that it reflects actual credit-worthiness/character doesn't legitimize it.
Lenders/creditors created and drive it. The idea that me, with a paid off house, a couple camps, no car debt, no student loans, pay my card off monthly, and who banks more of what I make every day/week/month/year than what I spend, has a less than perfect "credit score" is laughable.
It's about profitability; you carry debt, you pay interest, you're profitable so your score goes up.
Lenders/creditors created and drive it. The idea that me, with a paid off house, a couple camps, no car debt, no student loans, pay my card off monthly, and who banks more of what I make every day/week/month/year than what I spend, has a less than perfect "credit score" is laughable.
It's about profitability; you carry debt, you pay interest, you're profitable so your score goes up.
2
Posted on 10/23/17 at 9:20 pm to TheCurmudgeon
Tree fiddy
Eta im rollin
Eta im rollin
Posted on 10/23/17 at 9:26 pm to TheCurmudgeon
quote:
The idea that me, with a paid off house, a couple camps, no car debt, no student loans, pay my card off monthly, and who banks more of what I make every day/week/month/year than what I spend, has a less than perfect "credit score" is laughable.
No, it's actually quite reasonable. People who lend money to you will report on your record of paying on time. Nobody is auditing your personal finances, the only thing anyone has to go on is whether your creditors say that you reliably pay your debts.
Pay close attention to the "nobody is auditing your personal finances" part of what I just wrote. Credit reporting agencies trust what your creditors report more than what you report, and for good reason.
Your income and assets essentially don't matter because they are not verifiable.
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