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Author Topic: How much do you value your credit score?  (Read 9906 times)
RodeoX
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July 26, 2012, 03:50:26 PM
#1

I used to care, back when I thought it meant something, and I have always had a fairly high score. In recent years I have been extricating myself from the credit economy. Since then I have more money than ever.
So when I was looking at large real estate tracts for sale I became curious about my score. When i checked I was delighted to see that I no longer have a score. Because I don't use bank credit I am simply rated un-scoreable. 
I could not be happier. I don't want a number from the same industry that puts out LIBOR scores and other works of fiction. What about you? Do you value your credit scores?

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nevafuse
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July 26, 2012, 04:17:27 PM
#2

What's wrong with a credit score?  For the people that rely on credit, I think it is a good/effective system.  When I got my first job, I couldn't afford to pay cash for a reliable vehicle to get there.  Thanks to the credit score system, I was able to get a reliable vehicle because the bank trusted me with the money due to the transactions I had with previous people.  And my credit score was only based on having credit cards that I paid off every month.  I personally think it has benefited me a lot.

The economy also benefits from it by matching riskiness w/ interest rates & not loaning money to people that have had issues paying it back in the past.

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cryptoanarchist
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July 26, 2012, 04:23:09 PM
#3

Not at all. I don't use a SSN so I don't have a credit score either.
RodeoX
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July 26, 2012, 06:20:28 PM
#4

What's wrong with a credit score? ...
Nothing wrong with it, I just don't want one.

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July 26, 2012, 06:59:50 PM
#5

Nothing wrong with it, I just don't want one.

I wouldn't mind being in a financial state where I wouldn't have to rely on one.  Once I have the equity of a house, I could be there.  But to be honest, as long as credit card rewards exist, I'll have one regardless if I need it or not.  Although if someone is offering product X for 3-5% less using bitcoins/cash, I'd choose that option over credit card rewards.

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July 26, 2012, 08:26:20 PM
#6

What are the negative ramifications of being un-score-able ?

I'm extremely fortunate, in that my wife and I are double-income-no-kids, and each have top-rated credit scores. I grew up in a culture of fiscal responsibility, mostly because of a family banking-industry history, so it is with a large degree of naivety that I make this honest inquiry.
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July 28, 2012, 11:36:12 PM
#7

What are the negative ramifications of being un-score-able ?

I'm extremely fortunate, in that my wife and I are double-income-no-kids, and each have top-rated credit scores. I grew up in a culture of fiscal responsibility, mostly because of a family banking-industry history, so it is with a large degree of naivety that I make this honest inquiry.
My guess: No loans 4 u.


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July 29, 2012, 09:29:17 PM
#8

What are the negative ramifications of being un-score-able ?

I'm extremely fortunate, in that my wife and I are double-income-no-kids, and each have top-rated credit scores. I grew up in a culture of fiscal responsibility, mostly because of a family banking-industry history, so it is with a large degree of naivety that I make this honest inquiry.
My guess: No loans 4 u.



Pretty much.  Nobody will loan to you, or if they will interest will be 20-250% per year.

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zvs
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July 30, 2012, 10:26:58 AM
#9

I quit caring about my credit score after I ran up 80k in credit card debts and filed for chapter 7, several years back.

I'll start to value it again in, oh, about 4 years now.  Sadly, I'm no Donald Trump.  Can't manage to get people to give me millions to declare bankruptcy again in a couple years.

I have never heard of someone 'not having a score'.  If you have no credit, your score is shit.

Actually, my score would probably be better, even w/ the bankruptcy.  I still have my payed off student loans, establishing a long line of credit history!

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niko
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July 30, 2012, 08:35:47 PM
#10

What's wrong with a credit score? ...
Nothing wrong with it, I just don't want one.
I like your answer.

I gradually quit caring, just like I'm gradually paying off some credit-card debt that has piled up during student years. The goal is to be debt-free. Even this paying-off can be thought off as a form of investment - the ROI being decrease in monthly interest payments.
Not sure if I'll ever make it to owning a home, but since I didn't grow up in the US, I'm not that obsessed with home ownership as a measure of success or happiness. Renting has some advantages, and I pay for these. I am free to move as I please, and I have more time and less worries than someone tied up in mortgages, property taxes, maintenance, insurance, and other aspects of home ownership.
I can save for a car cash-down when I need one, but living in a city I'm totally fine walking, biking, using public transit, and renting a car for weekend getaways and such. Again, more time and less worries.
Finally, I try to live in countries with universal health care.

All in all, I don't need to borrow money at interest, and it's hard to imagine a scenario where I would need to.

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July 31, 2012, 12:14:05 AM
#11

Once I bought my house, I stopped caring. But, I've not bought (nor plan to) buy anything else on credit.
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July 31, 2012, 02:00:57 PM
#12

I barely even knew such a thing existed until I tried to invest a small amount of money in zopa.co.uk (a p2p loans market) and wasn't allowed to because Equifax had no information on me. I found it bizarre that I would need a credit score if I am the one doing the LENDING but apparently that is the way of our byzantine financial system.

Never mind Equifax, I do value my bitcoin-otc rating and actively try to improve it.  Smiley

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Explodicle
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July 31, 2012, 03:34:55 PM
#13

I don't value my credit score as much as I used to. Now I just want to get out of debt and be a free man, no obligation to work for anyone. Since I'd rather participate in a more mutual p2p system with many competing scores, I ought to get more involved in bitcoin-otc and the like.

