They Say I'm 'Exceptional'.

[dnw64]

Me too, then they started sending me more of their chit, without the pre-paid envelope!

SR

You're not supposed to put stuff in there with your address on it!!

 

[atsah]

I would never put anything in with the letter other than what they sent, that could get you into trouble I would think..

 

[RNeumann]

: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?

Google “thin file” in relation to your credit. If you don’t have enough open accounts it’s considered a thin file and the score goes down.

 

[dnw64]

I don't like it, but can understand to a certain extent the concept of proving one is able to pay a loan.

Take "Joe" who has never had a loan, makes $100k/year and doesn't have any other debt. The problem is, we have no idea whether he spends every extra dollar on "frostys" or if he will be a reliable loan payer.

Then there's "Ken" who makes $30k/year, but has had 7 loans over the last 5 years and has never missed a payment.

Ken is a much more desirable customer because he has demonstrated a conclusion to his commitment (as long as his income can support payment of the current debt load).

 

[Industrial Toys]

I knew a good old boy who lived in our small town. Already twenty years ago, he told me how he was shooting the breeze with the teller at the bank, knowing each other, probably a lifetime. Then he asked to do, whatever he had come in for. She asked for I.D.. He couldn't believe it. THAT is what is wrong with banks, and has only gotten worse. Totally impersonal.

 

[ovrszd]

I think Ken is considered a better customer because they know he'll not pay off early and will always be in debt.

The concept of credit scores was created by lenders as another tool to encourage borrowing. It's not your score, it's theirs.

 

[Industrial Toys]

I saw an interesting documentary, that claims people in general are set up for failure, starting in the school system. NOTHING important about life is taught to them. Sad.

 

[Diggin It]

I saw an interesting documentary, that claims people in general are set up for failure, starting in the school system. NOTHING important about life is taught to them. Sad.

I'd much rather they teach basic life skills like managing a household budget that everyone will need than Trigonometry which most will never need.

 

[k0ua]

I'd much rather they teach basic life skills like managing a household budget that everyone will need than Trigonometry which most will never need.

While I agree and applaud your premise about teaching basic life skills, I however have needed and used trigonometry and algebra many times in my life since leaving high school. I would also be in favor of teaching basic DC electricity to include ohms law and how to use a multimeter in 8th grade science.

 

[k0ua]

I would never put anything in with the letter other than what they sent, that could get you into trouble I would think..

Not to mention being childish. Just put it in the trash, and if you have a wood stove, think of it as free fuel delivered to your door.