 I have received notification of a debt which i did not know existed from 11 years ago i am being threatened? |
| with legal action where do i stand. I had a violent partner who ran up alot of debt i do not know if he used my credit card. The debt is from 1996 like i said i knew nothing about this until i ... |
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 Help... my parents took away my credit card!!!!!!!!!!!!!!!!!!!!!... |
| i am 14, my parents said that i was spending to much and if i wanted it back i had to pay 50% percent of last months bill it was 3,695.23$ and that was the lowest bill ever why did they take it away ... |
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 Is this a con? |
| my husband applied 4 a loan and the broker said he had been approved for a loan and all he had 2 do was said in there fee of 39.99 pound s and then they would pass his details onto a suitable lender. ... |
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 How do I get a Personal Loan for bad credit. I've searched & searched & get turned down.? |
| I'm trying to get a personal loan for an emergency. None of my accts are past due but my credit score is low because I have too many small limit credit cards that are maxed out. I've ... |
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 Looking for a personal loan for 4,000. i have bad credit. I have steady income can anyone tell me where to go? |
| i have a title to a 2001 Hyundia Accent also for caladeral. i have steady income i just need someone to pint me in the right direction to find a place that will do a loan. Thanks for yur ... |
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 Gift cards? |
| Is there a website that allows you to see how much you have on one?... |
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 I want a house sooo bad!? |
| As a single parent with three kids I feel no one will want to touch me because I am a risk. I would like a 3 or 4 brm house. I make 15-17 hourly, I recieve child support of 320 a mo I'll ... |
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 Credit Cards, Which one should i get? |
| I am 19 years old and i want to start building my credit. I moved out when i was 16, but come to realize i cannot get anything without paying cash b/c i do not have any credit. I would like to get a ... |
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 What can Credit Card companies legally do, if you stop making payments? |
What if you are a Canadian in Florida and these are American Cards? Would going back to Canada be absolutely necessary?
Sorry about the 3 questions. Serious or seriously funny answers ... |
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 What should i do about Capital One? |
| Ok i have had this card with them for 3 years and have never complained about the 19.80% interest but now that i have built my credit up to a score of around 750 at 22 years old i do not want a card ... |
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 How do you make 200 dollors FAST??!!? |
| Please I really need to make $200 FAST!!!!!PLEASE HELP!!!!!... |
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 Car finance settlement figure? |
Can anyone help me with trying to figure out how much my settlement figure on my car finance would be.
I took out the finance last august 06. The car total was 3895 and i pay 124.62 a ... |
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 People that had my phone number prior to me aren't paying their bills? |
| Apparently the people who had my current phone number are deadbeats and are not paying their bills. I usually get at least a phone call a day including the weekends. I have talked to these people ... |
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 Debit card question? |
| How long does it take for the shops to take the money out of your account from when you purchased something on your debit card? As this is my first and I do not wish to end up going over what i have ... |
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 How can i buy a property without having to put down a deposit? |
| I cant afford a deposit for a property so is there anyway around this?... |
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 I am looking for a loan for $5,000 to pay urgent bills. I have aweful credit, and can't find a loan! Help me? |
| I have run into some monetary hardships, and need to borrow $5,000 fast! I am in the process of applying for a grant, but it could take 10-12 weeks. That is just not soon enough for me! I have ... |
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TomSawyer | Why worry about your credit score? |
The only legitimate thing to borrow money for is a house. Otherwise, you shouldn't buy things if you can't afford them.
Additional Details
You don't need a credit card. Use a debit card. Other than obtaining a mortgage, there is no viable reason to give a damn about your credit. Either you have the money or you don't. If you don't have the money, then don't do things.
And there is no reason to believe I am wealthy so quit whining about how poor you are and stop borrowing money (except for a house)...and pay that freakin' thing off too.
Want a car? Save for it or drive what you have. |
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110%
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1) down payment on a house
2) interest rate on private student loans
3) good credit = no deposits for utilities
4) good credit = lower interest rates
5) good credit = less hassel on starting cell phone and internet accounts
I agree with you though.
If you don't have the money, don't freakin' buy it, unless in the case of dire need or emergency (need does not equal want).
Everytime you go to the store to buy a pair of undewear or jeans for example, you get sales pitched for that store's credit card. Jeez, just say thanks for patronizing the store and leave it at that. I reply to these offers with, "I think I'd rather vote repulican than sign up for your lousy card." That ususally shuts down the pitch.
Best of luck to you. |
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rmarceau2001
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I agree, mostly. Everyone should worry about their credit score, though, because eventually everyone will want to buy a home like you said. So, have a credit card or two, but always pay the bill IN FULL, every month. Also, always pay your utility bills on time. |
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VATreasures
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It sounds like you have it figured out pretty well.
In the future you will likely be able to get a good mortgage rate with an alternative credit score(based on rent, utility and other payments). However these days you still need to have credit established to get a good mortgage rate.
A car loan can be helpful if you are just starting out and need reliable transportation. However with cars get more reliable, this is becoming less of a reason to borrow money.
