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Old 07-29-2010, 09:11 PM
f_m
 
2,289 posts, read 8,352,493 times
Reputation: 878

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I believe this is the real free one that you can look at once a year to see all your scores. I did it once to see my scores and later I got the scores during mortgage checks. My credit union pulls all three and takes the middle score.

The Federal Trade Commission's Information on Free Annual Credit Reports
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Old 07-30-2010, 12:20 AM
 
Location: 23.7 million to 162 million miles North of Venus
23,034 posts, read 12,191,427 times
Reputation: 10262
Quote:
Originally Posted by Tightwad View Post
IMO the best plan is a grassroots plan rather than depending on someone else to lead the way. Grassroots is just that grassroots. One person talking to another. Now what's so hard about that?
Nothing is "hard about that" if you are preaching it to the right people. If you are talking to people who have so much money that they know they don't have to depend on banks/fico's then you're talking to the right people. If you are speaking to those who don't have unlimited funds and will, at some point, depend on a bank for major purchases then your grassroots plan of not having credit can do more harm than good.

With having no credit a person can expect to get subprime rates when trying for a mortgage. An $80k loan for 30 years at a prime rate of 5% (rounding up) will have the person paying $74,604.63 in interest. An $80k loan for 30 years at a subprime rate of 10% (rounding down) will have that person with no credit paying $172,740.61 in interest.

If a person listens to you and decides to live without building a solid credit history then tries for a mortgage they would be paying extra because of higher interest rates .. that example above showed a difference of $98,135.98.

You think your grassroots plan won't hurt anyone? Think again!

I don't know, maybe you get the warm fuzzies when someone says they are following your advice, even though you know it could end up costing them a buttload of money. Your posts should come with a disclaimer "follow my advice and you could end up losing a ton of money, but hey, at least you're thumbing your nose at fico"
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Old 07-30-2010, 12:43 AM
 
Location: Tampa (by way of Omaha)
14,561 posts, read 22,992,862 times
Reputation: 10356
Quote:
Originally Posted by berdee View Post
Nothing is "hard about that" if you are preaching it to the right people. If you are talking to people who have so much money that they know they don't have to depend on banks/fico's then you're talking to the right people. If you are speaking to those who don't have unlimited funds and will, at some point, depend on a bank for major purchases then your grassroots plan of not having credit can do more harm than good.

With having no credit a person can expect to get subprime rates when trying for a mortgage. An $80k loan for 30 years at a prime rate of 5% (rounding up) will have the person paying $74,604.63 in interest. An $80k loan for 30 years at a subprime rate of 10% (rounding down) will have that person with no credit paying $172,740.61 in interest.

If a person listens to you and decides to live without building a solid credit history then tries for a mortgage they would be paying extra because of higher interest rates .. that example above showed a difference of $98,135.98.

You think your grassroots plan won't hurt anyone? Think again!

I don't know, maybe you get the warm fuzzies when someone says they are following your advice, even though you know it could end up costing them a buttload of money. Your posts should come with a disclaimer "follow my advice and you could end up losing a ton of money, but hey, at least you're thumbing your nose at fico"
Excellent post! FICO may have it's flaws, but trying to boycott it doesn't hurt FICO (they get most their money from the credit/banking industry), but it does hurt the consumer.
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Old 07-30-2010, 11:37 AM
 
8,228 posts, read 14,173,713 times
Reputation: 11226
Quote:
Originally Posted by f_m View Post
I believe this is the real free one that you can look at once a year to see all your scores. I did it once to see my scores and later I got the scores during mortgage checks. My credit union pulls all three and takes the middle score.

The Federal Trade Commission's Information on Free Annual Credit Reports
Appreciate the effort but I think your confusing credit reports vs. the FICO score.
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Old 07-30-2010, 02:53 PM
 
Location: Planet Eaarth
8,954 posts, read 20,626,399 times
Reputation: 7193
Quote:
Originally Posted by berdee View Post
Nothing is "hard about that" if you are preaching it to the right people. If you are talking to people who have so much money that they know they don't have to depend on banks/fico's then you're talking to the right people. If you are speaking to those who don't have unlimited funds and will, at some point, depend on a bank for major purchases then your grassroots plan of not having credit can do more harm than good. Credit is one of the main reasons for our nations massive national debt along with personal debt. It was not that long ago that people saved to buy what they needed/wanted but the invention of the credit card opened the door to massive amounts of unsupported debt. Call me old fashioned but I firmly believe that if I don't have the funds I can't buy it. As far as mortgages go there are several way to buy that are no longer used because of FICO. So your contention is just more bankers fear mongering to keep people in line.

With having no credit a person can expect to get subprime rates when trying for a mortgage. An $80k loan for 30 years at a prime rate of 5% (rounding up) will have the person paying $74,604.63 in interest. An $80k loan for 30 years at a subprime rate of 10% (rounding down) will have that person with no credit paying $172,740.61 in interest. See above

If a person listens to you and decides to live without building a solid credit history then tries for a mortgage they would be paying extra because of higher interest rates .. that example above showed a difference of $98,135.98. Not if they use any of the older ways to buy their home.

