The More you Know

Credit Scores

Published on May 10, 2005 By Moderateman In Business

While buying my wife a new car, naturally I wanted to see my credit score, 850 is the highest you can have, mine was 810.

I asked why wasn't my credit score higher as I make sure all bills are payed on time, We are NEVER late paying a bill and missing a payment is unthinkable.

I was told { yes this really sucks} the reason my credit score is not at the highest rate is because, I do not have enough DEBT,

I also pay off bill faster than they are due.

What kind of sense does this make? well here's how "they" think, they want you to have a HUGE debt to income ratio, never pay off debts early, never miss or make a late payment, so "they" can bleed you for maximum money.

How's this for twisted logic?

Comments

Manopeace

on May 10, 2005

Not twisted at all... the larger your debt... the larger your interest payment. It's all about money....

Moderateman

on May 10, 2005

Reply By: ManopeacePosted: Tuesday, May 10, 2005Not twisted at all... the larger your debt... the larger your interest payment. It's all about money....

I know this mano, why I am alerting other to is "i want A HIGHER SCORE. after all it's about points, and a "true" point ho would see this. ha! GOT CHA.

Manopeace

on May 10, 2005

NA NA NANA NA

Manopeace

on May 10, 2005

NA NA NANA NA

Manopeace

on May 10, 2005

Moderateman

on May 10, 2005

4 by Manopeace
Tuesday, May 10, 2005

NA NA NANA NA

sigh thank you for helping me get out of my own way today..

Zoomba

on May 10, 2005

Credit scores are absolutely ridiculous. I for one only take on as much potential credit as I can afford to pay off. As a result I have roughly $3000 in total credit limits on my cards. I don't want more because then I could get into trouble. So for being responsible with debt and income, my score is considerably lower because I do not have ENOUGH credit established.

I remember a few years ago when credit card companies were think about charging the APRs to all balances, even those paid off on-time because too many people were being timely with their payments and not carrying balances month to month, so the companies were looking for ways to get that money back. They don't want you to manage your credit effectively, they want you to have massive massive debt, that way they get a TON of free money off of you. If you pay on time all the time and have a card with no annual fee, then they're probably LOSING money on you.

You and I are the worst sorts of customers for credit companies.

Moderateman

on May 10, 2005

#7 by Zoomba
Tuesday, May 10, 2005

exactly.

Dr Guy

on May 10, 2005

It makes sense in a perverted sort of way. When I went to apply for a loan, just out of college and all, I had to have a co-signer. The only time I was late with my payments was during the divorce (I was not, the ex was). I have a ton of open credit for just the reason you mention, but the only one that I pay interest on is my mortgage.

I dont care about my credit score. If they dont want to loan me the money, I dont want their money. But I know it is good. They are always trying to loan me some!

Moderateman

on May 10, 2005

Reply By: Dr. GuyPosted: Tuesday, May 10, 2005It makes sense in a perverted sort of way. When I went to apply for a loan, just out of college and all, I had to have a co-signer. The only time I was late with my payments was during the divorce (I was not, the ex was). I have a ton of open credit for just the reason you mention, but the only one that I pay interest on is my mortgage.I dont care about my credit score. If they dont want to loan me the money, I dont want their money. But I know it is good. They are always trying to loan me some!

Its not just the loan my friend, it's the rate at which you can buy things, the higher the credit rating the better the rate. as in someone wants to buy a new car their credit rating is 650 thats a respectable score btw they cannot get 1.9 financing, while someone much deeper in debt with a higher rating can get the 1.9%

Dr Guy

on May 11, 2005

Yea, I heard that. But I also know I can tell them to shove it and go to another dealer is they try to pull that crap on me. They did try the last time I bought a car. I told the Dealer bu-bye! He dragged my ass back inside so fast, my shoes were smoking!

I got the low rate!

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