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Old 05-26-2014, 05:20 PM
 
Location: 23.7 million to 162 million miles North of Venus
5,523 posts, read 5,129,383 times
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Quote:
Originally Posted by sayulita View Post
How can they pull it if my records are frozen? Even I can't do that without paying a fee to all 3 credit bureaus. And I've been with the same insurance company for 30+ years. They could have checked it when I first applied but I don't think they were doing it back then.
Insurance companies typically use credit reports from 'specialty reporting companies', such as iiX, C.L.U.E., etc., and not from the big 3 CRA's - or the big 4 if you include Innovis in with EX, EQ and TU.
There are many different CRA's/SRC's other than the big 3 and for many different types of business. Types of businesses such as for ... check screening and check history, payday lending reports, auto and property insurance history, alternative/supplementary credit reports, utilities, gaming, rental history, medical, employment/background, etc.

Placing a freeze on EX, EQ and TU does not automatically freeze your info with any other CRA/SRC.

Quote:
Originally Posted by Escort Rider View Post
I am absolutely sure what I did, although I may be mistaken about the consequences of what I did. Perhaps I do still have a credit history, and I certainly continue to pay all bills on time.

What led me to suspect that I no longer had a credit history was the following. At KMart a few years ago they were offering a big discount on a purchase if I would apply for the Sears/KMart credit card. So I agreed to do so even knowing that I could not get the card (and after explaining to the clerk that I would not qualify for the card). An explanation arrived in the mail about a week later to the effect that the card could not be issued due to "insufficient credit history". The notice did not say anything about credit bureau accounts being frozen.

Perhaps I came to an erroneous conclusion based on that. Since my mortgage was paid off some years ago, the only monthly payments I now make (aside from utilities including phone services) are the complete paying off of the balance on my single credit card and the payment of my HOA fees. In other words, I have no debts on which I am paying (because I have no debts at all - the credit card balance is not a debt until such point as it is not paid in full upon presentation). Maybe it was the lack of debt, not the freezes, which produced the "insufficient credit history"?

You seem knowledgeable about these things. [b]What is your feedback on my situation?[b/]
"Insufficient credit history" is probably a one size fits all automated response if a person either doesn't have enough credit or if their credit file is frozen.
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Old 05-26-2014, 05:20 PM
 
Location: Wisconsin
21,541 posts, read 44,028,155 times
Reputation: 15150
Quote:
Originally Posted by Themanwithnoname View Post
Use debit cards for what everyone claims you "need" a credit card for, pay cash for my cars, and decided I will pay cash for properties in the future (could have the first time, but I gave in to the lies....)

I simply don't want to bother, and enjoy my freedom of not worrying about debt/payments/whatever.
It's quite liberating.
Indeed, not having to make payments is liberating. I've read enough about cash stolen from bank accounts b/c of debit card use, I just will not use a debit card for any purchase. With online autopays now, it's pretty much no work. All active accts are set for full payment on the due date, although I do check activity at least once a week on the active cards. Besides, spending on the cashback cards pays me about $400/year, probably more - which almost pays for my auto insurance.

I'm a great believer in cards doing double/triple duty. Starting back in the day when I could write off auto expenses and bought five cars with the help of the 5% GM cashback - 1985, 1993, 1995, 1998, 2001 - total about $12k, plus GM allows family use of the cashback, too, so son bought a car, as well. Total 6 cars, $14k. Simple is good if it works for you. I've never had enough money that I could ignore free money.

But, first and foremost, the risk of a debit card and the inconvenience of a drained bank account is top on my list of why I don't use them. Banks don't restore the stolen money all that fast. Mathjak used his debit card at an ATM at his bank - and someone accessed the account. Debit cards scare me. Credit card companies generally are pretty good about no liability for fraudulent purchases - and you still have your cash while they investigate.
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Old 05-26-2014, 07:24 PM
 
5,621 posts, read 8,555,192 times
Reputation: 7710
Quote:
Originally Posted by Ariadne22 View Post
Indeed, not having to make payments is liberating. I've read enough about cash stolen from bank accounts b/c of debit card use, I just will not use a debit card for any purchase. With online autopays now, it's pretty much no work. All active accts are set for full payment on the due date, although I do check activity at least once a week on the active cards. Besides, spending on the cashback cards pays me about $400/year, probably more - which almost pays for my auto insurance.

I'm a great believer in cards doing double/triple duty. Starting back in the day when I could write off auto expenses and bought five cars with the help of the 5% GM cashback - 1985, 1993, 1995, 1998, 2001 - total about $12k, plus GM allows family use of the cashback, too, so son bought a car, as well. Total 6 cars, $14k. Simple is good if it works for you. I've never had enough money that I could ignore free money.

