They Say I'm 'Exceptional'.

[CobyRupert]

Debt lovers score........a zero should be the goal. Only product in the world you beg them to let you buy it. And as the thread shows brag about how good you look in their eyes. The most marketed and studied industry in the world.....we are merely their sheeple

:thumbsup:

It'd be interesting to see who has a higher credit rating of the following, especially among #2 & #3 who have both proven that they pay off loans:
1) Someone who's never had a loan, has (let's say) $X assets, $Y cash that could cover loan.
2) Someone who's had a loan, but paid it off in 1/4 time (i.e. "robbed" bank of interest), has same $X assets, $Y cash that could cover loan; or
3) Someone who's had a loan, but paid it off as per schedule (i.e. bank got full interest), has same $X assets, $Y cash that could cover loan.

As others have said, "your" score is penalized for not being in debt, but I wonder if it's penalized for not giving banks all the interest they expected?

 

[Diggin It]

^^ There are FICO simulators out there so people can see what would happen if they changed a couple of things. Not sure if you can build a full profile like that or not.

 

[cat fever]

There should be two systems for loans;

1) The current "credit" score for those always needing loans.

2) A "risk" score for those who usually pay cash but occasionally need a loan.

 

[Ford850]

Scores are a funny thing, really meant to assess risk and not as much about how little you owe.
When my wife and I were obtaining a new construction loan, the loan officer said he had never had a score come back as high as ours. I didn't ask what it was, since it makes no difference to me. We had paid off our previous 15 year mortgage in 12 years, and had recently taken an equity loan out to buy the new vacant land in order to build our new house. Apparently that combination helped our score.

 

[rekees4300]

Some here would take exception to that. Even I might.

But 'they' is Experian and they call my 807 FICO Score 'Exceptional'.

I guess that's what happens when all of your bills are autopaid so your less than exceptional memory doesn't forget to send them in.

It is not your FICO score, it is their FICO score. They invented it and now use it to control your life. Experian and the other identity thieves have stolen your personal information and are selling it without your permission. The parasites can take their FICO score and put it where the Sun doesn't shine! :thumbdown:

 

[cat fever]

It is not your FICO score, it is their FICO score. They invented it and now use it to control your life. Experian and the other identity thieves have stolen your personal information and are selling it without your permission. The parasites can take their FICO score and put it where the Sun doesn't shine! :thumbdown:

I second that motion.

 

[jbrumberg]

^^^^

I agree. I have no clue as to our credit rating, but I do know our PO box always has a CC application or 2 waiting to be tossed.

Wifey is a retired CFO from a nonprofit corporation. She still manages a nonprofit operation, but everything is paid for. I do not think that in the past 40 years together we have never had a service charge/late payment penalty.

 

[Sawyer Rob]

I agree with the above too...

I have no idea what my score is, I don't even know how to find out, and wouldn't check if I did.

Like they say, "Cash Is King"!!

SR

 

[Industrial Toys]

I also, don't owe anyone a nickle. I did forget to pay my credit card a few months ago. I had paid it early (as usual) and somehow got confused.

I was beside myself, when I had to pay "INTEREST". Usuallly, they see my history and fix little things like that for me. They didn't offer and because it was totally my fault, I did not push it.

I have a friend that calls certain customers "Special". He doesn't mean that as a compliment either.

 

[Bird]

I'm curious. Diggin It, did you get your new AARP Bulletin recently? I got mine this morning and they have a story that sounds like it could have been the source for much of this thread.:laughing: Mention was made of making one payment late causing a 100 point drop in a FICO score.

I do like having a computer to keep track of some things now-a-days, and paying bills online instead of the US Post Office. I pay all my bills EARLY instead of just on time. That DOES NOT help your FICO score, just as paying off a loan early does not help. I believe it was 1966 when I mailed a credit card payment, and another letter in person at the Post Office in Corsicana, TX, one day. A month later, I got another bill from that credit card company for the new month PLUS the previous month PLUS interest for the previous month. I called and found that they had not received last month's payment. But a nice customer service rep said he'd take the interest off the bill, and I promptly send a new check for both months. Two days later, the credit card company got the first check that had been missing for a month and they deposited it, before they got the second check. I assume the Post Office lost the first check for a month, then found it, but of course, I don't KNOW that to be a fact. At any rate, it all got straightened out eventually and didn't cost me anything but some time. So I do like using the Internet instead of the mail now.:laughing:

 

[Industrial Toys]

I never had an accident claim until recently. Drove into a tree on ice. So they jacked my premiums from $1100 to $1800! Fair enough, I guess. But the front page of the policy assures me that I am getting Discounts for among other things "GOOD DRIVER!" Just another case of what they say (like your call is so important to them" is different from what they do. I would have found it more appropriate if the front page, read, jacked rate on account of BAD DRIVER!

Then they sent me a FINAL notice for an account I paid in full a month early. Seems that their courier lost a bunch of cheques. Now, i don't want to spend any more time on it, or pay to have the other cheque cancelled. All such things take HUGE amounts of time and no one answers their phones any more. I asked if I can bill them my time at 90/hr and the cheque costs.

 

[k0ua]

Well, one tiny bit of good news. Our car is already paid off in full this month. One less monthly bill. Wooo.. Hooo:dance1:

 

[Bird]

Well, one tiny bit of good news. Our car is already paid off in full this month. One less monthly bill. Wooo.. Hooo:dance1:

I know the feeling. We had cars paid for totally for a good while, but I let my wife and daughters have a bad influence on me.:laughing: So now we're driving a 2017 with a 3 year lease. Another 10 or 11 months to the end of the lease and then I intend to just buy this car outright and pay if off in cash.

 

[thepumpguysc]

My service said I was "Excellent".. & "in the 2% of the American population"..
Don't I feel special..

 

[Doofy]

My service said I was "Excellent".. & "in the 2% of the American population"..
Don't I feel special..

Me too. The Wife is always threatening to have the short bus come pick me up.

 

[Industrial Toys]

If you are sitting at the back of a short bus, does that still make you cool? Maybe the cool factor is a product of the distance from the driver.

 

[Steppenwolfe]

I will say this from a different perspective. Our construction business caters to large national companies. We build in 35 different states. Every year we are required to submit full financials and our credit score. Those two items then determine how "bondable" our company is. That along with exceptional insurance coverage gets us where we need to be.( of which the rates are also tied to our credit rating). Many guys can build, few have the ability to build with the big boys without the credit ratings.

 

[thepumpguysc]

I keep getting notices of "Credit limit increase" ALL I have to do is submit my income to them..
HE!!, If they didn't know what it was, how did I get a C, Card in the first place.??
& if my wife doesn't know how much I make, why in the world would I tell a stranger..??
& why in the world do I need an "increase" if I'm in the top 2% of the U.S. population.??
Its just stupid people, wasting stamps.. Lol

 

[LittleBill21]

There seems to be this common notion that you need to be in debt to have a good credit score. Honestly I'm not sure where that came from.

I have never paid a cent of interest in my life. Period.

i bought my cars out right, my house outright, everything.

i use credit cards for every single purchase i can and pay the bill in full every month.

my credit score has never been under 800 except when i get a new credit card.

and for those of you saying cash is best. if you can control your spending you can make the 5 figures in cash back rewards i have since i was 18, and I'm under 40.

 

[atsah]

if you can control your spending

That's the key, some people can't. I use cash, the only thing I use the CC for is fuel, only because I don't feel like having to go inside to give them money to turn the pump on and then again to get my change.

A lot of people spend a lot more money on things if they are using a card than they normally would if they didn't have the card.