Credit reports

[scoe911]

Originally Posted by scoe911

I was referring to interest rate increases. They must now give at least a 45 day notice.

Obama signed this bill in 2009.

[m21sniper]

Originally Posted by wdfifteen

I saw this come up in another thread and I didn't want to hi-jack it.
One of the few things that gets my blood pressure up is credit reporting agencies (and that BS thing Dunn&Bradstreet does which is almost the same thing). They collect information on you and give you no opportunity to preview what they put in your report before the fact, they sell it to pretty much anyone who wants it, and then have the frikkn gall to try to sell YOU access to your own information so you can correct their mistakes after they screw up.
Once a year free access isn't enough. With the internet you should be able to access and correct it anytime you want. In a time when you can't take a crap without having your credit checked you need more control and more access to the credit data collected about you.
I check mine three times a year - or more accurately, I use my annual access to each reporting agency at 4 month intervals (it doesn't make much sense to check them all at the same time unless you find a problem). I've never had a problem, but it bugs the he ll out of me that yet another bureaucracy is this involved my life.

Pay cash and don't worry about it.

[m21sniper]

Originally Posted by wdfifteen

If that car came along and you haven't been paying attention to your credit score, you might have to pass it up. If you don't have a good credit history - and NO credit history = Bad credit history - you aren't going to go out and instantly borrow enough money to buy a car.

You could not be more wrong.

As a guy that spent about 15 years repossessing cars from dead beats, i can tell you right now that the big car companies will finance ANYONE.

And this includes Mercedes, BMW, etc.

"Bad credit, slow credit, no credit....no problem!!!"

Originally Posted by scoe911

Potential employers are now checking job applicant's credit ratings along with background checks. The logic being good credit speaks about character...maybe...maybe not.

I think that lawsuits have stopped this practice in some US States already. Maybe i'm misremembering, but i seem to recall reading a few stories to that effect.

Originally Posted by widebody911

BTDT. It doesn't work.

I refused to get a credit card until my late 20's, for pretty much the reasons stated in this thread. However, simple things like renting a place to live were nigh impossible. I landed a great job, but then needed to do some emergency travel for the job (had to cover a commitment for my boss), and damn near lost that job because I didn't have a CC to handle up-front travel expenses - airlines and hotels don't like cash or checks.

A debit card does all that you need to have done nowadays.

If there is some (legal) product or service you cannot buy with a debit card, i have yet to run across it.

[GH85Carrera]

One credit card I had for over 15 years sent me a letter saying they were raising the interest rate to 21% AND they were going to start charging a $60 per year service fee. I sent it back with No, I don't agree to those changes. They said the only option was to cancel the card. I told them to go right ahead, I did not mind. I have not missed them at all.

[scoe911]

Originally Posted by m21sniper

A debit card does all that you need to have done nowadays.
If there is some (legal) product or service you cannot buy with a debit card, i have yet to run across it.

Agreed,as long as you have the cash in your account to back up your purchase.

[RWebb]

but a credit card has numerous advantages not shared with a debit card. Limits on losses if stolen is one.

[scoe911]

Originally Posted by RWebb

but a credit card has numerous advantages not shared with a debit card. Limits on losses if stolen is one.

You can limit the amount that can be withdrawn on a debit card within a certain time period which is what I did. However you can see where a problem could arise if you tried to exceed the limit. This is why you need both debit and credit cards IMO.

[m21sniper]

Originally Posted by RWebb

but a credit card has numerous advantages not shared with a debit card. Limits on losses if stolen is one.

My debit card has theft protection, just like a credit card does.

Either that, or my bank is lying to me.

I have had to contest some charges to my Debit card in the past, my bank has always taken my side.

[RWebb]

for a credit card, your liability is limited by law, so even if a bank does lie (or conceal) you are protected

also, there is no direct suction line into your bank acct.

[jcunning]

Originally Posted by pwd72s

Never check my credit rating...don't care what it is. Cindy & I use credit cards, but bills get paid in full every month. That makes us "deadbeats" in the credit card world...they like people who pay interest.

Everything is paid for, including our home.

Financial happiness for me is in not paying any interest while having others pay interest to me.

I agree! Not paying interest every month is a thing of beauty. For some time I was paying a thousand in interest every month (not counting main mortgage!).

The one warning about not checking your credit report is that you could be a victim of identify fraud without really knowing it for awhile. For $50 a year I get a monitoring service plus 3 credit reports per year. Anytime a new account is opened on any of the 3 credit reports, I get an email to verify the activity. I also get an email when someone pulls my credit history. This is good to know as this is the first sign of someone opening a new account.

[RWebb]

not paying any interest on a home mortgage means you are losing out on a tax write off

[GH85Carrera]

I am sure not going to mortgage my house just to get a tax writeoff on the interest.

[KFC911]

Originally Posted by RWebb

not paying any interest on a home mortgage means you are losing out on a tax write off

I've never understood the "flawed logic" of the above statement either...

[RWebb]

it makes sense or does not make sense, depending upon economic conditions at the time - net present value is the concept

[turbo6bar]

paying interest on a home mortgage means you are losing out on cash in your bank account

[KFC911]

Originally Posted by RWebb

it makes sense or does not make sense, depending upon economic conditions at the time - net present value is the concept

Help me understand (I'm serious). I "get" the concept of net present value (at least I think I do ), but where is the cash inflow on one's "home" coming from? From my perspective, it's all outflow...paying 3x in mortgage payments in order to reduce taxes 1x from Uncle Sam just doesn't compute for me? Now an investment property is a whole 'nuther subject (if one opts to leverage), but I prefer to own those outright also. Sorry 'bout the hijack...

[RWebb]

right - but if it is low enuff (after collecting the tax subsidy) you can take the $$ you'd otherwise have used for the mtg. payoff and invest elsewhere - like in growth stocks

I know many people who "just feel better" when their house is paid off - nothing at all wrong with that

[KFC911]

Originally Posted by RWebb

right - but if it is low enuff (after collecting the tax subsidy) you can take the $$ you'd otherwise have used for the mtg. payoff and invest elsewhere - like in growth stocks...

I still don't follow the logic...if investing $$ is good, isn't investing $$$$$$ three times better? Sorry 'bout the hijack, and now a couple of personal experiences to get the thread back on track. Things might have changed in recent years, but I once was unable to rent a car at LAX via a debit card, nor would many hotels accept a debit for their "security deposit" upon check-in. CC only in both cases, no cash or debits initially, but of course one could actually pay via debit at the end of the stay or rental. I used to have a CC for travel and big ticket purchases (I once lost $500 for a "blues cruise" deposit since I used a debit instead of CC), but a couple of years ago, I received notice that my CC "purchase protection" would no longer apply to Internet purchases, nor purchases outside my local area (I think it was 50 miles). I immediately cancelled the POS CC after carrying it around for 15 years. I'm sure it didn't bother the CC provider as they've never made a penny off of me from interest payments, and I'm not the type of customer they want anyways . Good riddance CC...

ps: I've had my Credit history "frozen" at the three agencies for many years now. That really cut down on bs offers showing up in my mailbox and I don't even have to check annually. No one is making inquiries or filing bogus credit claims without my written approval to grant an exception. Not pratical for some, but it sure works for me.