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electric car fan
Jan 13, 2012 6:52PM
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tell fico to shove up yhere azz  live life on cash credit is for fools if you cant buy it you cant afford it
Someone
Jan 13, 2012 6:48PM
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Refinanced recently and found out my credit score was 835....I was utterly shocked! Last time it was checked was 5-6 years ago and it was 790.  The only thing that's changed is TIME, just like the FICO worker said it the article.  No magic formula....not bragging, just trying to help....I've had credit 20 years (currently age 39), never had a late payment, keep dept to income ratio under 35%, pay off credit card balance every month (only have 1 for airmile perks). You need credit to establish a credit history, the key is to use credit, not OVERUSE credit. I've had numerou credit accounts over the past 20 years: 2 mortgages, a 2nd mortage, 2 car loans, a student loan and one credit card at a time. We're not rich, just responsible and try to pay down debt when we can. I understand the process since I was a loan officer for 5 years. Honestly, the score doesn't matter to get the best rates...the bank I worked with for my refi said people get the best rate with FICO of 740 or higher. It's silly for someone to "chase" a higher credit score!
mtman2k
Jan 13, 2012 6:29PM
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So...and I'm NOT bragging, but I have credit score above 800. And I will tell you that yes, I do get better offers than people with 760 scores. It's not necessarily tied to interest rate. When I bought a new truck this last summer, I did finance it. The salesperson bent over backwards to make sure that I wouldnt leave the dealership without buying something. I got a great deal on the truck and a really low interest rate on the loan. Another mention is what you pay in auto insurance. Don't think a really high score means much? Ask your auto agent for a truthful answer!

scullyrn
Jan 13, 2012 6:23PM
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Credit scores are a bunch of BS. As we all saw when things changed a few years back. Your credit got cut , Your interest went up and all for no other reason other than it could.  I don't want credit! If I am going to work or whatever for a living it will be for me not some credit company or bank or whatever
observer51
Jan 13, 2012 6:23PM
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I'm sure ceo's of credit card company's, banksters, and credit report.com love this advise. Higher credit score means you can borrow more,  making the snakes in the line above even more wealthy. The day will come when most people wont care about those fake scores. Then the snakes will have to find another way to rip people off.
Robert Duke
Jan 13, 2012 6:01PM
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I know we all like to hate on credit scores, but they are not as "counterintuitive" as many people say.  As with everyhting in life, in credit, moderation is key.  Maintain a moderate number of credit accounts (at least 2, wouldn't go more than 10 but going higher won't hurt your score much), keep the balances active (this DOES NOT mean carry a balance - pay off every month) and under 30% of your total available credit.  Pay your bills on time.  Do these three things and your credit score will be fine.

 

As for those mentioned in the article that want to reach some meaningless score, they must really want a pat on the back.  It really means nothing above 780, you've already qualified for the best of any offering.

Renovimus
Jan 13, 2012 5:52PM
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I could care less about a credit score.  The United States has bad credit!  If an organization wants you to purchase and or use their product, services etc - they will do everything to make that product or service available and many of them don't care about your credit score either. 

 

This country has some nerve, behind in its own debt, extended to the hilt with downgraded credit!  I'm not going to let this group of Bozo's make me crazy over a credit score by the likes of Experian, Equifax and Transunion - we should investigate this group of crooks next or have those occupy people stand in front of their buildings and annoy them. 

 

Seriously.

 

 

Bigdaddy52501
Jan 13, 2012 5:30PM
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Not misleading anyone. We do not borrow money. We have no debt. My husband and I are both employed. Our home and everything is paid for. We could not even tell you the scores that are in our name nor could we care less. Again I will say, to each their own. As for us, it's bull.
Rob T27
Jan 13, 2012 5:03PM
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"FICO scores only matter if you are after loans." -mary powell

 

That statement simply isn't true. Credit scores matter in other areas of life such as getting a job or renting an apartment. A high credit score can even help you obtain lower insurance rates for your car and home.

 

You might hate credit, but you shouldn't mislead people into thinking credit only matters for loans.

OldGold
Jan 13, 2012 5:03PM
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Seems to me that this credit agency needs to be investigated as 1) a monopoly, 2) utilizing unscientific methodology.  Since it seems counterintuitive, it probably is.  Since it is used solely to set prices, it probably is NOT in the public's interest to have this concentration of power.
RockCandy96
Jan 13, 2012 5:01PM
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Honestly, pay your bills on time, and don't go near your credit limit when charging and the rest works itself out.

Bigdaddy52501
Jan 13, 2012 4:52PM
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Spend less than you make. Stay out of debt. Debt is slavery. Live debt free. We do. But, ultimately it's your choice. FICO scores only matter if you are after loans.
T-RUMP
Jan 13, 2012 4:50PM
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This article did not even mention the new credit scores being used, 2 days ago I received a notice from best buy rewards card (HSBC) that my 500.00 limit had been reduced to 305.00 due to a review of my credit score my fico is from 720 to 735 (depending on which Co.) but they used some other score from 1500 to 1(1500 bad, and 1 being best) some how I was ranked in the 1300 range how does that add up? Really how much damage could I do with a 500.00 limit, I had a balance in Dec. of around 350.00 and paid it in full !!! before the end of the month !!! Never late, never over had account for 3 years.
Also Jobs and Insurance (home and Auto) are based on credit scores
Rob T27
Jan 13, 2012 4:49PM
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"You don't need credit for a job/career/business.​ You need talent and skills" - Credit is a waste

 

Most companies run credit checks nowadays when hiring employees. If you're starting a business and need startup funds, you're going to need credit. If you have an existing business and need working capital, you're going to need credit.

 

Bottom line: You need talent, skills AND credit for a job/career/business in today's society.

 

 

Credit is a waste
Jan 13, 2012 4:35PM
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Not only is it pointless, it is stupid.

Pay with cash and use a debit card when needed. Avoid that which you cannot afford. learn to save your money. have a plan. Have a budget. On and on. Or be a slave to interest rates like the bank scumbags want.

I actively work to have a credit score of.....you got it 0 across the board. Oh and I make good money by the way.  You don't need credit for a job/career/business.​ You need talent and skills.

Las Vegas Smiles
Jan 13, 2012 4:34PM
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What kind of an existence do these people have that they define themselves by a credit rating system that is corrupt and only benefits banks and insurance companies.  Quite pathetic indeed!!!
Methuss
Sep 21, 2011 10:58AM
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"Do you have a 401(k) account you can tap,"

 

Um, yeah right.... first you'd get nailed for taxes and penalties on the withdrawl.  Secondly, retirement accounts are off-limits to all creditors by law and confirmed by a US Supreme Court ruling years ago.  Even in bankruptcy your retirement accounts are protected.  You are STUPID to tap protected funds to pay debt. 

 

And it skirts the edges of FDCPA law to even suggest it to a consumer.  It is a misrepresentation of the legal status of the debt as a priortiy claim to suggest that retirement funds are not off limits to seizure and it could be an unauthrized practice of law to discuss or fail to discuss the tax ramifications of pulling money out of a retirement account early.

workingfulltime
Aug 5, 2011 6:11PM
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Just maybe people are using there credit cards because they ran out of unemployment ?
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