Credit is horse shit theybwant you to have a slave job. I've not defaulted on anything or missed a payment in 28 years.. why the fuck do the even have credit systems it doesn't nothing for me with outbme showing proof of a job. I'm self employed
Thing is, you could just not go into debt. I agree that, in practice, you're right, but I like having a line of credit for no other purpose than emergencies. Which is exactly how I manage my debt. Zero debt except for unexpected car repairs or something like that.
Of course, very few people do that, and there's a concerted effort to make it that way, but still...one solution to all of this is just people not going into debt
Not going into debt means you save, and saving inflationary currency is for fools. You can buy assets but then you still suffer capital gains tax on inflation. The sad fact is that debt is actually such a good deal compared to tax that it's used as a way to cash out even when someone is wealthy enough to put all options on the table.
I have "good credit" simply as a biproduct of always paying my bills. The only times I've been dinged on my credit have been when I've payed off loans early. Not sure how that makes any sort of sense, but whatever.
[ - ] fnbs 1 point 3.7 yearsAug 23, 2021 14:14:54 ago (+1/-0)
Same here, mine was 812 until i closed a credit card then it dropped to 760 overnight.....i think its because when you pay off your loan early you are depriving them of their interest payments.. same with credit cards, when you close one its just less interest for them.
What it means to me is it isn't really a measure of a person's "credit", or ability to make good on their promises to pay, but instead a measure of how willing a person is to pay maximum interest over long periods of time.
Yes! I also paid off my student loans early, paid them about two years after graduating... Which means I only paid a few hundred dollars in interest instead of thousands and that does not sit well with them.
I didn't get dinged for that necessarily but I do get dinged for having a thin file. You'd think that paying off my loans early would be like a gold star for me but it doesn't even show up
The reason this happens is not because of lost interest payments at all.
Paying off a recent loan early can actually increase your score substantially (and save you a lot of interest). Paying off an old loan, or closing a credit card, will almost always decrease your score (and save you little to nothing in interest).
This is because your credit score is based on factors like 1) the age of your oldest open credit account, 2) the average age of your accounts, 3) the number of accounts you have open, 4) the total amount of revolving credit available to you, 5) the percentage of your revolving credit that you are using, 6) whether your revolving usage is increasing or decreasing.
When you close out a loan or credit card, especially one you've had for a long time, you lose points in most or all of those categories. You lose a bunch of average age, perhaps even your oldest account. You have less accounts open. In case of a credit card, you also just lost a large chunk of your available credit, which likely spiked the percentage of available credit you are now using. That's bad on its own, plus now looks like your debt is increasing (in terms of percentage of what is available to you, which is what matters).
You can (and should) have credit cards without ever paying a single cent of interest or fees on them, and have very high credit score as a result. Never close a credit card. Just always pay off the balance from the previous month. Minimum payment is not enough. You don't have to bring the current balance to 0 (unless you are already paying interest; you must hit 0 to reset that), but you must pay at least what was on the previous month's closing statement. The rest you can carry and never pay interest. This also helps keep your usage under 5%, which is ideal. Common advice is stay under 30% or even 40%, but that's bunk. Stay under 5%. But not 0, that's as bad as 40%.
Don't use credit cards as temporary loans. Use them as a monthly rotating buffer, and for the cash back and other benefits. With the right cards, you effectively get 3-6% discounts on everything you purchase. Plus periodic discount offers in the 5-30% range. That easily adds up to a couple thousand dollars extra in your pocket every year. At no cost. Plus the benefits of high credit.
Those fucking credit rating agencies should be burned to the ground at once.
The son of a bitch shabbos goy governments that gave them all that power were supposed to make it illegal for every dick and their dog to demand you show it.
You aren't supposed to need a card to rent a car a hotel or an apartment. It's the real discrimination. "Oh well, the Americans have their negroes you know, and they can't keep them down on the farm and they'll rent car's hotels and apartments and destroy them if they don't have to have a credit card".
[ + ] Doglegwarrior
[ - ] Doglegwarrior 0 points 3.7 yearsAug 23, 2021 16:54:37 ago (+0/-0)
[ + ] AOUsYamaka
[ - ] AOUsYamaka 0 points 3.7 yearsAug 23, 2021 11:06:37 ago (+0/-0)
[ + ] Rotteuxx
[ - ] Rotteuxx 0 points 3.7 yearsAug 23, 2021 12:36:52 ago (+0/-0)
Kikes hate people like me, no interest to be made.
[ + ] Fascinus
[ - ] Fascinus 1 point 3.7 yearsAug 23, 2021 14:15:18 ago (+1/-0)
https://insights.diligent.com/esg/esg-risk-scores
[ + ] obscenity
[ - ] obscenity 1 point 3.7 yearsAug 23, 2021 16:20:06 ago (+1/-0)
[ + ] Fascinus
[ - ] Fascinus 2 points 3.7 yearsAug 23, 2021 16:25:50 ago (+2/-0)
https://files.catbox.moe/1rd6b2.jpg
[ + ] we_kill_creativity
[ - ] we_kill_creativity 1 point 3.7 yearsAug 23, 2021 11:07:46 ago (+1/-0)
Of course, very few people do that, and there's a concerted effort to make it that way, but still...one solution to all of this is just people not going into debt
[ + ] Teefinyomouf
[ - ] Teefinyomouf 1 point 3.7 yearsAug 23, 2021 14:27:15 ago (+1/-0)
[ + ] 9000timesempty
[ - ] 9000timesempty 1 point 3.7 yearsAug 23, 2021 13:16:49 ago (+1/-0)
Huge penalty for checking credit. Credit score takes years to increase but just an hour destroy.
