I always used to hear blather about “credit scores”. Back when I as essential I dunno if I ever had a credit limit. On months when I was on the road I might incur the damnedest expenses and my Visa went through every time. If I overspent my credit limit they just raised it. I didn’t care because I paid it off every month. I always paid my loans off early too.
One day I was getting lectured by one of the financial whiz kids at work about credit scores and I just laughed. As if a credit company is going to turn down a client that has great finances and a solid record of fiscal responsibility? How stupid do ya have to be to believe stuff like this?
I pay off everything every month. Everything.
ReplyDeleteI have literally not had CC debt since 1981, no auto payment since about 1988, no house payment since 1991. Discover statement says my 'Score' is about 820 every month. Yes, its Total BS.
Back in the heady days of 1990, there I was, fresh outta college, had a good job in industry, excellent pay, already had a work history, applied for a credit card from a bank and got one with a measly $500 limit. When I asked for more I was declined, stating that my credit score wasn't high enough.
ReplyDeleteMy roommate's girlfriend - fresh outta high school, no job, no work history, no source of income, had at least 7 or 8 store cards. All maxed out, all at 19.9% interest. Making nothing but minimum payments every month by begging her dad for money. She applied at the same bank and got a credit card with a $2000 limit. Also at 19.9% interest. (my card at the time was in the 5 or 6% range, so there you little skank bitch!)
In any event, the credit score is a scam and they'll give a card to anyone willing to accept 20% interest. I should've known then to cut my card up and use cash exclusively, but then I got married and apparently married people need stuff like furniture instead of lawn chairs and cardboard boxes. Who knew? I certainly didn't. Fuck credit cards.
Back in the 90s I wanted a little boat and a lower interest for paying for it. The powerful CIBC girl boss they had as the loans officer suggested a line of credit - but that would take 10 gays for them to hemmmm and hawwww about, and I’d have to answer and agree to a full financial investigation before she could authorize it. It was only a little fishing boat that came to 3600.00 all in with the 9.9hp outboard. I told that cankle that I needed it done today, or I’d pay off my visa and pull my accounts tomorrow and go see the guys at the RBC.
DeleteHer attitude changed and she got it done within the hour. People whine about how lawyers are scum of the earth…welp…bankers are even lower than they are. I don’t take shit off them; if I need credit they’d better damn we’ll give it to me or I will go deal with someone who will. It might have been something like that, Don? Some apparatchik that didn’t want to do the paperwork…? I have friends like yours too. I dunno how they sleep at night with the debt loads they carry… but if they need another loan, refinancing, or a chat about repayment options…they get the red carpet treatment…
Your credit score will go down if there are too many credit applications and enquiries, but not if you pay your bills on time every month.
ReplyDeleteThe above meme is complete bullshit.
One of the wonderful things about getting older is reaching the point where you realize you'll never have to brush up your resume or go on another job interview.
ReplyDeleteI put credit card applications in the same basket. Yeah, I've got one and I use it 3-4 times a year to see if it still works. But I pay it off every month.
Credit card companies refer to people like us as "deadbeats."
Fuck 'em.