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Credit score BS

mogley98mogley98 Member Posts: 18,291 ✭✭✭✭
edited October 2009 in General Discussion
I ran my score the other day and found out it had dropped! I was now looking at a 790! Not bad but why did it drop? Simple answer I opened a Scott Trade account to buy stocks, no margin just to invest and yet the dumb arses at the credit rating agency are allowed to diminish your score based on that BS. After disputing the drop they assured me it is a file request and therefore it is correct. Since credit scores are used to approve loans and determine interest rates that should be illegal. I KNOW if it happened to a Senator that crap would be dealt with today. I hate it when someone is in control of my destiny regardless of how well I do my part
Why don't we go to school and work on the weekends and take the week off!
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Comments

  • frog21frog21 Member Posts: 1,745 ✭✭✭✭✭
    edited November -1
    I know just how you feel. I'm in the process of trying to buy the property where I work. My house appraised at 322,000 and garage is 126,000 and I'm having trouble getting 170,000 total debt.Then to top matters off,theres 1,000 a month rental income on the place I'm trying to buy.I guess the bank wants me to join the ranks of the unemployed rather than to keep working.
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  • mogley98mogley98 Member Posts: 18,291 ✭✭✭✭
    edited November -1
    What really irks me is that they can ding you for doing the right thing! I mean I'm investing money in an account and they dock your credit score because someone looked at it? I think they are out of control and need regulation. Personally I see no reason why an individual can not look at their own credit score as much as needed for free. They are selling the scores to the businesses for purpose of determining credit. Kinda like being charged to see your report card. quote:Originally posted by frog21
    I know just how you feel. I'm in the process of trying to buy the property where I work. My house appraised at 322,000 and garage is 126,000 and I'm having trouble getting 170,000 total debt.Then to top matters off,theres 1,000 a month rental income on the place I'm trying to buy.I guess the bank wants me to join the ranks of the unemployed rather than to keep working.
    Why don't we go to school and work on the weekends and take the week off!
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  • ScottymacScottymac Member Posts: 472 ✭✭✭
    edited November -1
    I had a mortgage on a piece of property held by the bank, only problem was the bank called it a credit line, it made it appear that I had a huge unsecured debt and that lowered my score. All the letters and raising caine did nothing. The MORTGAGE was secured with a deed to the property and that was recorded, just the bank refused to list it as a mortgage and it knocked over 100 points off my score. I had to pay the note off if I wanted to fix it. No reasoning with these machines.
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  • spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    yeah know what a bunch of crap....good customers have to pay for bad customers...paid off lake house...pay credit card off every month for last 30 years....owe nobody nothing & score dropped from 825 to 807..so screw them....just a comparison to banks that gave bad loans to no good people then yuor rate goes up because of it....scottymac, its time to go to another bank & quit kissing up...i did because the bank was the 3rd in Kansas to get a bailout of $6M & i KNOW they were totally profitable...just made directors a bigger dividend on the taxpayers or refurbed one of their feedlots...my new bank DOES NOT give credit cards or loans to illegals or anyone without a SS #...my own small protest to raping taxpayer along with NO vote for incumbent
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  • Horse Plains DrifterHorse Plains Drifter Forums Admins, Member, Moderator Posts: 39,869 ***** Forums Admin
    edited November -1
    quote:Credit score BSYes it is.
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  • CaptplaidCaptplaid Member Posts: 20,298 ✭✭✭
    edited November -1
    I've never had a bank that gave a dang about a credit score.
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  • nunnnunn Forums Admins, Member, Moderator Posts: 36,062 ******
    edited November -1
    My goal is to have a credit score of zero.
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  • slipgateslipgate Member Posts: 12,741
    edited November -1
    quote:Originally posted by Flying Clay Disk
    I got dinged once for not having enough credit cards!

    Pay off all bills (on time) and operate without credit cards and you're a bad person.

    [:(!][:(!]


    The point of a credit score is to provide a measurement of your ability to pay off long term debt. If you pay all your credit cards off each month and pay for most other things in cash, then you have no long term debt or even a history of long term debt and hence the lower score.

    They are not looking for good money managers or those that hate debt so they make sure they never have any, they are looking for people that are responsible enough through verified historical records to pay their loans on time, each month.

