Credit Scores? Why do we even have them?

Dufferman · 2021-05-11T21:00:39+00:00

So, I have pretty good credit. Never defaulted on a loan, missed a payment or anything else negative. Ever. I only have 1 credit card (apparently this is...

meagain

Par4QC paid off.

Paid off doesn't help that much. Active loans, payments, utility bills, help the most.

Par4QC

meagain Yeah, my reports keep telling me I need to go in debt, to go higher. I don't like debt, so I can only go around 757 on their scale. Good enough, because I won't need it higher anyway.....no loans/debt coming my way.

The 'fine' print on those car loans for 0%, will tell you you need 800+ for eligibility. You wife would know, most likely.

johnnydoom

Par4QC The 'fine' print on those car loans for 0%, will tell you you need 800+ for eligibility

They are probably flexible, or maybe area dependent. My scores always come in on the high 700's when I ask about car loans (the only time I ever see a credit report), but I always qualify for the zero interest when I've asked for it.

meagain

johnnydoom zero interest

No such a thing. Discounts can be had, or cash back if you don't take it. It's added into the price. Get your own financing. Dealerships are pissed if people pay cash or get their own financing. They miss out on their big kickbacks.

Hoss7504

My sister in law has excellent credit. 800+. Her score nosedived by like 20+ points bc she paid off and closed her student loans, which was her oldest line of credit. I hate everything about the credit score industry. It's a racket.

Dufferman

meagain This is true. When you go for 0% financing, the dealership doesn't give you the rebates and incentives. You even though you aren't paying interest on the loan, you may actually end up paying more for the car. A lot of times it is better to get the incentives and rebates, then just pay the car loan at a faster rate if possible.

johnnydoom

Dufferman You don't ask for it until the price is negotiated. Yes, they use it as an incentive to get you to pay a higher price for the vehicle, but in the end it seems they will give it to you even after you spend days negotiating the price down - at least they do for me.

Par4QC

johnnydoom even after you spend days negotiating the price down

lol, that's 1 thing I would never do. When I stand up and tell them I'm done here, I turn and walk away. They have MY price. And they meet it or someone else will. Did it on the last car and truck both. Back and forth for an hour, with me never going up 1 dollar. I drove the truck home that day, and they called me to come in to get the car 2 days later. MY prices. But, both were cash though.

meagain

Par4QC But, both were cash though.

Even if I had the cash, at today's prices I don't know if I could pull the trigger on laying down all that cash for the crappy vehicles that are out there today. Rather keep it and pay a payment if at a low rate.

Par4QC

meagain I also never buy new; learned that lesson years ago. Almost did when we got the car we now have, very glad we didn't.

johnnydoom

Par4QC I also never buy new

I don’t either when buying for myself. Can’t get the wife to buy into that though and if I buy her a used one that has problems I’ll end up paying a bigger price than the difference between used and new.

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