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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!
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.
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.
"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.
Honestly, pay your bills on time, and don't go near your credit limit when charging and the rest works itself out.
"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.
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.
"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.
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