    Woo hoo and bully for you if you pay off credit cards each month and have no debt and are proud of it, but it says very little for your ability to carry a loan for 30 years.
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  • Sav99Sav99 Member Posts: 16,037 ✭✭✭
    edited November -1
    You will not pay a penny more in interest with a 790 score versus an 860 score. After 750, and usually 720, there are no disadvatages to be had. Don't sweat it.
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  • footlongfootlong Member Posts: 8,009
    edited November -1
    The formula for figuring your credit score is so secret its kept in the same safe they keep the FORMILA for Coca Cola[:0]
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  • spasmcreekspasmcreek Member Posts: 37,717 ✭✭✭
    edited November -1
    i am not stupid enough to pay interest on a thirty year note...why buy something twice/three times....paid off most farm machinery in three years and most of the land in seven...lake property in three...so bully for me...long term debt is something i never could afford...
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  • Marc1301Marc1301 Member Posts: 31,895 ✭✭✭
    edited November -1
    My score also used to be up in the 800's.
    Now it is high 700's last I checked.

    Reason,......I paid off my home, and don't have a mortgage anymore.
    Also I have no vehicle payments, as I wrote a check for the full amount.

    I also got dinged for canceling a couple of credit cards, to switch to ones with a higher dividend pay-out. I pay off my cards in full every month also.
    "Beam me up Scotty, there's no intelligent life down here." - William Shatner
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  • jimdeerejimdeere Member, Moderator Posts: 26,027 ******
    edited November -1
    quote:Originally posted by nunn
    My goal is to have a credit score of zero.

    Bingo!
    " I owes no man!"
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  • scottm21166scottm21166 Member Posts: 20,723
    edited November -1
    I wouldn't sweat 790 even in this day of tightening qualifiers. if you fall below 760 you may have an issue. remember, credit score is only one part of your credit profile.
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  • n/an/a Member Posts: 168,427 ✭
    edited November -1
    my credit score is a -10, and I wanna keep it that way.[:D][:D]
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  • JamesRKJamesRK Member Posts: 25,670 ✭✭✭
    edited November -1
    I don't understand everything I know about credit scores. There are three generally recognized credit bureaus that assign you a score. Two of the three use more or less the same formula to figure the score. One of the three gives a higher score than the other two, but I've heard that score is meaningless because everybody uses the other two.

    About a year ago I was curious about my score so I finally decided to flush the six or seven bucks to find out what it was. I figured I had a two out of three chance of picking one of the valid scores. Of course I picked the wrong one and got the high score. Then I found out there is no way to translate that score to one of the other scores. I ain't curious enough to flush another six or seven bucks.
    The road to hell is paved with COMPROMISE.
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  • MMOMEQ-55MMOMEQ-55 Member Posts: 13,134
    edited November -1
    I pay cash for everything. I could care less if my score was 1000 or 0. I get preapproved credit cards in the mail all the time and I send them back in their pre stamped envelopes cut into many pieces. Or sometimes I will send them back with bullet holes in them. Those bright collored cards make nice targets.
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  • rony1434rony1434 Member Posts: 5 ✭✭
    edited November -1
    Hi.
    Thanks for sharing this post, Well guys i found a website http://www.carloan-badcredit.com/ while searching on internet, Is it true that this website is good to increase our credit score to above 700?
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  • Sav99Sav99 Member Posts: 16,037 ✭✭✭
    edited November -1
    quote:Originally posted by rony1434
    Hi.
    Thanks for sharing this post, Well guys i found a website http://www.carloan-badcredit.com/ while searching on internet, Is it true that this website is good to increase our credit score to above 700?



    Scam.


    User Name: rony1434
    Real Name: Rony Dsouza
    Location: Manhatton, Newyork
    USA
    Gender: Male
    Total Posts: 3
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  • RtWngExtrmstRtWngExtrmst Member Posts: 7,456
    edited November -1
    You are in control of your destiny if you manage your affairs so that you do not need credit. If you need credit, then by definition you are not in control of your own affairs. Don't rely on someone else to finance your life choices, then complain about the rules.
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  • kimikimi Member Posts: 44,719 ✭✭✭
    edited November -1
    I've had similar experience with my score dropping, too. Consider the 2% interest loans that some people are getting due to available bailout money, along with their reduced and/or modified mortgage, and it really becomes a rub.
    What's next?
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