Fight Club used to be my favorite movie for a long time. Now, the ending explosions feel dated and pointless; we can instead use something better and drive the corrupt banking industry out of business.
cryptoanarchist
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July 31, 2012, 04:47:52 PM
#14

The only way I'd care about my credit score is if every time it got really bad I got a bailout from the government.  Grin
RodeoX
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July 31, 2012, 06:07:04 PM
#15

I just think it is sort of a sucker score. My understanding is that if you always pay your debts you will have a decent credit score. But the dream customer not only pays, he/she also is prone to getting into debt. Being debt averse (arguably being responsible) will limit your score.
As far as not being able to get credit, so far this has not been a problem. I know the rating agencies say you must have a score. Just like the credit card companies say you need a card. They will say "How will you rent a car?".  Roll Eyes
If I wanted a score I could get it back quickly. Last time I had one the banks were ridiculous in their offers to me. The amounts they said I could borrow were way too much money. Someone has to be the grown-up and the banks are not up for that task.

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July 31, 2012, 06:16:24 PM
#16

I have a great credit score which seems to help with economic transactions.  Unfortunately I am still treated like a scammer in the Bitcoin community.  Wahhhhhhh.
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July 31, 2012, 08:28:38 PM
#17

I just think it is sort of a sucker score. My understanding is that if you always pay your debts you will have a decent credit score. But the dream customer not only pays, he/she also is prone to getting into debt. Being debt averse (arguably being responsible) will limit your score.
As far as not being able to get credit, so far this has not been a problem. I know the rating agencies say you must have a score. Just like the credit card companies say you need a card. They will say "How will you rent a car?".  Roll Eyes
If I wanted a score I could get it back quickly. Last time I had one the banks were ridiculous in their offers to me. The amounts they said I could borrow were way too much money. Someone has to be the grown-up and the banks are not up for that task.

My past 3 years tax returns have been under $10k and discover still offers me $25k @7% once a month.

https://www.bitcoin.org/bitcoin.pdf
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niko
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July 31, 2012, 10:40:50 PM
#18

I just think it is sort of a sucker score. My understanding is that if you always pay your debts you will have a decent credit score. But the dream customer not only pays, he/she also is prone to getting into debt. Being debt averse (arguably being responsible) will limit your score.
As far as not being able to get credit, so far this has not been a problem. I know the rating agencies say you must have a score. Just like the credit card companies say you need a card. They will say "How will you rent a car?".  Roll Eyes
If I wanted a score I could get it back quickly. Last time I had one the banks were ridiculous in their offers to me. The amounts they said I could borrow were way too much money. Someone has to be the grown-up and the banks are not up for that task.

My past 3 years tax returns have been under $10k and discover still offers me $25k @7% once a month.

Of course they do. Banking is a zero-risk business. They make more or less, but won't end up kicked out in the street or in jail. Some of their customers inevitably will, though, simply because, at any given moment, available money supply does not include future interest yet.

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Explodicle
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August 01, 2012, 12:00:43 AM
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I just think it is sort of a sucker score. My understanding is that if you always pay your debts you will have a decent credit score. But the dream customer not only pays, he/she also is prone to getting into debt. Being debt averse (arguably being responsible) will limit your score.
As far as not being able to get credit, so far this has not been a problem. I know the rating agencies say you must have a score. Just like the credit card companies say you need a card. They will say "How will you rent a car?".  Roll Eyes
If I wanted a score I could get it back quickly. Last time I had one the banks were ridiculous in their offers to me. The amounts they said I could borrow were way too much money. Someone has to be the grown-up and the banks are not up for that task.

My past 3 years tax returns have been under $10k and discover still offers me $25k @7% once a month.

Of course they do. Banking is a zero-risk business. They make more or less, but won't end up kicked out in the street or in jail. Some of their customers inevitably will, though, simply because, at any given moment, available money supply does not include future interest yet.

What if they make a lot less, and not all the other banks are going under at once? Discover on its own is not "too big to fail". Lower risk than without any safety net, but not zero.
niko
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August 01, 2012, 03:07:04 AM
#20

I just think it is sort of a sucker score. My understanding is that if you always pay your debts you will have a decent credit score. But the dream customer not only pays, he/she also is prone to getting into debt. Being debt averse (arguably being responsible) will limit your score.
As far as not being able to get credit, so far this has not been a problem. I know the rating agencies say you must have a score. Just like the credit card companies say you need a card. They will say "How will you rent a car?".  Roll Eyes
If I wanted a score I could get it back quickly. Last time I had one the banks were ridiculous in their offers to me. The amounts they said I could borrow were way too much money. Someone has to be the grown-up and the banks are not up for that task.

My past 3 years tax returns have been under $10k and discover still offers me $25k @7% once a month.

Of course they do. Banking is a zero-risk business. They make more or less, but won't end up kicked out in the street or in jail. Some of their customers inevitably will, though, simply because, at any given moment, available money supply does not include future interest yet.

What if they make a lot less, and not all the other banks are going under at once? Discover on its own is not "too big to fail". Lower risk than without any safety net, but not zero.

And then what? Those who make decisions walk away with all the bonuses and golden parachutes. Zero risk, in the sense that they inevitably get something from the game, at the expense of workers and customers who inevitably get screwed (fraction of them, that is). But we stray from the topic.

They're there, in their room.
Your mining rig is on fire, yet you're very calm.
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