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Thread: Meet the Credit Score Perfectionists

  1. #16
    Elite Member Daphne's Avatar
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    Quote Originally Posted by Mivvi21 View Post
    Credit scores are a big scam and always have been. Since when is it better to be swimming in debt than to be debt free? If you don't use credit you have no score. It's like punishment for not lining corporate pockets with even more loot. Plus,who even knows how they calculate those scores anyway? The credit scoring bureau's refuse to tell the formula they use to generate scores at all. The whole damn thing is one big legalized racket.
    Just because you use credit cards doesn't mean you're swimming in debt. I've had cards since I was 18 and I have never carried a balance. I pay them off in full every month. Without a credit history, I imagine it's difficult to qualify for car loans, a mortgage, an apartment lease (if a credit check is done) etc.
    Last edited by Daphne; April 9th, 2010 at 05:56 PM.

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    Why do credit card companies and these "scorers" have so much power. Congress should pass a law regulating the use of these scores and limiting their power.

  3. #18
    czb
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    Quote Originally Posted by Daphne View Post
    Just because you use credit cards doesn't mean you're swimming in debt. I've had cards since I was 18 and I have never carried a balance. I pay them off in full every month. Without a credit history, I imagine it's difficult to qualify for car loans, a mortgage, an apartment lease (if a credit check is done) etc.
    agree with this.

    i don't know why people here are carping on the people who are profiled in the article. basically they are carrying minimal debt so have high FICO scores.

    and the way i understand it, it isn't THESE people who triggered the mortgage debacle. it's lenders giving credit to people with poor credit histories and limited means to pay $$$ for housing they couldn't afford.

  4. #19
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    Thanks for that useful information! Debt is one of the major concern of the world's population and nations worldwide. Apparently, the traditional FICO credit rating does not think about those with restricted or no credit history. However, the new VantageScore 3.0 design, developed by the credit reporting bureaus Experian, Equifax and TransUnion, factors in option kinds of data to allow thousands credit who have been denied previously.

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