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I could give a crap what my FICO score is. I'm never going to have a mortgage, car loan or use a credit card other than my bank debit card so WHY should I care?
That's a nice plan, and I wish you well with it. Being a bit of a realist myself, however, I suggest that it's not a bad thing to maintain a positive credit rating, just in case something happens that you didn't forsee. Happens to people every day, and those that are unprepared for it are usually hurt the most.
Last edited by Bill Keegan; 02-06-2009 at 08:03 AM..
Reason: typo
Your car insurance quote is based on your FICO score, your employers check it, there are many things a FICO score is good for. Not having any credit history is not better!
From 2004 onward the only credit history I have is a mortgage payment.
CC is paid in full each month and no late payments on any recurring monthly expense bills.
Everyone told me that I should have some revolving credit that I don't fully pay each month to keep a good FICO but I don't want to be throwing $$ away in interest payments so I didn't do it.
I just refinanced and my fico was high on all three reports.
Am I just an anomoly ? Not having revolving credit for over 4 years didn't seem to hurt me at all.
From 2004 onward the only credit history I have is a mortgage payment.
CC is paid in full each month and no late payments on any recurring monthly expense bills.
Everyone told me that I should have some revolving credit that I don't fully pay each month to keep a good FICO but I don't want to be throwing $$ away in interest payments so I didn't do it.
I just refinanced and my fico was high on all three reports.
Am I just an anomoly ? Not having revolving credit for over 4 years didn't seem to hurt me at all.
But you DO have revolving credit. You use the credit card, if I extrapolate correctly from your statement that the "CC is paid in full each month." They "lend" yuo the money atht ehpoint of purchase, and you agree to pay it back. If you pay it back as soon as you get the bill, there is no interest charge, but it's still credit. And it builds a credit history.
Your car insurance quote is based on your FICO score, your employers check it, there are many things a FICO score is good for. Not having any credit history is not better!
First of all, Suze is a FICO salesman so you have to factor that in to whatever she is telling you on the matter.
Second, employers, insurance companies and, land lords look at your credit report, not just your FICO. Many insurance companies calculate their own insurance scores not based at all on FICO specifically (as well as factoring in your driving record, age, etc.). As long as you don't have negatives on your credit report even a low score isn't necessarily a bad score. It just means someone will have to actually WORK to evaluate your actual credit worthiness rather than be LAZY and rely on a FICO score (with reported innacuracies as high as 85%!!) that may not accurately reflect your level of credit worthiness.
However, given that so many people are addicted to debt/credit it seems ridiculous that a person could not get their own score if they want it. Just as it used to be that the eye doc didn't have to give you your Rx for glasses or contacts...just stupid and laws have been passed to remedy that. I suspect gubment will step in here eventually...they always do.
From 2004 onward the only credit history I have is a mortgage payment.
CC is paid in full each month and no late payments on any recurring monthly expense bills.
Everyone told me that I should have some revolving credit that I don't fully pay each month to keep a good FICO but I don't want to be throwing $$ away in interest payments so I didn't do it.
I just refinanced and my fico was high on all three reports.
Am I just an anomoly ? Not having revolving credit for over 4 years didn't seem to hurt me at all.
I agree with you why should you waste $$$ to get a higher score. We don't have a mortgage, no car loan, just cc and we pay them off in full and we have the highest scores...maybe the bank is not the happiest with us as clients since we don't have late fees, just interest they have to pay us...
What is important to note here is that Experian will no longer allow consumers to access a score that lenders, banks, credit card companies and third-party collectors will continue to access.
In a time when you should know the "real" credit score that lenders use, Experian wants to sell us scores that virtually no creditors use, aka FAKO scores. They know they can make more money selling these FAKO scores that no creditors use because most consumers don't know this.
Lets face it, we can talk all we want about about not using credit and paying cash for everthing, but this doesn't apply to everyone. Very few of us can buy a house without some financing.
Also, in a time when we need transparency with everything, Experian sees it fit to keep a very important piece of information about us top secret. And, its all in an attempt to make $$$. It sounds all to familiar today, doesn't it.
So, how do I to protest this Experian BS?
-I cancelled my credit monitoring service through Experian. I used to monitor my reports to prevent ID theft. I never paid any attention to FAKO scores they gave me. If I needed to apply for credit, which I rarely do, I would pull my FICO scores before applying and I always knew where I stood.
- Freeze my Experian report. If I don't know my Experian score, neither are any creditors.
- I will stop doing busines with "Experian lovers" like American Express, Bank of America, FIA, Macy's
FICO and credit scoring has been such a scam by the credit bureau's and lenders.
This whole era of FICO, Suze Orman (maybe FICO's number one sales lady?), "what's my score?", "what isn't it", what goes into it...ohmygosh...what is it??, it adds to the fear and confusion created by government, big media, and credit pushers, saleman that sell you the score.
Get everyone hooked and dependent on debt...then just amp up the anxiety, the confusion. Get people further into the credit scoring matrix. Add that lingering fear...well, maybe I really do need it?
They're not going to make it easy for you, are they, once you're in debt?
You can't have continuous access. Or they cant make it simple...no. Be very leery if your lifestyle is dependent on your credit score. They'll keep playing games.
Would not be suprised in the future of...
-Much higher montioring costs.
-They'll split the scores up in more pieces. Some lenders will access one score, some another. 6, 8, 10 different scores?
-More complicated monitoring services. A service to monitor the monitoring service.
-Harder to fight inaccuracies.
Then Experian, etc can sell more "solutions" to help "empower you", and you can take control of your finances. At a higher price though.
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