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Credit Scores are a way for Corporate America to continually Gouge everyone not filthy Rich. They don't have to worry about Credit Scores. Big Banks are paying ZERO on savings yet still have Loan Shark RATES. Big Banks are paying ZERO on savings yet have the highest Fee Rates ever. Meanwhile Too Big to Fail, Too Big to Jail Banks are paying out massive Payouts to all the CEO types while making sure all our Jobs are outsourced to slave Labor Overseas. And we just sit there and take it.
"A financing plan like this is usually considered a "last-resort" loan by creditors assessing your creditworthiness."
Which makes absolutely no sense, just as the credit agency's business model for determining credit scores. 0% financing for 12 months means the consumer has use of their own money for 12 months, which is a smart move and should not be punished.
A girlfriend of mine many, many years ago worked at the Arizona Biltmore. This was when the Biltmore was a big deal. She worked in the billing department.
Leonna Helmsley was staying there for an extended period while having her house built in Paradise Valley. Linda made the mistake of asking Ms Helmsley for a credit card to back up the extensive charges she was making while at the resort.
Leonna went crazy. They didn't call her the Queen of Mean because she volunteered at church. She said something that neither one of us understood at the time. "credit is for poor people!".
I understand now.
OK, I'm retired, got money in the bank, own 2 properties worth about $250k each (paid for), bought a 2011 pickup truck ($37k) which I paid off within 24 months. Credit score at that time was 833. I was considering another purchase about a month ago and my credit score was 841. I asked for a minimal credit line increase on my BARCLAY CARD, and was rejected because of "high amount of credit available from other accounts"!!
ARE YOU KIDDING ME??? I don't owe anyone or anybody, anything!
I get turned down because I have "TOO MUCH CREDIT"!!
And they stated my credit score was now only 774!
You are right, the credit rating/scoring system is a 'BIG JOKE"......
Credit companies like Equifax are a total rip off. You have many credit ratings. They dump your score by running your credit then you get charged a high interest rate when buying a home or auto. Credit ratings even project how much auto insurance should cost you. I would love to know the tie there. Some insurance company just tagged themselves to a whole bunch of money.
If you have a bad medical bill, even one you knew nothing about, it dumps your credit possibly even up to 100 points but the good credit never helps that much. There needs to be some sort of regulation on credit.
How any buffoon would think that is why this country hasn't addressed many of it's growing problems. Too Big To Fail, Too Big to Jail folks get a Free Pass but some folks prefer to harp on the Working Poor and Fading Middle-Class as if everything is their Fault. Many times it is NOT.
When our Jobs are being outsourced to Slave Labor overseas, that's a huge problem. When Real Wages have either declined or stagnated yet Rental Rates and Car Prices have Soared to new highs, that's a huge problem. Food prices are NOT going Down but Fees for anything and everything else are going up. So what are hard working American getting in Return for their hard work, Loan Shark Rates that makes it literally impossible for most to get ahead in life regardless of how MUCH Fat they cut out of their lives. So many are living paycheck to paycheck in spite of working Harder and being far more Productive than anytime in our History.
What are the top 1% and the Barking Dogs getting, everything they don't need and all the Breaks they don't need. What Too Big to Fail, Too Big to Jail has created is the Greatest Wealth Divide since the Great Depression. The Main Stream Media Types are literally making Millions each year so they will never report on the issues of most Americans since most Media Types are part of the top 1%. Jesus warned us about the Money Changers for a Reason, clearly we thought we knew better, we don't. Now we continue to pay the price.
I got burned on this. I had a new shower installed and their offer of 12 months at 0% made more financial sense that dipping into savings. I paid it off in time and loved my new shower. However, 6-8 months after the Wells Fargo "credit card" (with credit limit, minimum payments and a website and billing statements that looked like I was dealing with a credit card) was paid off, I got a notice that having a balance with a finance company was impacing my credit score after I applied for a car loan.
"This must be a mistake. I've never taken out a pawn or payday loan in my life," I thought to myself. It took awhile sifting through credit forums to figure this out.
My credit risk did not change and I was not desparate to finance this; I thought I was making a wise decision by preserving my liquid capital. I had no idea what I was paying off was not a "true" credit card until well after the fact. Needless to say, I closed that account that day I got that notice.
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