You think your grassroots plan won't hurt anyone? Think again! I don't fear monger as some do I just try to start a discussion that causes people to adjust their money paradigm. A hard to impossible task for many they have become so brainwashed into believing that FICO is all there is or ever was.

I don't know, maybe you get the warm fuzzies when someone says they are following your advice, even though you know it could end up costing them a buttload of money. Your posts should come with a disclaimer "follow my advice and you could end up losing a ton of money, but hey, at least you're thumbing your nose at fico"At least I don't parrot the current thinking as so many here do.
...
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Old 07-30-2010, 03:16 PM
 
Location: Pinal County, Az.
402 posts, read 683,476 times
Reputation: 616
Tightwad-absolutely correct. the best FICO score is "0". use local banks and credit unions only if you must take a loan, they are more traditional in qualifying applicants. while you are at it, shred the credit cards.....
there is no such thing as a "good" debt
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Old 07-30-2010, 03:30 PM
 
Location: Tampa (by way of Omaha)
14,561 posts, read 22,992,862 times
Reputation: 10356
Quote:
Originally Posted by atlaw View Post
Tightwad-absolutely correct. the best FICO score is "0". use local banks and credit unions only if you must take a loan, they are more traditional in qualifying applicants. while you are at it, shred the credit cards.....
there is no such thing as a "good" debt
You don't think those local banks and credit unions look at Ficos? Plus, assuming you're approved, it's going to increase your credit score anyway.

Seriously, you people need to step away from the Dave Ramsey and join the rest of us here back in reality.
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Old 07-30-2010, 05:55 PM
 
Location: SoCal desert
8,091 posts, read 15,383,634 times
Reputation: 15036
Quote:
Originally Posted by Bosco55David View Post
You don't think those local banks and credit unions look at Ficos? Plus, assuming you're approved, it's going to increase your credit score anyway.

Seriously, you people need to step away from the Dave Ramsey and join the rest of us here back in reality.

Or - just buy what you need and can afford, not what you want because 'everyone else has it'.

Pay your bills on time. In full. No time payments allowed except for your house.

Then don't even think about your FICO - you won't need to.
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Old 07-30-2010, 06:23 PM
 
Location: 23.7 million to 162 million miles North of Venus
23,034 posts, read 12,191,427 times
Reputation: 10262
Quote:
Originally Posted by Tightwad View Post
Credit is one of the main reasons for our nations massive national debt along with personal debt. It was not that long ago that people saved to buy what they needed/wanted but the invention of the credit card opened the door to massive amounts of unsupported debt. Call me old fashioned but I firmly believe that if I don't have the funds I can't buy it. As far as mortgages go there are several way to buy that are no longer used because of FICO. So your contention is just more bankers fear mongering to keep people in line.

Not if they use any of the older ways to buy their home.
Government spending is the main reason for the national debt, not personal credit card use. Plus, credit "cards" were not around in the 1700's.

Yes credit cards did open the doors for easier spending and, sadly, the education of money management and credit cards wasn't a staple in schooling. But, if you think people in the "old fashioned days" never had debt then you're wrong. Back in the old days, ye olde stores had ledgers that carried the names and amounts that people owed and banks did hand out mortgages and other types of loans.

Quote:
I don't fear monger as some do I just try to start a discussion that causes people to adjust their money paradigm.
"The whole point of FICO is keeping people in debt bondage (slavery)."

"Not a slave? Ya, right!"

"SCREW FICO! LIVE DEBT FREE!!"

Don't fear monger? Trying to start a discussion? ... yeahhhh

I'm guessing since you didn't bother to refute what I had said, except for that lame comment of yours, that following your advice can cause a person to lose a great deal of money then you could care less if people listen to you and lose a lot of money because of it.

I think your grassroots movements would be better served if you went after financial education, money management and using credit wisely .. which should start in schools as early as the first or second grade. It's obvious that many people aren't learning it from their parents so it should be taught in schools. When those youngsters grow up and are thrust into the financial world they will have a better grasp on handling their finances and then maybe, just maybe, fico won't have the hold that they do now.
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Old 07-30-2010, 07:31 PM
f_m
 
2,289 posts, read 8,352,493 times
Reputation: 878
Quote:
Originally Posted by Giesela View Post
Appreciate the effort but I think your confusing credit reports vs. the FICO score.
I understand the difference, since FICO is a particular formula, and the other companies use slightly different formulas to generate their score, in addition to a different range. But I'm not sure why it would matter that much to have the FICO score compared to the other 3 credit scores, unless the score is on the border somewhere. None of the recent transactions I've done needed FICO (home financing and AMEX application), they just gathered the scores from the 3 credit agencies. I wouldn't pay for them unless there was some need to really check the score directly from FICO itself.
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