i agree we need the score but u should be able to bring it up faster than however long it takes maybe NOT as fast as it goes down, but they should make it where the score can be used to show you make good on bad too and not just punish you forever for something you screwed up on when you were 18 and yet everything since then has been great. anyone else have gripes against our credit system?
2007-02-09 07:59:44 · 8 answers · asked by toolate 3 in Business & Finance ➔ Credit
i ve made a couple mistakes but as far as my credit cards and car payment i always pay on time and more than the minimum. i have for years btu due to past problems ill never get back up to a decent score and thats just completely unfair.
2007-02-09 08:05:42 · update #1
I AGREE, I AGREE!! I completely agree with what you are saying. I really messed up my credit when I was in college. I have made improvements, but that old stuff still makes my credit score stay low. I have finally decided to take on all my old creditors and have been successful so far with getting a lot of stuff removed from my record. However, I hate that so many things in our capitalist society is based on your credit score. Ain't I a woman despite my credit score!!
2007-02-09 08:05:30 · answer #1 · answered by Resse 2 · 0⤊ 2⤋
I DON'T agree we need a score. Banks and other lending institutions made money for decades before credit scores were invented. They did what they call 'underwriting'. That means the loan officer actually looked at you income, debt, and assets and made a decision! To may lenders these days just look at a 'score' that is supposed to reduce everything to 1 number and look up the 'decision' on a chart.
Then again, if you spend less than you earn, you can pay CASH, and your score is not important. I recently attended a personal finance workshop with a self-made millionaire. He passed out the letter he received from the credit bureau that said they could not give him his score because he had no debt.
2007-02-09 11:33:00 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Credit scoring may not be fair, but companies need some way to determine whether and how much credit to extend.
What is unfair is the monopoly that the big 3 credit agencies have. Equifax, TRW, and TransUnion all collect and share the most personal information about people that you can imagine.
This _should_ be illegal and maybe is, but they have such a stranglehold on money that they are bulletproof.
2007-02-09 08:09:39 · answer #3 · answered by credo quia est absurdum 7 · 0⤊ 1⤋
i do no longer think of anyone judges someones total character in keeping with it. No on is assuming somebody else is adventurous and became disillusioned via the ending in sopranos in keeping with their credit. frequently talking those that have a decrease than-huge-unfold credit ARE irresponsible with money. If there became a condition previous their administration yet they're in charge then they might build it decrease back up. in case you haven't any longer have been given a mastercard then which ability your unfamiliar with debt so that they don't be conscious of the form you will take care of it. It does no longer mean you have undesirable credit report it ability you haven't any longer have been given any credit. heavily, in case you have been renting out a swanky multi million greenback condominium your no longer gunna do a credit verify on an applicant to work out if he even has the money and is in charge sufficient to pay you? supply up crying to yahoo solutions once you get denied. save calm and save on.
2016-12-17 06:12:21 · answer #4 · answered by erke 4 · 0⤊ 0⤋
I actually think there isn't enough education about how to use the system to your advantage. Nobody told me at 18 either how to work the system. Too many teenagers get caught up in credit cards, etc, etc. I know I will be teaching my child the right way to do things so at least he will have a chance!
2007-02-09 08:04:18 · answer #5 · answered by Burn to Shine 2 · 1⤊ 0⤋
I think it's unfair when your credit score is used as a tool to determine your employability.
2007-02-09 08:03:43 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It really sucks when you get divorced and your jerk of an exhusband takes everything you own and leaves all the bills for you. Then your credit gets screwed. I think there should be new rules especially since everyone is living paycheck to paycheck these days.
2007-02-09 08:08:31 · answer #7 · answered by buddhasgirl1220 2 · 0⤊ 1⤋
It is very unfair! Being a day late with a payment (even when you didn't get the statement on time), can mess up your credit big time.
2007-02-09 08:21:10 · answer #8 · answered by shendley04 3 · 0⤊ 1⤋