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re: Older OT'ers - How much do you really care about your credit?
Posted on 3/14/16 at 9:21 am to theantiquetiger
Posted on 3/14/16 at 9:21 am to theantiquetiger
quote:I only think about it during those commercials with the cocky chick. I then forget about it as soon as the show comes back on.
Older OT'ers - How much do you really care about your credit?
1
Posted on 3/14/16 at 9:30 am to AlxTgr
My insurance agent mentioned credit score in one of our conversations. I replied that I didn't monitor my score and didn't care about it. He stated "your good credit score is why you get favorable premium rates on your homeowner and automobile policies."
Posted on 3/14/16 at 9:32 am to FLBooGoTigs1
I'm about to build a house....of course I need to monitor my credit
You'll also never hear me say "I bought this vehicle cash" unless interest rates go up a lot
You'll also never hear me say "I bought this vehicle cash" unless interest rates go up a lot
Posted on 3/14/16 at 9:33 am to yellowfin
There are so many things about the credit score game that are fricked up. The difficulty of getting your exact score (not a "fako" score) is one, as is how seemingly responsible actions can lower it. And the lack of availability of information on the issues is one of the biggest. It's like you are bound by rules you never even knew existed, way above and way beyond just "pay your bills on time".
Thanks to the Internet there is more guidance available but you still have to seek it out and be shrewd enough to separate the wheat from the chaff. There are a few credit-focused forums (similar in format to here at TD) that are very helpful.
Thanks to the Internet there is more guidance available but you still have to seek it out and be shrewd enough to separate the wheat from the chaff. There are a few credit-focused forums (similar in format to here at TD) that are very helpful.
Posted on 3/14/16 at 9:58 am to theantiquetiger
The ones in this thread saying they never monitor their credit are ignorant, naïve or both. In today's world, monitoring your credit is an absolute necessity. It doesn't matter if you never use credit cards or you pay for things with cash.
Ever used your debit card or written a check at Home Depot, Lowes, Target, etc? Identity theft is a very real issue that you have to pay attention to.
The OPM hack two years ago affected close to 21 million people. I was one of those. The problem is that identity thieves may not use your info until several years after the initial hack. If for nothing else, monitor your score and your report for that.
Additionally, the two biggest factors in a credit score (whether a vantage model or FICO) is credit utilization and derogatory information. It isn't easy getting things removed from your report. I agree that the whole thing is a racket, but you never know when you may need your credit down the road.
Ever used your debit card or written a check at Home Depot, Lowes, Target, etc? Identity theft is a very real issue that you have to pay attention to.
The OPM hack two years ago affected close to 21 million people. I was one of those. The problem is that identity thieves may not use your info until several years after the initial hack. If for nothing else, monitor your score and your report for that.
Additionally, the two biggest factors in a credit score (whether a vantage model or FICO) is credit utilization and derogatory information. It isn't easy getting things removed from your report. I agree that the whole thing is a racket, but you never know when you may need your credit down the road.
This post was edited on 3/14/16 at 10:06 am
Posted on 3/14/16 at 10:01 am to Havoc
quote:
The difficulty of getting your exact score (not a "fako" score) is one, as is how seemingly responsible actions can lower it
Lenders use different models for different types of loans. The scores provided by credit cards or credit karma a useless. MyFICO has a report that provides all the different scores for different models. (auto model vs home loan model vs bankcard model etc)
As far as paying off debt, it only affects the score for a short period of time. FICO and vantage use you past and current installment history to base lending decisions on. If you no longer have an installment account or have recently paid one off, then the model has no account to determine if you still pay your debt on time. It's backwards, but it's only a short-term dip in your score.
This post was edited on 3/14/16 at 10:06 am
Posted on 3/14/16 at 10:17 am to theantiquetiger
Now that I don't need to borrow money, everybody wants to lend it to me.
When I needed it, nobody would lend me a dime. Except Dad.
Thanks Dad.
When I needed it, nobody would lend me a dime. Except Dad.
Thanks Dad.