Student loans really depend on the motivation whether they are positive. |
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E-Rock
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There are a few reasons to have a good credit score.
The basics of credit simply say whether you apprear to be a risk to lenders, but the idea of risk is broader than that. True - you need a good credit rating to qualify for most home loans, but they do also offer sub prime loans, and if you put enough money down you can usually finance the remainder regardless of how bad your credit looks.
Your question was more specifically why bother. here are a few reasons why you need to have good credit outside of the realm of finance:
If you are looking to rent an apartment they will pull your credit to see if you have a history of delinquencies - since they are granting a sort of service credit (you get a home - they get paid each month) they want to make sure that you dont have a history of defaulting on your monthly obligations.
If you are in the millitary - your ability to rise within the military will be hampered if you have bad credit and or a lot of debt... why? because you appear to be a risk - if you are given sensitive information and have a lot of debt there is a direct correlation to whether or not you would be more willing to sell that sensitive information to a subversive group or china - etc. Your credit would oslao convey whether you are a risk for that.
Same goes for employment in areas where intellectual property and sensitive documents abound... the more you owe and worse your credit is, the more likely that someone could bribe, persuade or convince you to give them that information.
Now having bad or no credit does not mean that you are a criminal or that you would be willing to give sensitive information away, but you fall into a category of people that are MORE LIKELY to do so.
Its relatively easy to get your credit in line, and you dont need to borrow or owe thousands to do so.
Think of it like this - if you are going to a business to use some service they offer you'd want to know that they have done that service before... same goes for you as a borrower or consumer- they want to know that you have borrowed money and paid it back...
my two cents |
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General Custer
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If you have good credit you don't need to worry about your score. If you have marginal credit then learning how to boost your score "may" be worthwhile. |
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Jimmy's_WIFE
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Listen Tom..you just answered a question for me so let me return the favor...
Some of us were not born with wealthy parents and wealthy lifestyles...In order for us to even want a house, we must go to school, in order for us to go to school, you must borrow money from someone. All parents don't have trust funds for their children. I am trying to put myself through college. It is hard and I am trying my best but EVERYONE needs help sometimes. There are other reasons to borrow money besides home ownership! |
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Surveyor
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My credit score just prevented me from getting an ATM card for my credit union account. |
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Jack C
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the better your credit score, the better type of home loan you can obtain, as in lower interest rates, lower down payment, and higher loan amounts. So, unless you can pay for a house with outright cash, your credit score is VERY important. and will determine the location and size of your house. Also, credit scores are extremely important if you want to finance a new automobile purchase. You credit score can influence the difference between driving a Hyundai or a BMW, for basically the same monthly payment. |
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chefantwon
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Actually, your going to have to have a good one if you want to:
buy a car
get auto insurance
get home insurance
a good job
get a credit card
Without a decent credit score your rates will be higher for your insurance, and any money you borrow will have a higher interest rate. |
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gtofinancial.tomvoli
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You will need credit for renting a place to live, many jobs check credit, as well as it simply being what a person who cares about themselves and other people would want to do. If not, you may end up as one of the people in this Q&A forum asking for help because you are getting your wages garnished.
Here is some additional info. I suggest you check it out. |
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smartypants909
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Your credit score is important, it determines your interest rate, how much money you qualify for, lots of things. I just bought a car and because my credit score is now over 700, after a long period of bad credit due to my husband's disability, I didn't have to show proof of employment, no personal references, I qualified for the lowest interest rate Honda Motors offers, and then I refinanced with my own company and got an even lower interest rate and one year knocked off the loan without hardly any change in the monthly payment. Credit scores mean a lot. And after I cleaned up my credit I refinanced my house and qualified for a much lower interest rate which lowered my payment quite a bit. |
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ceboily@rogers.com
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Lots of companies these days check your credit before they provide a service or will open an account for you
For example... want a cell phone? They check your credit. Want a visa or mastercard? They check your credit. Want to rent an appartment? They check your credit too.
There are lots of good reasons to keep a good credit rating - not just to borrow money to buy a house or car, but to make it easier to get a cell phone / visa / rent anything more costly than a video. |
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nelson_devon
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If you buy a house (a good plan) you can get a much better rate if you have a good credit score. This can save you thousands of dollars. |
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Utopia
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because if you dont have a good credit score you cant get a home or at least a good rate on a home
If you have no credit at all you wont have a credit score in order to get a home
In America, if you have a bad credit score your considered a loser and untrustable
BTW-Your question was dumb |
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JayZ
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I agree that you shouldn't borrow money needlessly. However, your good credit score can get you lower car insurance premiums, lower interest rates on a house or car, and money in an emergency. You also need a credit card to rent a car, make hotel reservations, and for emergencies on a trip. Can't get a credit card (with a good interest rate) without a good credit history. |
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jim7368
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ever want to buy a house or another car w/o paying cash??? Score effects your interest rate you will pay. |
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bryan l
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something to look at one guy making 50k with a bad credit score will be worse off then the guy making 35k with excellent credit score. for intrest rates. |
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Rvn
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Ummm ... so, cars are illegitimate? |
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