How is your credit? Do you care?

Gaston Glock · 03-08-2013, 17:48

How is your credit and do you care? The reason I ask is that I am in a credit driven industry (automobiles) and I see people that have marginal, bad or simply have never paid anyone in their adult life than I do people that pay their bills on time.

About 12 years ago, on Christmas Eve is was broke and my parents live about 3 hours fron where I was living at the time and I went to one of those easy loan places to get a loan jsut to put gas in my car so I could go home for Christmas. I was turned down for a simple $100 loan because I had not paid any one of my lenders back. I was so ashamed and my parents had to come and pick me up just so I could spend Christmas with them. That was the point of no return. I mean, my credit was so bad I needed a co-signer to take the toll road!!!

Now, I am a credit Nazi, all of the bad stuff has fallen off of my 3 credit bureau's and have re-established with stelllar 800+ credit score on all bureau's. Sub 2% car loans, 3.374 home loan etc, etc.....My wife thanks that I take it too far but after the embarrassment of the Christmas many years ago and the people I deal with at my job daily, it is like being a reformed alcoholic bar tender that deals with drunks all of the time.

Just curious how you feel about the matter? How is your credit and do you care?

**Gregg702** · 03-08-2013, 17:55

Low-Mid 700's, and going up every day. I pay all my bills every pay period, and never keep a balance on my credt accounts, unless I am getting a promotional 0% interest. I get about $400-$600 a year in rewards, which is nice.

IndyGunFreak · 03-08-2013, 17:55

If I could get it lower than 0, I would. Our "credit" is our income. To be honest, I don't know what it is, because I don't use credit.

IGF

Gaston Glock · 03-08-2013, 17:59

Quote:

Originally Posted by AudiGregg

Low-Mid 700's, and going up every day. I pay all my bills every pay period, and never keep a balance on my credt accounts, unless I am getting a promotional 0% interest. I get about $400-$600 a year in rewards, which is nice.

Have you always taken care of your credit or was there an epiphany that set you on the road to good credit?

686Owner · 03-08-2013, 18:00

Not sure of the exact score from each of the agencies, but it's always in the top tier. I've been lucky enough to not have any late payments on my mortgage or the 2 cars in my name...any of my credit for that matter. Had a credit card since I was 18, 33 now. I have no qualms about using credit to my advantage, but I prefer to not actually be in debt.

***HerrGlock*** · 03-08-2013, 18:02

Don't give a damn. I buy cars with cash, have a mortgage and a couple of credit cards for emergency use only.

I honestly don't give a damn what my rating is nor do I know it.

Gaston Glock · 03-08-2013, 18:06

Quote:

Originally Posted by HerrGlock

Don't give a damn. I buy cars with cash, have a mortgage and a couple of credit cards for emergency use only.

I honestly don't give a damn what my rating is nor do I know it.

Wow, why the anger? Usually, when people say they pay cash for their cars is because they have jacked credit! Why in the world would anyone pay cash for a car these days when interest is so low? Its like free money. I signed at 1.79% on my current car, why would I want to pay cash?

***HerrGlock*** · 03-08-2013, 18:10

Quote:

Originally Posted by Gaston Glock

Wow, why the anger?

No anger. More complete apathy in the subject but you asked an honest question and I answered it.

Re-read my answer with a "He has absolutely no emotion whatsoever in there" and see if that doesn't ring true.

You asked. I answered with my particular truism of an answer.

Rick C · 03-08-2013, 18:11

I gots ammo. Don't need no credit score.

Dennis in MA · 03-08-2013, 18:11

High enough. I don't watch it much. Pay yur bills, don't get overextended

***HerrGlock*** · 03-08-2013, 18:12

Quote:

Originally Posted by Gaston Glock

Usually, when people say they pay cash for their cars is because they have jacked credit! Why in the world would anyone pay cash for a car these days when interest is so low? Its like free money. I signed at 1.79% on my current car, why would I want to pay cash?

I don't like to be beholden to a credit company. The mortgage is a necessity because I don't have a couple hundred thousand dollars outside of my 401k hanging around.

PNine64 · 03-08-2013, 18:15

Silly not to use credit when you can make it work for you. Sub 2% on a used car loan (why pay cash for that) and my mortgage is 2.6. If they are giving you money why not keep yours where you can make 8-10%?

Mine and my wife's are both pushing 800. Not really sure how to get it over that but don't really care much since we get the good rates anyhow. And no...we've always been anal about paying things we've promised to pay.

Gaston Glock · 03-08-2013, 18:15

Quote:

Originally Posted by HerrGlock

I don't like to be beholden to a credit company. The mortgage is a necessity because I don't have a couple hundred thousand dollars outside of my 401k hanging around.

The one thing I would pay cash for (if I could) would be a house. Talk about getting bent over for ~15-30 years....

