Does a credit score matter anymore?

[Pascal]

Quote from OldTrader:

You moved and they can't find you? LOL! You're what's known as a deadbeat. You took money and didn't pay it back.

At any rate, I think a credit score is important. For instance, the insurance companies check your credit. They do turn people down, because they believe (rightly or wrongly) that bad credit equals a personality type that may do things that cost insurance companies money.

Companies check prospective employees. Bad credit they may not hire you.

By the way, if you have good credit, you don't have to use it irresponsibly. You can pay your credit cards off monthly, etc. But let's face it, credit cards are convenient.

The bottom line is that when you borrow money you've obligated yourself to repay. When you don't repay, no one else is going to especially care, one way or another, except for the person/company you borrowed it from. But they're going to gig you on your credit...and these things don't come off for 7 years. 10 years for a bankruptcy. And I would have to believe that somewhere down deep you lose a little respect for yourself.

By the way, I'm a landlord. One of the things I look at when I evaluate a prospective tenant is the credit score. Bad credit scores tell something about the tenant.

OldTrader

I know quite a few small business owners that have gone out of business due the last 2 year recession. They are not deadbeats, they were victims of the overall economic situation. I imagine many people are in this situation now, so credit scores, on average, for the entrepreneurs and risk takers of society are probably lower than the working class.

You will still judge people on that credit score, knowing the current economic environment?

 

[maxpi]

Hee hee, deadbeat.. whatever... what I got out of the CC companies was about a week's income for a real trader and six months income for the typical bill collector so it's all a matter of perspective... those CC companies did a lot of damage to my household over the years, I got even when I got out of work and was too old to get a job...

I'd say that burning your CC lenders for all they are worth is fine if you find yourself exiting the workforce involuntarily with no hope of ever getting another real job, besides in the Obamanation, it's not going to pay to be in the workforce.. and if you are thinking at all you can pile on some more money when you sue the collections people... their typical day consists of doing all sorts of things that a lawyer can nail them for, it's just that the typical defaulter is confused and guilty and what not.. forget that shit, get set up to record telephone calls and move to a new address with no forwards... you can put $100k in your retirement... or you can stay in the chicken coop, paying the minimums, while your savings are depleted, taking phone calls where people demean you all day and wondering if you are really a "deadbeat" or not, LOL.......

I really think traders should not gauge their performance on the spectrum of number of ATR's per day they can grab but where are they on the spectrum of debtor to lender... it's a bigger picture with more of a goal built in really...

 

[the1]

You could not be more wrong. A deadbeat is someone who pays their credit card bill in full each month.

Quote from OldTrader:

You moved and they can't find you? LOL! You're what's known as a deadbeat. You took money and didn't pay it back.

 

[wee man]

Quote from the1:

You could not be more wrong. A deadbeat is someone who pays their credit card bill in full each month.

 

[cleveland45]

I haven't seen easy credit mentioned in here. Everyone and their dog used to qualify. They dug their own grave by not using proper risk assessment. fuck em'

 

[OldTrader]

Quote from Pascal:

I know quite a few small business owners that have gone out of business due the last 2 year recession. They are not deadbeats, they were victims of the overall economic situation. I imagine many people are in this situation now, so credit scores, on average, for the entrepreneurs and risk takers of society are probably lower than the working class.

You will still judge people on that credit score, knowing the current economic environment?

The title of this thread is "Does a credit score matter anymore"? I think it does. And certainly lenders, insurance companies, employers, etc will continue to use the credit score as they have in the past. If you're a small business owner, that is going to hurt you. These guys can dig themselves out of their problem, unless of course they are like Maxpi who is busy ripping them off, and figuring out ways to sue them when they try to collect. In the end, things happen, but if you have some character you'll figure out a way to handle it with some honor.

In terms of me, yes, I still use the credit score. It's important to look at it to see how people handle their problems. For instance, if a guy struggled with the bills, but paid his rent, it says something about his priorities. If his only difficulties are recent ones during the economic problem, and he has now corrected the problem, whatever it was, I may look past the credit score. Give me any hint though that the guy is another Maxpi...I want nothing to do with him.

OldTrader

 

[milktruck]

Quote from cleveland45:

I haven't seen easy credit mentioned in here. Everyone and their dog used to qualify. They dug their own grave by not using proper risk assessment. fuck em'

Yeah, it irks me that I make money taking risks and I cant call a "do over" when it goes against me, but lenders taking risks get stopped out on some bad R:R deals and all of a sudden they are backstopped. If you make money taking risks (say, on debtors), you should be prepared to take your stop and like it! systemic risk my ass, the system is now dead face down in the potomac for the bailouts!

 

[circadian]

Quote from maxpi:

I don't take treatment from anybody like that, not anybody.. and I showed them by just stiffing them and forgetting EVER having credit again, they don't understand anything else really... of course I could see that trading success was coming up on the horizon, if you don't have that going on, stay in the chicken coop until you do..

Honestly, I know that it sounds cool and renegade-ish to say "F My Credit Score," but I've got friends in many credit-intensive industries and people/entities without good credit are getting the door slammed in their face in so many ways. It's just so ill-advised to let your credit deteriorate. You'll need to tap some capital some day, and if your credit sucks...you'll be hit with punitive rates and ridiculous shit like that.

I don't agree with the system, but it's bigger than all of us; so I wouldn't be the one to challenge it and get steam rolled down the road.

 

[the1]

Have you never paid your credit card bill late? Have you never gone over your credit limit? Do you pay the entire statement balance each month? Do you use your rewards card - and collect the rewards? Are your credit rating and your FICO scores rated "excellent?"

Then you, my friend, may be a "deadbeat."

http://ezinearticles.com/?Credit-Ca...-Dead-Beat-and-They-Might-Mean-You&id=2464443

Quote from wee man:

 

[maxpi]

Quote from circadian:

Honestly, I know that it sounds cool and renegade-ish to say "F My Credit Score," but I've got friends in many credit-intensive industries and people/entities without good credit are getting the door slammed in their face in so many ways. It's just so ill-advised to let your credit deteriorate. You'll need to tap some capital some day, and if your credit sucks...you'll be hit with punitive rates and ridiculous shit like that.

I don't agree with the system, but it's bigger than all of us; so I wouldn't be the one to challenge it and get steam rolled down the road.

Not a good idea for most people, I'd say if you are too old to ever get a real job again, you're house is paid for.. there is not much downside..