Credit score

[Sangersteve]

With all the commercials about knowing your credit score, you would think everyone is in constant need of having that info instantly available.

Well since we paid off everything several years back,it never crossed our minds until we had to replace Donna's car, we had discussed paying cash and being done with it, but decided to explore financing.

I quipped to the credit manager that we might not have a credit score because of being debt free for so long.

We were approved for the loan and now I know our credit score.

Do you know yours, does it really matter?

[crackertoes]

Yes, and yes, it matters. We are looking at investment properties and some I would rather finance vs. cash outlay. Credit score matters when you're looking for the widest possible profit margin and you're paying interest.

And, here's another reason it matters.... large corporations can and will pull your credit score and use it as part of an overall evaluation on which employees to keep and which to let go if layoffs are looming. Those with better scores stand a better chance of surviving as they appear to have their act together (hence making a better employee) vs. the one with a lousy score.

And, yet another reason, when insurance (home, car) renewals come up, they pull your credit score and re-rate accordingly.

So yes, it matters 24/7.

[Grassman]

Yes it matters big time. The less debt you have, the better the score. And of course your pay history plays in too.

[Grassman]

In my twenties I was struggling with debt, too many credit cards and a lot of toys I was paying for, now in my 40's I've seen the error in my ways and have almost no real debt, other than mortgage. My credit score now is very high.

[jellowrestling]

Just bought a new car on Saturday, so they told me then. It hasn't changed since we bought the one last year.

BTW, I went into Freeman Toyota to get my oil changed. A lady came over and asked me if I knew about their exchange program. I told her I would listen. About 30 seconds in, I said, "I should probably mention that I'm a Car Pro guy." Two minutes later, I was talking to B.J., the manager, and five minutes later, we had a deal on a new Camry, including trade-in.

I came back the next day with my wife and we picked out the color and finished the transaction. That whole process, which included doing the financing (1.69 for 60 months), test driving the one we picked out, waiting for them to wash and clean it, and going over the car features, getting keys, etc... was less than two hours.

[LibraryLady]

I asked for a report once from those agencies and the paper made NO sense to me.
Somewhere on that document I expected to see a number between 100 and 1,000............I could not find such a number.
However, when we purchased a car last Oct., the salesman told me that my husband's number was high enough they didn't run a report on me.....and with a number like that, we were getting a car.

[tx3653]

I froze my credit on all 3 agencies about 8 years ago. I can't find out my credit score unless I unfreeze first. Since I haven't used credit since 2002 I not unfreezing it unless a special need arises.

[ann jusko]

We keep a close eye on our credit rating. My husband is kind of a bear about it. You really need to know if someone has stolen your identity and applied for credit in your name. I drive him a little crazy with Belk, Beall and Kohl's cards. I always pay them off every month and make sure they're paid in a timely manner. I just like getting 20% off a lot of things because I put it on their card. Whenever we buy a car, they don't check mine after checking his. Kind of makes me a little crazy and feeling left out. "Hey, check mine, too!"

[Twiggler]

Of all the skepticism from most here, I would think you could see through Credit
Credit is not needed, never has been never will be!!
Credit is the biggest scam in America.....my opinion

Does credit make it easier to purchase some things.....yes

Do you have to have a credit score it to purchase a house......NO

Their are loan people who do this all the time, takes longer but it can be done.

Cars & houses may be the only thing where credit can help you. Anything else pay cash.

[crackertoes]

Cars & houses may be the only thing where credit can help you. Anything else pay cash.

Aren't those probably the most important things one can purchase?

[knotlazy]

a few years ago...hubby wanted to buy a car and since I have not "worked" in many years I thought I needed to beef up my credit score and history. So..."I" bought him the car...the loan was in my name. Yes, they used hubby's history too but we both seem to have a very high credit score. We financed that car in my name to establish history. I feel that I need to have my own history...when my parents divorced, my mother had NO history in her own name. I have bank accounts and credit cards in MY OWN NAME....so if something were to happen to hubby...I will have history. 2 weeks after my parents divorce was granted...my Mom had $25 to her name. Everything else was in my Dad's name.

Little Longhorn just bought her first car....she drove the truck we bought her at 16 for 10 years and never had a car payment. We worked on her credit history while she finished college by getting lease agreements on apartments and utilities and rentals of appliances in HER name...even though I actually paid for them. When she bought her car...she called her daddy and thanked him for the excellent credit score she has...because she knew it was from what we set in place for her.

Her hubby....had little constructive input from his parents....and had credit issues when he got into college....after I realized that they were serious and would marry...we took him under our wing and taught him what his parents should have about credit history...we set up a loan for him to buy a car from us to establish a good history....he has done well with it and improved his credit score by a lot.

Credit scores are important for a lot of things. I hope I have taught our kids to respect that score.

[Bob Of Burleson]

We pay cash for everything, including cars, but I'm weighing the merits of going with credit on our next vehicle. Interest rates are so low that you would hardly notice it being added to a draw on a money market account. That way you would avoid the hassle of having to personally pay another monthly bill but still have most of the money available in the account for investments.

[Twiggler]

Cars & houses may be the only thing where credit can help you. Anything else pay cash.

Aren't those probably the most important things one can purchase?

I understood the question to be do you really need credit....I am saying no.

You can pay cash for a house as well as a car.

And you can finance a house without a credit score....you just have to find the people that write that kind of loan.

[PlanoSooner]

yrs ago.... a client told me that 0% financing at auto dealer took a 700 score. lower score got 9% or whatever rates were then.
yes, it matters.

http://dallasloanguy.com/free-credit-book/ <= helpful tips for people with good or bad credit.


credit is LEVERAGE.... got $30K to buy a car? finance it for 1% and invest the difference with ryan.....

[ann jusko]

Years ago, I thought my husband was nagging me when he'd suggest that I get credit in my own name. He had a heart attack at 32 and was much more experienced financially than I was. He wanted me to be able to get credit in case....

Well, having a great doctor, and following his advice, my husband is pretty healthy. No further heart problems. But I do have my own IRA, investments, accounts, etc. I don't think I'll have any trouble if something happens to him. I'd divest myself of the real estate first since that needs more attention (or the fact that I hate messing with it).