When was the last time YOU used your FICO score. It does protect some people from getting into serious debt. You do not need a car payment to own a car as long as you buy a gently used 2-3 your credit score for 0 year old car that has had one owner who took care of it and can prove it. It was a BIG hassle after my loans were paid off and I wanted to live alone. It allows you to track your payments for utilities, rent, etc.

If a company was going to hire me, and then the HR department was that crazy to not give me a job because I don’t borrow money (and hence no credit cards) I don’t think I want to work at a company like that, with no flexibility or creative thinking tactics. At david hoffman auto mall we provide financing buy here pay here cars for everyone with our buy here. Heck, I’ve heard that some are just using it as a your credit score for 0 generic screening of “reliability” traits. I have a 60 month emergency fund and I’m still concerned with having a good credit score because in this country there are many who will judge you by your credit score and insurance score whether you like it or not.

You mean not having to keep up with credit card statements, keeping a proper debt to income ratio, whether I should keep open or close a credit account because it might damage my score, or worrying about whether someone else will deem me worthy of accepting their high cost loans. Society has deemed taking on credit and loans as perfectly normal, so people rarely stop to consider the alternatives anymore. Do I think I’ll spend more on a credit card.

Mark — That’s a great question. Very secretive which should be a bell and whistle to everyone. If that house I really wanted to rent had a landlord that wouldn’t accept it I’d be screwed. Compare mortgage rates in us, house financing rates home and interest rates.

There is hard evidence that people WITHOUT credit scores are more your credit score for 0 risky to do business with than people with the WORST scores. Results for quezon city used quezon city car sale cars for sale philippines. But if I didn’t have one I wouldn’t care. AKA if you’re paying all *cash* for something, your credit doesn’t even become an issue. Playing the credit score game is easy as long as you don’t over extend yourself. This business about obsessing about credit score gets people to look at things the wrong way around.

This gives you some insight regarding the relationship of credit scores and insurance scores. And for the record, I’ve checked my credit score three times since becoming debt free out of curiosity. Like most people, I was horrible at managing credit but now I could totally have a credit card without worrying about racking up a bunch of debt, I just choose not to. I used to be completely ANTI credit cards no matter what but J Money taught me that some people can use them as a tool without jeopardizing their financial future. If we all stopped using 30-day revolving credit cards then the industry would shrink and I think we’d all come to the realization that banks are getting rich on those who can’t afford to play the game.

NYTimes recently reported that there’s a bill working its way through Congress that would require utility companies to submit payment records to credit reporting agencies – so if you had a utility bill, you would have a credit score. For people who choose not to do so but are still financially responsible and reliable it’s unfair to deny someone a job, an apartment, insurance etc simply because they do not play the credit score game. It all based on whether you have and can sustain eome debt so the powers that be can control you as well as keep tabs on ya.

I’ve been doing it without them so far and I see no reason to start now. I’m motivated by avoiding that and I love the idea that I will never owe anyone a single penny as long as I live. There are no monthly fees – you only pay for your credit report when you apply for the loan. Remember that most people have TONS of debt and DO NOT pay off their credit cards each month.

It’s a hassle, and one I don’t need. People are telling me that I should build credit and maintain a credit score and the only way I see to do your credit score for 0 that is by having a credit card that I pay on monthly since I do not borrow money for anything else. CC’s are far safer in my personal experience.

In my country you don’t earn points for using your credit card. Results of search woodbridge, virginia real estate, craigslist stafford va rent with option to buy recently sold properties, voucher, or. LOL It may be a little different with home insurance but we rent right now until we save up to buy our next house with no mortgage.

And I’m totally okay with that as long as things keep pushing forward and I don’t make any stupid mistakes ;) I’ll gladly take on a car loan if I can do something better with my cash instead, and I def. This of course is under the assumption that someone does not have adequate savings which a majority of people do not. Approvals tend to be based on your credit score and other factors such as. Huntington, wv new, goldy chrysler chrysler huntington dodge jeep ram sells and services. Find cheap auto insurance quotes in minutes low cost auto insurance and compare your options to get. The thing is, if your only debt is a mortgage, you make the payment on time, and you pay all your other bills on time, your credit score will be just fine.

I think the takeaway here is that there is no need to constantly monitor and dictate your financial decisions to increase or manipulate your credit score. Instead, set goals and make decisions to reach them. Like I’ve said before, somehow the FICO score went from being a way to measure someone’s credit worthiness to a way that we measure someone’s financial self worth. I took out [Canadian] government student loans, which enter repayment six months after graduation. Best decision I ever made — aside from the act of forsaking all debt for the rest of my life that is.

With the exception of the possiblity of overspending at times (I can admit that it happens), I use credit on my terms because I pay off the balance every month for the last 22 years with zero interest paid. It doesn’t mean there isn’t any risk involved with doing so. I chalked up the $6.20 to learning experience and retired my debit card completely. Haha…), and he answers all 3 of those your credit score for 0 questions as he is always known to do. That alone will give you a great credit score.

It seems to me like you’re leaving 1-5% on the table for most purchases. Other than that a credit score should have no significance. Reporter jobs on tip top job in ethiopia ethio jobs net vacancy with jobs, recruitment, employment,. There is no way I am wading through all the posts here-just for partial information. In a country filled with people that are both broke and in debt, being different is definitely not a bad thing in my opinion.

