Equifax data leak may affect nearly half the US population
- Thread starter signalmankenneth
- Start date
This is not a lender, this is a credit bureau. It's not a TILA type issue, it's probably FCRA stuff.
cawacko
Well-known member
I'm aware. I was asking in the context of if we had no credit (thus no need for credit bureaus). I may not have worded it the best
no they are not. If I told you to tell me exactly how much your credit score would go up by if you had a 0 balance on your statement you would not be able to answer it. Not least because all 4 companies use their own retarded system which means it has a different impact across the board.
For something that touches on every single thing in your life you should be able to tell me exactly how every thing you do impacts it.
When you say "easy to figure out" you just know that they go up by some amount but not exactly how much.
Paying your CC bills 2 weeks ahead of time is even meaningless. They report to the credit bureaus once a month anyway. Only what is on your statement matters. If you pay everything off and use your card a lot you could still end up with a high utilization on your statement.
cawacko
Well-known member
I don't disagree with you. I get what Right is saying but there's a lot more to it than that as you mentioned. And got forbid something wrongly ends up on your credit report. Dealing with that is damn near impossible.
MAGA MAN
Let's go Brandon!
"Exactly" doesn't matter, since it doesn't matter to anyone looking at your scores.
Paying CC bills in full and in advance, regularly, has a huge impact, since CC companies report both the good and bad. My credit score was hovering in the 720's for years, still an excellent rating, and loan officers would compliment me. But once I adopted this new strategy my score max'd out and these same loan officers practically salute me.
because you make back the points if your successful. For example I recall transunion gives you a -5 when people pull your credit for a card and then if you qualify for the card you get +10.
Essentially the too many dings would theoretically only apply to those poor losers who are looking for a loan everywhere and failing.
cawacko
Well-known member
So if you live in a city with a tight rental market and landlords run background checks on you but you don't get selected as the tenant you're just S.O.L. as far as your credit is concerned?
You can ding them for unilateral atty fees for a violation nowadays. It's a plaintiff's attorney feeding frenzy.
FCRA has strong plaintiff's remedies. Contrary to my posting on this site, lending, banking, credit reporting, collecting and the financial industry as a whole is an EXTREMELY highly regulated group of industries, and every lawyer who decides he wants to can dub himself a private attorney general and sue the shit out of any financial industry for just about any technical violation, and get paid for all hours billed at $500 or so a clip, statutory damages, class action damages etc etc....
USFREEDOM911
MAKE AMERICA GREAT AGAIN
We haven't had a Credit Card, for over 30+ years.
We have no need for them and live within our means.
cawacko
Well-known member
Do you use a debit card? (asking within the context of if you don't use either that seems like a lot of cash to have to carry around otherwise).
For those who can stay within their budget CC's are great in that the company is essentially giving you free money for several weeks. But for those who can't CC's are horrible
USFREEDOM911
MAKE AMERICA GREAT AGAIN
cawacko
Well-known member
Gotcha. Same, I generally use debit card for everything
USFREEDOM911
MAKE AMERICA GREAT AGAIN
I've been thinking of getting a Credit Card, just to use for a mini vacation that I take every year; because hotels tend to over charge the Debit Card, until the stay is over.
MAGA MAN
Let's go Brandon!
I get between 2 to 4% cash back from mine, buyer's protection, and other benefits as well. It is by far the easiest method of obtaining a super-high credit score. I've had an auto loan at 2%, and banks willing to give me points to lower my interest rate. The net result is that banks essentially pay me for using their money, not the other way around.
generally yes. Although I dont know how many points get knocked off you for non-loan/cc inquiries.
this is true. The best is not to use debit cards but to use a cash back credit card with 0$ amf and pay in full every month. That way your money increases 2-4% just because
MAGA MAN
Let's go Brandon!
Once you get the credit score up you become "da man" when you decide to borrow money. My daughter works showroom sales for a large dealer and it's amazing what low scorers have to pay. Some as high as 25% interest rate. Then they want a low monthly payment- cha-ching! These people basically never pay the principle down.
Last car I bought I traded in a car with $20k in equity, used that for a down payment. The dealer gave me a 4% loan through BB&T on another $25k. After I made my first payment I refinanced through my credit union down to 2%, and wrote a check for $5k to make that deal happen. I payed so little in interest that I honestly don't see how the credit union can make money. With an interest late approaching the rate of inflation I'm basically using their money at no net cost to me.
Three years went by on the new car and my dealer called me, said that I could have a new car at the same monthly payment as my old one. "Great" I told him, where do I sign. "What is your monthly payment now?" he asked. "Zero", I said. "I payed the loan off 6 months ago." Needless to say he couldn't match that. But I did test drive three new vehicles that week.
Last car I bought I traded in a car with $20k in equity, used that for a down payment. The dealer gave me a 4% loan through BB&T on another $25k. After I made my first payment I refinanced through my credit union down to 2%, and wrote a check for $5k to make that deal happen. I payed so little in interest that I honestly don't see how the credit union can make money. With an interest late approaching the rate of inflation I'm basically using their money at no net cost to me.
Three years went by on the new car and my dealer called me, said that I could have a new car at the same monthly payment as my old one. "Great" I told him, where do I sign. "What is your monthly payment now?" he asked. "Zero", I said. "I payed the loan off 6 months ago." Needless to say he couldn't match that. But I did test drive three new vehicles that week.