Posted on 3/14/16 at 10:23 am to yellowfin
Depends on your age, how diversified you are etc.
Rates on new cars are cheap, but I'm guessing they are still 3-4%.
Guaranteed returns of 3-4% are not impossible, obviously.
Rates on new cars are cheap, but I'm guessing they are still 3-4%.
Guaranteed returns of 3-4% are not impossible, obviously.
Posted on 3/14/16 at 11:01 am to DCtiger1
quote:
Ever used your debit card or written a check at Home Depot, Lowes, Target, etc?
No I haven't and people that do are dumb if they have other options. Always use a credit card for things like this. One, there are probably rewards attached so at least you get a little in return and two, it protects the buyer.
Posted on 3/14/16 at 11:08 am to VABuckeye
I have zero need for a debit card.
Credit cards are superior for the reasons you mentioned.
Credit cards are superior for the reasons you mentioned.
Posted on 3/14/16 at 11:12 am to theantiquetiger
quote:
What will a non payment of a $100 ticket do, lower my credit 50 points for a couple years, so be it.
This is where I'm at. My current situation just allows me to not willingly get completely screwed over by a hospital/doctor bill, bullshite ticket from 15 years ago, red light ticket, outstanding $200 invoice that wasn't paid b/c of shitty work, etc...
I have the time, and good credit built up, to say "Screw you, put it on my credit!" for payments I disagree with.
Posted on 3/14/16 at 1:46 pm to fightin tigers
quote:
I'm about half your age and face the same problem. I have been told to just carry a credit card and use it every now and then.
bullshite system.
i agree. this thread led me to go check my FICO (discover allows you to do this for free) and it's at 826. it hovers between upper 700s and low-mid 800s. i did just drop $19k on my student loans to put a huge dent in them
i kind of want to hit my last high rate student loan (will be another $7k or so) to free up some leeway
other than reputation, the main worry is when i settle down and want to buy a house, the credit rating will be a big deal
i agree with teh poster who said once he bought a house he stopped caring
Posted on 3/14/16 at 2:00 pm to SlowFlowPro
quote:
i agree with teh poster who said once he bought a house he stopped caring
what about upgrading in the future?
what if you want some rental property?
vehicles?
If you own your business and need capital for expansion they'll want you to personally guarantee and loan
Posted on 3/14/16 at 2:22 pm to yellowfin
More and more employers are checking credit as a prerequisite to employment. Doesn't matter if you're retired, but derogatory remarks don't look good to a potential employer.
Posted on 3/14/16 at 8:41 pm to theantiquetiger
I was making good money when I met my future wife. When we found a house I went to the bank expecting immediate approval considering that I owed not one dime. I was disappointed to learn that my score was 0! Fricking Dave Ramsey screwed me royal. I had to pull a loan and pay for 90 days before I had a score, got a 3% fixed rate too. Now I have a wife, home and small debts so I'm an OT poor. Life is good. Monitor your credit is my advice.
Posted on 3/14/16 at 8:44 pm to theantiquetiger
quote:
Any of you old farts feel this way as well?
Yep. I don't much care about credit, as I'm not financing anything anymore. Vehicles and house are paid for, so I just use CC for paying for everything I can just for the points.
Posted on 3/14/16 at 9:41 pm to kywildcatfanone
quote:
I just use CC for paying for everything I can just for the points.
Same situation here. Car, house, vacation home, rental properties all paid for. No need to finance anything else. I will be 65 soon and I am in relatively good health.
The CC is strictly for travel points.
Posted on 3/14/16 at 10:00 pm to madamsquirrel
quote:
Where do you even go to check it? I have one credit card that I use to book things and that is it but would like to know my score in case I decide to finance a car instead of paying cash in the future.
The three credit rating agencies, Equifax, Experian and Transunion, are each required to give you a credit report once per year for free. Just go to their websites. By hitting one every four months you can get a running check on your credit year round. However, they will not give you the numerical score, only what accounts you have and their status which is all you need to assure your report is accurate. It would be difficult to dispute the actual number since only the agencies know how it is calculated.
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