I did start finanicalblacksheep.com, because of the other way of looking at things. Sean — If someone chooses not to borrow money in their life then that doesn’t mean they are financially irresponsible so to base employment on credit history isn’t very fair. Through some smart decisions and a bit of luck, I paid off my entire ~$32,000 before my loans went into repayment. Because in the end whether you paid or l,credit cards, etc. I put plane tickets on it when I travel, and occasional internet purchases, but that’s it.

There are “OTHERS” that believe in this as much as I do. I’ve never liked deposits but I don’t really see deposits as a bad thing — just an inconvenience. Debt is consuming us but I believe this can be changed. At the end of the day, though, I choose practicality and convenience over extremism. If you don’t and get hit by big medical expenses, sure you can go in debt, but it won’t necessarily your credit score for 0 be on your credit cards and you won’t wake up one day and “find” you are paying interest. It’s a rigged system where the “dealer” wins because they create the rules and add additional rules not related to paying back debt so that people will continue to follow the system because that’s their only choice.

Most definitely a lot more savings than if I chased my credit score around like a puppy dog in hopes of getting a slightly lower insurance rate. How much more would you pay a month for home insurance. In my world FICO is dead and no longer controls my financial decisions. Do you have such a post or somewhere I could go for more detailed information. I think deposits are a good way to ensure the person taking the risk gets something if the person they are providing service to bails or can’t pay. Building your credit score is difficult, especially when you have limited credit.

In fact, J Money was the reason I softened my stance on credit cards in general. Whatever it is or isn’t, I don’t care. Like myself i spend years in debt paid my bills. So definitely consider your own habits when reading info about this stuff online, or wherever. I don’t understand any of these arguments. Sometimes personal finance isn’t about money and math.

I know a lot of people who have a good credit score that are much higher risk than people with no score and no debt. The zero credit score thing is just a way to show contrast to an argument that a high score is what you NEED to obtain to exist financially. It should only help a lender decide whether or not a person is likely to repay the loan.

Great conversation on an important topic. We’re here to help you when you need a home loan or a car loan. It doesn’t really matter if you never need it. I refused to listen to him on all his thousand and one reasons why he could care less, and I thought the fact he said he had a score of “0″ (yes, ZERO) was cockamamy. You can check out a service called eCredable.com that allows you to build a payment history to show landlords that you are financially reliable.

Seminar Series

Credit and Finance
Russ Wermers
University of Maryland
He often complains about the hassles it creates, but his standard of living is such that he doesn’t need credit.
3007 BIF
2:30pm

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Fidelity s debit atm cards offer extreme fidelity atm debit card convenience with the added benefit of.

Brad, I definitely agree about your point (in one of the comments) about how the system is set up to help the lenders. I’ve done all the things you’re not supposed to be able to do without a credit score and no one has ever turned down my money. I understand that doesn’t happen to everybody but it could. If you have no plans on ever doing it though, why should it matter if you can get an excellent interest rate or not. All I’m saying is that all of the reasons people say I NEED a credit score for I’m proving that I don’t. What is more likely is that these individuals spend more than they make and aren’t as saavy when it comes to personal finance or maybe there is an unforeseen event that there was not enough emergency cash on hand.

If you are committed to not borrowing any more I don’t really see the reason to try to have a score.

I enjoy taking advantage of my credit cards and loans to better leverage my money and (more importantly) my TIME, and I also like trying to compete for the best score too ;) As possible as the non-credit lifestyle may be for some, it’s just not that practical in my world. I think eCredable will become more accepted as time goes on. I love hearing people say that they do not plan to rely on debt to live their life. If you have no debt, can prove you are reliable, and can show you have savings, most landlords would be glad to have you.

I believe it is because we’ve been brainwashed into thinking building a credit score was necessary in life which puts us in a position to rack up a lot of debt.

I was a landlord once and it cost us $12,000 so even the small deposit I charged them didn’t even come close to covering the damage they caused. Now I don’t think you should chase a perfect credit score but I think you should be aware of your score. Especially if you’ve never really thought about it before. Mrs Pop – I think that would be much more fair. It’s a game where — for the most part — the lenders win because MOST PEOPLE do not pay their cards off each month and pay massive amounts of interest for most of their life.

Smart Money Week

I could have one if I wanted one which would allow me to build a credit score but I do not care to go down that road. I’m asking because I don’t know. Would it hurt to save a little money on insurance, be able to show your score to a future employer or even clients, and even be able to have 50k or more in an available credit balance to buffer your “emergency” fund. The only way it can happen is if you use it to pay for something you don’t have the money in the bank to cover.

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It’s also great to have an emergency fund savings statement showing how much you have saved up. Pauline – That’s a great story. Being financially responsible is and I can do that without playing the game. Rich Uncle El — I’m okay with mortgage debt (15 year fixed rate) too although we plan to save up for our next home.

It’s not as popular as other routes because society is so attached to their credit scores. What’s important to you and what’s important to me are completely different.

I just said to have a credit card that you religiously pay off every month so you pay no interest. It’s NOT “kind of like insurance” either. You can do anything you need to do with a cash only lifestyle, including getting a job, a car, etc.