Comments on: Credit Scores Are A Joke http://matthutter.com/2009/01/01/credit-scores-are-a-joke/ Personal finance mastery with a pinch of motivation. Thu, 07 Apr 2011 15:11:07 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: ishah http://matthutter.com/2009/01/01/credit-scores-are-a-joke/comment-page-1/#comment-33650 ishah Thu, 25 Feb 2010 23:17:18 +0000 http://matthutter.com/?p=180#comment-33650 Credit in this country is a joke. When we came to the US 8 years ago, we had plenty of money. When applying for an appartment they needed to see our creditscore. There wasn't any, because we never built it. The fact that we had a good income did not matter much. But we were suggested to open up one or two credit card accounts. We were always turned down. Reason: No credit history. But you need to use credit in order to built up credit history, se we were in a loop. We did get the appartment when I presented a money order for one year's rent and a fat paystub, they then understood that we could pay the rent. After that we were able to have credit cards. Once you're in, you are in! Few years ago we bought a home, no problem with the mortgage. But we never pay late fees, no interest, nothing financed, cars are ours, so our credit score was low. Creditrating means nothing to me. I won't borrow any money from any one and the banks won't make a single dime on me. Banks don't like me but that's ok, they will never be your friends anyway. So I may live a very unamerican way with my money, but I strongly recommend to be debt free to anyone. Credit in this country is a joke.
When we came to the US 8 years ago, we had plenty of money.
When applying for an appartment they needed to see our creditscore. There wasn’t any, because we never built it.
The fact that we had a good income did not matter much.
But we were suggested to open up one or two credit card accounts. We were always turned down. Reason: No credit history. But you need to use credit in order to built up credit history, se we were in a loop. We did get the appartment when I presented a money order for one year’s rent and a fat paystub, they then understood that we could pay the rent. After that we were able to have credit cards. Once you’re in, you are in!
Few years ago we bought a home, no problem with the mortgage. But we never pay late fees, no interest, nothing financed, cars are ours, so our credit score was low.
Creditrating means nothing to me. I won’t borrow any money from any one and the banks won’t make a single dime on me. Banks don’t like me but that’s ok, they will never be your friends anyway. So I may live a very unamerican way with my money, but I strongly recommend to be debt free to anyone.

]]> By: mhutter http://matthutter.com/2009/01/01/credit-scores-are-a-joke/comment-page-1/#comment-30839 mhutter Thu, 01 Jan 2009 17:43:47 +0000 http://matthutter.com/?p=180#comment-30839 I do agree with you, Jeremy, that if you don't carry balances banks don't like you. It was funny...when I canceled my credit cards in the past year my bank gave me no resistance at all...because they hadn't made a dime off me! I do agree with you, Jeremy, that if you don’t carry balances banks don’t like you. It was funny…when I canceled my credit cards in the past year my bank gave me no resistance at all…because they hadn’t made a dime off me!

]]> By: Jeremy Bettis http://matthutter.com/2009/01/01/credit-scores-are-a-joke/comment-page-1/#comment-30838 Jeremy Bettis Thu, 01 Jan 2009 15:18:58 +0000 http://matthutter.com/?p=180#comment-30838 I don't think FICO scores were meant to be a measure of risk, but a measure of how much money the bank will make off of you. The only way to have the highest FICO score is to pay lots of interest and always pay it on time. If you don't carry balances the banks don't like you. It's not because you are not safe, it is because you are not profitable to them. I don’t think FICO scores were meant to be a measure of risk, but a measure of how much money the bank will make off of you. The only way to have the highest FICO score is to pay lots of interest and always pay it on time.

If you don’t carry balances the banks don’t like you. It’s not because you are not safe, it is because you are not profitable to them.

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