Credit scores

Discussion in 'Hangar Talk' started by saddletramp, Apr 20, 2017.

  1. denverpilot

    denverpilot Taxi to Parking

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    Never seen a millionaire with any trouble getting the power turned on. LOL. Are you serious? Hahahahaha. That's got to be the funniest thing I've read here all day!
     
  2. JCranford

    JCranford Cleared for Takeoff

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    Yeah, I'll take my chances
     
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  3. James331

    James331 Touchdown! Greaser!

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    There are also companies who rip people off and don't get paid for that reason, that'll hurt the credit of the consumer, but there's no repercussions really for the shady merchant, companies like Time Warner changing rates or throttling speeds comes to mind.

    If I don't pay a bill, there is a damn good reason
     
  4. wayne

    wayne Pre-takeoff checklist

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    Mine used to be up in the 800's. Recently high 700's, one of the reasons was lack of installment payments. Yeah, whatever. The only monthly payment we have right now is the house, so it's right, but that's weird. Plenty of assets and income, but my credit score is now under 800. :confused:
     
  5. midlifeflyer

    midlifeflyer Final Approach

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    Sure. But that guy doesn't care about his credit score.

    Of course, that's just the guy to use credit for that fancy car. Why lose the opportunity to net 6-7-8-9% on his money by getting a 2.9% car loan? That's why he has $100 bills in his wallet.
     
    Last edited: Apr 20, 2017
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  6. Warlock

    Warlock Line Up and Wait

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    Same deal Ford always seems to give a heathy rebate every time I want a new truck...$1500.00 this last time in January and paid it all off in march with $17-18.00 bucks in interest to save $1500.00 additional is a no brainer...In Texas Auto rates are heavily waited by proprietary credit and underwriting non driving factors as much as 40%...and the only reason I occasionally keep a small loan balance going...5K at 1.9% over 36 on a 50k Mercedes the wife drives...dealer thought I was nuts. Otherwise cash only debt free life...with CC payoff every month.
     
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  7. Norman

    Norman En-Route

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    I think those folks are planning on dying and leaving the bank holding the bag. I really don't give a rat's azz what my score is. I refuse to support the banks for the simple reason they are taking advantage of people and profiting from it. "Git 'em in debt and collect interest". "Give 'em a great credit score so they can borrow more and we collect more interest from them".

    See a pattern here?
     
    Last edited: Apr 20, 2017
  8. PaulS

    PaulS Final Approach

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    Yeah, I was going to pay mine off, but then sat down and thought about it, the 0% was a no brainer, just make the payments and use their money for 3 years. The 0.9%, which I have on my Jeep I kept too. I figure the money invested is earning at least 8X that so why not use their money?
     
  9. sourdough44

    sourdough44 Line Up and Wait

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    I've been rearranging some financial stuff lately, including shutting down a few CC's. I also took atvantage of an 18 month no interest offer. I don't have a home or auto loan & my credit score went down a fair amount. I also couldn't care less.

    OBTW my credit is also 'frozen'.
     
  10. James331

    James331 Touchdown! Greaser!

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    But on a new truck even with the rebate, the second someone drives off the lot, or rather sign the paper in the F&I guys office, there're upside down more than the rebate. And the deprecation year to year probably trumps that low interest rate.


    After selling cars for a few years, as someone else said, only thing I buy "new" is my food.
     
  11. wsuffa

    wsuffa Touchdown! Greaser!

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    Yep. Zero claims for going on 30 years. Nothing in Clue. They outright told me on the phone (company, not agent) that it was due to credit score not being "good enough" at 820. Wouldn't tell me what the factors were.
     
  12. denverpilot

    denverpilot Taxi to Parking

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    Let me guess: Liberty Mutual?

    Those folks can find a large log with lots of splinters in it, and go play a nice long round of Sit and Spin on it, whenever they like, for all I care.
     
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  13. RJM62

    RJM62 Touchdown! Greaser! PoA Supporter

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    Liberty Mutual is one of the companies that keeps sending me "money-saving" offers because I'm a member of one or another organization that has some sort of deal with them. I forget which one offhand. It may be my credit union. Or it may be Kia Finance. I think Hyundai / Kia have some sort of deal with Liberty Mutual, and the kickback would help offset the 0.0% financing they give me.

    I used to let Liberty Mutual run the quotes. They've never come in at less than twice what I pay USAA. But it doesn't stop them from reliably spamming me every chance they get.

    As for credit scores, I monitor my credit pretty closely due to all the breaches I've been caught up in. But I don't care about the scores so much as the activity. Still, I find them befuddling, to say the least. When my scores were highest (in the 800+ range) was also when I was in the worst financial condition of my life. Now that I'm in a much better place, they've gone down to the 700s. Go figger.

    I think it's mainly because a few years ago, I closed all the very old (and very ****ty) accounts that I had in my youth, simultaneously reducing the average age of my accounts and increasing the percentage that were opened recently. Apparently in whatever algorithm they use, age and recency outweigh the fact that the new accounts are much better deals than the old ones that I closed.