It is a blatant slavery system.
[ + ] Nosferatjew
[ - ] Nosferatjew 3 points 3.7 yearsAug 23, 2021 13:01:06 ago (+3/-0)
[ + ] fnbs
[ - ] fnbs 1 point 3.7 yearsAug 23, 2021 14:14:54 ago (+1/-0)
[ + ] Nosferatjew
[ - ] Nosferatjew 2 points 3.7 yearsAug 23, 2021 14:31:43 ago (+2/-0)
[ + ] Jiggggg
[ - ] Jiggggg 0 points 3.7 yearsAug 24, 2021 06:44:00 ago (+0/-0)*
I didn't get dinged for that necessarily but I do get dinged for having a thin file. You'd think that paying off my loans early would be like a gold star for me but it doesn't even show up
[ + ] GloryBeckons
[ - ] GloryBeckons 0 points 3.7 yearsAug 24, 2021 03:06:21 ago (+0/-0)*
Paying off a recent loan early can actually increase your score substantially (and save you a lot of interest). Paying off an old loan, or closing a credit card, will almost always decrease your score (and save you little to nothing in interest).
This is because your credit score is based on factors like 1) the age of your oldest open credit account, 2) the average age of your accounts, 3) the number of accounts you have open, 4) the total amount of revolving credit available to you, 5) the percentage of your revolving credit that you are using, 6) whether your revolving usage is increasing or decreasing.
When you close out a loan or credit card, especially one you've had for a long time, you lose points in most or all of those categories. You lose a bunch of average age, perhaps even your oldest account. You have less accounts open. In case of a credit card, you also just lost a large chunk of your available credit, which likely spiked the percentage of available credit you are now using. That's bad on its own, plus now looks like your debt is increasing (in terms of percentage of what is available to you, which is what matters).
You can (and should) have credit cards without ever paying a single cent of interest or fees on them, and have very high credit score as a result. Never close a credit card. Just always pay off the balance from the previous month. Minimum payment is not enough. You don't have to bring the current balance to 0 (unless you are already paying interest; you must hit 0 to reset that), but you must pay at least what was on the previous month's closing statement. The rest you can carry and never pay interest. This also helps keep your usage under 5%, which is ideal. Common advice is stay under 30% or even 40%, but that's bunk. Stay under 5%. But not 0, that's as bad as 40%.
Don't use credit cards as temporary loans. Use them as a monthly rotating buffer, and for the cash back and other benefits. With the right cards, you effectively get 3-6% discounts on everything you purchase. Plus periodic discount offers in the 5-30% range. That easily adds up to a couple thousand dollars extra in your pocket every year. At no cost. Plus the benefits of high credit.
Also @Nosferatjew
[ + ] Jiggggg
[ - ] Jiggggg 1 point 3.7 yearsAug 24, 2021 06:47:32 ago (+1/-0)
[ + ] obscenity
[ - ] obscenity 0 points 3.7 yearsAug 23, 2021 16:21:44 ago (+0/-0)
[ + ] AnonymousLex
[ - ] AnonymousLex 5 points 3.7 yearsAug 23, 2021 10:52:31 ago (+5/-0)
[ + ] UselessIdiot
[ - ] UselessIdiot 2 points 3.7 yearsAug 23, 2021 11:07:32 ago (+2/-0)
Having serious credit problems can give better credit score, IF you pay it back slowly over time.
Otherwise there's no "string" to pull on ya.
And it reminds me of gang initiation with interest. Group guilt to create a false god.
[ + ] account deleted by user
[ - ] account deleted by user 0 points 3.7 yearsAug 23, 2021 19:33:12 ago (+0/-0)
[ + ] yesiknow
[ - ] yesiknow 5 points 3.7 yearsAug 23, 2021 10:58:35 ago (+5/-0)
The son of a bitch shabbos goy governments that gave them all that power were supposed to make it illegal for every dick and their dog to demand you show it.
You aren't supposed to need a card to rent a car a hotel or an apartment. It's the real discrimination. "Oh well, the Americans have their negroes you know, and they can't keep them down on the farm and they'll rent car's hotels and apartments and destroy them if they don't have to have a credit card".
Fuck your niggers america.
[ + ] Fascinus
[ - ] Fascinus 0 points 3.7 yearsAug 23, 2021 12:09:10 ago (+0/-0)
[ + ] Deleted
[ - ] deleted 8 points 3.7 yearsAug 23, 2021 10:58:01 ago (+8/-0)
[ + ] virge
[ - ] virge 2 points 3.7 yearsAug 23, 2021 11:50:01 ago (+2/-0)
[ + ] Teefinyomouf
[ - ] Teefinyomouf 0 points 3.7 yearsAug 23, 2021 14:09:04 ago (+0/-0)
[ + ] PoalSucks
[ - ] PoalSucks 0 points 3.7 yearsAug 24, 2021 19:02:41 ago (+0/-0)