But, first and foremost, the risk of a debit card and the inconvenience of a drained bank account is top on my list of why I don't use them. Banks don't restore the stolen money all that fast. Mathjak used his debit card at an ATM at his bank - and someone accessed the account. Debit cards scare me. Credit card companies generally are pretty good about no liability for fraudulent purchases - and you still have your cash while they investigate.
if you use a debit card as a credit card (don't do pin) it has the SAME protection (if it's a visa or MasterCard logo debit card) as one of their credit cards.

I've had mine stolen several times, I just switch to a different. Necking account/debit card and my money's been returned within 24 hours. (YOU get the money back while they investigate) and my max liability is $50. And it's never cost me that!

I don't buy new cars.... That right there has saved me more than your credit cards ever have you.
(aside from the fact that credit cards... Cards of any kind don't SAVE you money. Your more likely to SPEND more money with cards than cash. I spend mostly cash, just use the cards for gas (some times) and ordering things.
Saves me plenty.


http://www.forbes.com/sites/moneybui...u-should-know/

Quote:
. Using a credit card makes it easier to spend money. Scientific studies have shown that people are more likely to complete a purchase if they intend to pay with a credit card than if they intend to pay with cash. Cash just seems more scarce, so people are more likely to try to conserve it. Credit cards don’t produce the same kind of psychological barrier.
So much for "earning money" with credit cards....
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Old 05-26-2014, 08:07 PM
 
Location: too far from the sea
19,843 posts, read 18,867,840 times
Reputation: 33750
. Using a credit card makes it easier to spend money. Scientific studies have shown that people are more likely to complete a purchase if they intend to pay with a credit card than if they intend to pay with cash. Cash just seems more scarce, so people are more likely to try to conserve it. Credit cards don’t produce the same kind of psychological barrier.

I don't care what their scientific studies show. Everyone is different. With me, if I have cash I'll be more likely to spend. If I have a credit card, I won't be very likely to spend. A cc expenditure is serious business to me--even if it's only a small amount--because it accrues interest. I'd be worried that I'd forget to pay it on time.

I use a special cc for gas and groceries because I get points and that gives me money back up to several hundred $$ a year. I would also use a cc to reserve a motel or to rent a car because it seems to be a requirement. I do use my debit card occasionally online but it's never been stolen. I guess I should worry about that but you have to use something on the internet. I just find the idea that people find it easier to spend money with a cc to be erroneous. Give me cash and I'll spend it a cc stays in my wallet.
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Old 05-26-2014, 08:29 PM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by in_newengland View Post
"Using a credit card makes it easier to spend money. Scientific studies have shown that people are more likely to complete a purchase if they intend to pay with a credit card than if they intend to pay with cash. Cash just seems more scarce, so people are more likely to try to conserve it. Credit cards don’t produce the same kind of psychological barrier."


I don't care what their scientific studies show. Everyone is different. With me, if I have cash I'll be more likely to spend. If I have a credit card, I won't be very likely to spend. A cc expenditure is serious business to me--even if it's only a small amount--because it accrues interest. I'd be worried that I'd forget to pay it on time.

I use a special cc for gas and groceries because I get points and that gives me money back up to several hundred $$ a year. I would also use a cc to reserve a motel or to rent a car because it seems to be a requirement. I do use my debit card occasionally online but it's never been stolen. I guess I should worry about that but you have to use something on the internet. I just find the idea that people find it easier to spend money with a cc to be erroneous. Give me cash and I'll spend it a cc stays in my wallet.
We pretty much use a credit card for all spending. Lots of points and we always end with a zero balance and usually pay the balance off weekly. Inlaws used credit card to pay for their daughters college and then just paid it off. Cash for college and mucho points to travel with.

Last edited by in_newengland; 05-26-2014 at 11:46 PM..
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Old 05-26-2014, 08:30 PM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
After 6 1/2 years of being retired I have decided there is no difference between finances while working and while retired. You just continue on. May not be that way for others but it is for us and I suspect many more.
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Old 05-26-2014, 09:39 PM
 
Location: Wisconsin
21,541 posts, read 44,028,155 times
Reputation: 15150
Quote:
Originally Posted by Themanwithnoname View Post
I don't buy new cars.... That right there has saved me more than your credit cards ever have you. (aside from the fact that credit cards... Cards of any kind don't SAVE you money. Your more likely to SPEND more money with cards than cash. I spend mostly cash, just use the cards for gas (some times) and ordering things.

So much for "earning money" with credit cards....
On new cars, not really. Actually "bought" was a missstatement. Five were leased, two were leased and then bought. When I needed a car for business, it was far more cost-effective to lease, using the GM rebate as the upfront cash. Had to have dependable and worry free. No, it absolutely did not cost me more. Payments were much lower than if I had bought, I had a brand new trouble-free car. I did, in the end, buy a couple of the leased vehicles. Kept one eight years. One I still have, because I rarely drive anymore. 12 years old w/70k miles. Don't plan to replace it, either.

