Money & Economics

[David L]

From what I can tell he didn't get the first part right. I don't pay attention to my FICO score. Not sure how I got it. It's north of 800 and I haven't paid $100K in interest in fact I've probably paid a lot less than a lot of people who scores are in the 600s. The only money I ever borrowed was for student loan, tractor and home mortgage. Student loan was paid off fairly quickly, the tractor money was borrowed because it had 0 interest for 3 years so I used John Deere's money for free and invested my money. The home mortgage was paid off in 8 years. It was only around a $110K and was paid back by doubling the payments then writing a check after I got tired of sending in money every month. I use CC for everything but pay it off every month so I actually get paid 2-5% to use their money. From what I can tell the FICO score is a result of me paying off my obligations on time mixed in with the credit line I have versus what amount of it I use then pay off every month plus a history of paying off larger loans? Probably could drive my FICO higher by getting rid of CCs I have but never use. Like I said, I'm aware of my score but never took the time to figure it out how/why it is what it is. Who am I to argue with Dave Ramesy but I'm sure he's just generalizing.

Yeah, not quite sure how the scoring works. I worked for a few companies in the Credit/Collection Depts. where we pulled credit reports daily, 100s of them. I just remember we would ignore any medical debts . I loved that. This was in the 90s, hospitals/doctors has been screwing us for a long time.

My guess is it is more about negative credit (Bad Debt), in that there algorithm focuses on the bad first. I am sure there are alot of percentage/factors on everything from income level to years/amount of time credit is established.

We are like you, CC companies hate us because we pay ours off every month too, we own our home so Mortgage companies hate us. Anyone trying to extend credit hate us.

I was even told once that some dating services do credit checks, you ain't getting a date unless you have a High Credit score, lol

The world revolves around money...

 

[bigredfish]

I’m good on physical

I bought some GLD at 320.40