    Rich
     
  14. ifly4fun

    ifly4fun Line Up and Wait PoA Supporter

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    That would make sense - closing the cards (and their available credit) and then utilizing credit (assumed from your 18m offer) you just increased your credit utilization by both taking on credit and lowering your available credit. anything over 15% is a hurdle and 30% really drops you.
     
  15. Zeldman

    Zeldman En-Route

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    Funny..... I just found out I have a out standing bill from 4 years ago that the hospital never sent to me. Turns out one special person in billing did not understand how to send out bills and sent many bills straight to a collection agency.
     
  16. paflyer

    paflyer En-Route

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    No, they use it as an indicator as to whether or not you are going to make a claim. Then again, maybe that is your side of the deal. You pay them, and you don't make a claim. Works out great for them.
     
  17. coloradobluesky

    coloradobluesky En-Route

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    The Stasi in East Germany had a file on just about every citizen. When anyone broke the rules, domestic disputes, drug use, alchohol abuse etc. The Stasi brought you in and made a deal with you. Tell us all the dirt on your relatives, neighbors and friends and we wont put you in jail. So they had warehouses full of files with dirt on everyone. A real police state. Now we have computers to store it in. Credit report just scratches the surface of what is out there....
     
  18. 3393RP

    3393RP Cleared for Takeoff

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    Same thing happened to me when we paid off the mortgage two years ago. The comments section of my Experian report had two entries. One said my score was negatively affected because my accounts were too new. Next line in the comment said something like "the average age of your accounts is 12.8 years".

    The other comment said the score was lowered because I wasn't using my available credit. This comment was added when the mortgage was paid off.

    What nonsense.

    I checked the report today because of this thread, looks like it reverted to its previous medium 800s.
     
  19. Jeff Oslick

    Jeff Oslick En-Route PoA Supporter

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    The worst part of the credit score scam is that mortgage lenders will use proprietary scores that you can't see, and that can be much lower than your nominal FICO score, so they can basically make up any number they want to justify a higher interest rate.
     
  20. paflyer

    paflyer En-Route

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    Except here and now people put all their dirt on FecesBook & etc for all to see.
     
  21. paflyer

    paflyer En-Route

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    Car dealers are the same. Last time we bought a new car (prev year leftover) the "finance guy" presented a credit score on both me and the wife that was easily 50 pts below whet we know our exemplary rating to be. The interest rate was about 2 pts higher than what we went in there expecting. We took it just to get the hell out of there and paid it off the next month.

    The credit agencies are unethical because their scoring methods are secret. Why hasn't his been legislated against?
     
  22. azblackbird

    azblackbird Ejection Handle Pulled

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    When I was young and dumb I paid cash for everything. I had no credit cards or any loans. When I went to buy my first house I got turned down for having no credit. I thought okay, I guess I'd better learn how to play the game. I took all my money and went to several different banks in town and bought CD's and then borrowed against those CD's as collateral on the installment loans. I opened up Sears and JC Penny accounts and bought a few items and made my payments. Shortly thereafter I started receiving solicitations from all the major credit card companies. I opened numerous CC accounts, purchased a few goods and paid off the cards monthly. In other words... I basically had to buy my credit. After a couple years time I was in the high 600's and was able to buy a home.

    35 years later, I still have many of my original CC accounts and now have close to a perfect score. It's all a big game. The only thing keeping me from a perfect score is that I don't have any installment loans. I continue to charge small items monthly on my CCs just to keep them active. And yes... if you don't regularly use your credit cards the issuers can cancel them. You don't have to be a debt junkie to play the game. You just have to be smart about it. Right now I'm using debt to my advantage by using all the CC companies money that are offering 0% for 18 months. I've been playing that shuffle game for years now and just invest the money back into the stock market. When the term is about ready to expire, I pay it off, and then take another offer for another 18 months. Obviously the CC companies count on you to roll the borrowed money over to the high interest rates they normally charge, and many people fall into that trap. You just have to be smart about it.

    Another game the banks like to play is charging account fees on your savings or checking. Again... learn how to play the game and you'll never pay another fee in your life. Banks like money velocity. If their money is not constantly moving they don't make any profits. There are ways to set your accounts up so that your money is constantly moving, and therefore their money is constantly moving. It's all automated and easy to set up. You just have to ask. ;)
     
  23. paflyer

    paflyer En-Route

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    I hope you realize most of those "deals" come with a 2% fee. And that's on purchases, I don't think you can get cash.
     
  24. azblackbird

    azblackbird Ejection Handle Pulled

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    I get direct cash deposits. Cost to borrow is normally 2-4% upfront. No biggie... I can usually make that back on a good day in the market. After that it's free money. It's all a big game. One of my mantras is to never borrow more than I can instantly cut a check for should something go sideways. ;)
     
  25. paflyer

    paflyer En-Route

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    Agree completely.
     
  26. wsuffa

    wsuffa Touchdown! Greaser!

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    Nope. Actually one of the top-rated companies there is. This was when I lived in Texas - and pretty much all the companies were using credit scores once the state let them do it.

    Google collects everything. They don't even need you to tell them. It's worse if you have Google Fiber or Fi. Read their privacy policies sometime - it makes the NSA look good.