On credit cards - you couldn't be more wrong. See below. I am exactly like "in_newengland."
Quote:
Originally Posted by in_newengland View Post
I don't care what their scientific studies show. Everyone is different. With me, if I have cash I'll be more likely to spend. If I have a credit card, I won't be very likely to spend. A cc expenditure is serious business to me--even if it's only a small amount--.....

I use a special cc for gas and groceries because I get points and that gives me money back up to several hundred $$ a year. I would also use a cc to reserve a motel or to rent a car because it seems to be a requirement. I just find the idea that people find it easier to spend money with a cc to be erroneous. Give me cash and I'll spend it a cc stays in my wallet.
This is me, exactly. I have an Excel budget which I check frequently. Any budget item that can be put on a card - to earn points - is - and that includes all my home/auto/medigap insurance, groceries, phone/cable, newspaper. Impulse spending on a card never happens - it has to fit somewhere in the budget - either as a line item (ex. home repair), or in the miscellaneous category. Credit cards I check weekly to be sure I'm not exceeding my budget. I'm a pitbull on staying on, preferably under, budget each month.

2% cashback on all money spent and running totals online are a win-win for me. Can't see why I'd want to pay cash for everyday expenses when I can get a 2% discount for those very same expenses using a card. I'm very conscious of my credit card charges. Far more so than I would be with cash.

Last edited by Ariadne22; 05-26-2014 at 11:03 PM..
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Old 05-26-2014, 10:49 PM
 
14,261 posts, read 24,000,210 times
Reputation: 20076
Quote:
Originally Posted by TuborgP View Post
My credit score is and will always be a high priority. We are buying a new car and financing with our credit union at 1.99 percent. The money from the car we are selling is being invested as I feel the odds of beating the 1.99 percent. Don't insurance companies use credit scores and I am not sure we are done buying houses and they check credit scores when they turn your utilities on don't they?

1) Insurance companies are far more interested in your past claims experience than your credit rating. They have their own rating based on past claims.

2) If you do NOT have credit, utilities will accept a letter from your past utility in lieu of a deposit. Other utilities will waive a deposit if you agree an automatic debit from your checking account.

==============================================

Credit scores are used in hiring decisions. I would run credit scores on all finance and accounting personnel as well as anyone with significant purchasing authority. That was clearly disclosed if the hiring documents.
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Old 05-26-2014, 11:12 PM
 
Location: Wisconsin
21,541 posts, read 44,028,155 times
Reputation: 15150
Quote:
Originally Posted by TuborgP View Post
Inlaws used credit card to pay for their daughters college and then just paid it off. Cash for college and mucho points to travel with.
- So, there's even a silver lining when shelling out all that cash.
Quote:
Originally Posted by TuborgP View Post
After 6 1/2 years of being retired I have decided there is no difference between finances while working and while retired. You just continue on. May not be that way for others but it is for us and I suspect many more.
Yes, finances continue on in the same fashion, it seems. Clothing/auto expenses less. Other than that, not much has changed.
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Old 05-27-2014, 12:06 AM
 
5,621 posts, read 8,555,192 times
Reputation: 7710
Quote:
Originally Posted by Ariadne22 View Post
On new cars, not really. Actually "bought" was a missstatement. Five were leased, two were leased and then bought. When I needed a car for business, it was far more cost-effective to lease, using the GM rebate as the upfront cash. Had to have dependable and worry free. No, it absolutely did not cost me more. Payments were much lower than if I had bought, I had a brand new trouble-free car. I did, in the end, buy a couple of the leased vehicles. Kept one eight years. One I still have, because I rarely drive anymore. 12 years old w/70k miles. Don't plan to replace it, either.

On credit cards - you couldn't be more wrong. See below. I am exactly like "in_newengland."

This is me, exactly. I have an Excel budget which I check frequently. Any budget item that can be put on a card - to earn points - is - and that includes all my home/auto/medigap insurance, groceries, phone/cable, newspaper. Impulse spending on a card never happens - it has to fit somewhere in the budget - either as a line item (ex. home repair), or in the miscellaneous category. Credit cards I check weekly to be sure I'm not exceeding my budget. I'm a pitbull on staying on, preferably under, budget each month.

2% cashback on all money spent and running totals online are a win-win for me. Can't see why I'd want to pay cash for everyday expenses when I can get a 2% discount for those very same expenses using a card. I'm very conscious of my credit card charges. Far more so than I would be with cash.
LOL, RIIIIGHT. You 2 are "Special" I'll bet you can drive safely while drunk too right?

Oh.... You LEASE! And THAT'S a smart financial decision.
Do me a favor: I don't listen to Dave Ramsey, but give him a call and "school" him on how a lease is better.
And tell me when so I can listen in!

Y'all enjoy.
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