Gaston Glock · 03-08-2013, 18:19

Quote:

Originally Posted by PNine64

Silly not to use credit when you can make it work for you. Sub 2% on a used car loan (why pay cash for that) and my mortgage is 2.6. If they are giving you money why not keep yours where you can make 8-10%?

Mine and my wife's are both pushing 800. Not really sure how to get it over that but don't really care much since we get the good rates anyhow. And no...we've always been anal about paying things we've promised to pay.

My credit stymied 750-780 for a couple of years, then the Great Recession of 2007-2008 forced my wife and I to move a couple of times, and each time we had to sell and buy a new home. I am in my 3rd mortgage in 6 years (you would be surprised having 2 paid off mortgages in the matter of a few years will do for the ol' credit score) I do not recommend this though as it is very stressing!!!

JLA · 03-08-2013, 18:19

Not gonna say what my credit score is but you should have no problems IF you pay your bills on time and not overextend yourself. Nothing wrong with having a credit card especially for emergency purposes. Keep a small balance on it. Save.... save... save. Jack up your savings and your 401K!

BTW....I am buying all new kitchen appliances this weekend using a credit card. The only reason I will use it is because I can get 10% to 20% off if I use the card. That is a substantial savings! I will then use my money from my savings to pay it off all at once. This way I will save $1000 to $2000.

Restless28 · 03-08-2013, 18:23

Mine is good enough, but I really don't care either. My self worth isn't based on a FICO score.

XshooterX · 03-08-2013, 18:27

Not sure on score, but my opinion has always been that credit is for business. I don't use it for personal expenses. It is, however, a great business tool. I use it often when growth is desired, or to get that big job that would otherwise be just out of reach.

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**G30SF/F-250** · 03-08-2013, 18:29

Not sure, I will need a new truck in a year or so; guess I will find out then.

M2 Carbine · 03-08-2013, 18:32

Quote:

How is your credit and do you care?

I don't care one bit about my credit. Been paying cash for everything for over 40 years.

Disclaimer--
I do use a VISA card that is automatically paid monthly. I consider this as the same as paying cash.

I use the VISA card to keep from having to write checks and to keep from carrying a lot of cash and to get the "cash back" from VISA. Just got two $100 Wal Mart gift cards.

silentpoet · 03-08-2013, 18:33

Improved. Been paying off my debt. Don't know the exact score, but it is improving. I will be out of debt by next year sometime.

Gaston Glock · 03-08-2013, 18:34

Quote:

Originally Posted by M2 Carbine

I don't care one bit about my credit. Been paying cash for everything for over 40 years.

Disclaimer--
I do use a VISA card that is automatically paid monthly. I consider this as the same as paying cash.

I use the VISA card to keep from having to write checks and to keep from carrying a lot of cash and to get the "cash back" from VISA. Just got two $100 Wal Mart gift cards.

Love it...there are a lot of benefits using credit cards...Amex Gold card, lots of perks and special offers.

NorthCarolinaLiberty · 03-08-2013, 18:37

Quote:

Originally Posted by Gaston Glock

Wow, why the anger? Usually, when people say they pay cash for their cars is because they have jacked credit! Why in the world would anyone pay cash for a car these days when interest is so low? Its like free money. I signed at 1.79% on my current car, why would I want to pay cash?

I don't follow you. I always pay cash for a car. I bought our first brand new car last year and paid cash (yeah, I'm one of those perfect and envied GTers). Anyway, it sounds like the free money is for someone else. Paying interest on a depreciating product is a sucker's game. And, of course, it just gets under the skin of people in auto sales.

bigchuck83 · 03-08-2013, 18:39

i know my credit score is not very good but at this point i could care less. Only bad things on the credit score are from over 7 to 8 years ago, Just don't want the hassle of getting them removed. other than rent and having my vehicle insured the only debt i have will be paid for later this year.

PNine64 · 03-08-2013, 18:43

Quote:

Originally Posted by NorthCarolinaLiberty

Paying interest on a depreciating product is a sucker's game.

Good advise. Did this for the boat and pcar but man I couldn't pass up 1.9% for a mostly depreciated ford f150. Why not keep the cash making money?

BTW...I used pentagon federal...no affiliation.

Gaston Glock · 03-08-2013, 18:44

Quote:

Originally Posted by NorthCarolinaLiberty

I don't follow you. I always pay cash for a car. I bought our first brand new car last year and paid cash (yeah, I'm one of those perfect and envied GTers). Anyway, it sounds like the free money is for someone else. Paying interest on a depreciating product is a sucker's game. And, of course, it just gets under the skin of people in auto sales.

I understand what you are saying, but with money below 2%, I keep my cash and put it where I earn more than the 1.79% I am borrowing