The Project $100k Vs Your Credit Score

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Author	Replies: 8 / Views: 1,596
jack jeckel Pillar of the Community United States 5202 Posts	Posted 04/17/2016 01:21 am I pay for everything in halves and dollar coins. If I have to use credit for an internet transaction I try to use my Sears Mastercard because I can walk into Sears, Roebuck, and Co and pay my tab off at the end of the billing cycle in dollar coins or halves. All of my 4 cars and trucks are paid off in full. All of my 3 motorcycles are paid off in full. All of my 4 houses are paid off in full. I have not had a credit score check since 2006 when I opened my home equity account on house 1 and it was 720. It seems according to television commercials (aside from the file bankruptcy because the average American has $20K in credit card debt) you need to check your credit score every day. There was one website where you entered your credit score and the number of cards you had and your current balance and you could slide it by faking paying your dues as if you were actually responsible for paying your debt or closing cards. Anywho other than paying all of my normal bills and multiple utilities and multiple property taxes on time I guess I don't have a "credible" credit history because I am not a dead beat in debt til death leach on society that the "system" wants. So are you / me /we doing ourselves a disservice by spending halves dollar coins, $2 bills, $100 bills in the threads? On an aside I only need 1 credit card for online purchases but when Home Depot will give you 3 years free financing and Menards will give you 3 years free financing and Chase will give you 5% cash back per quarter and now the new Chase will give you $150 free cash back and 0% for 15 months sometimes you have to give in if only to score a technically free 23016 Gold Mercury dime. If after 3 years of paying coin for everything and they will give me $8K credit line to go with the zero balance $8K credit line each on the other 5 cards I don't think it really matters. If I was born without a soul I could refinance, max out, and leverage everything trackable on paper for a WHOLE lot of money and disappear for a LONG LONG time. And the "bad credit" would only stray on y record for 5-7 years. That is what is wrong with this country. Penalize the responsible people. Want vs. need. If you can't pay cash for it you don't "NEED" it. Edited by jack jeckel 04/17/2016 01:27 am Report this Post to the Staff

KenKat Pillar of the Community United States 4085 Posts	Posted 04/17/2016 11:18 am It is a great irony that as I type this reply, there is a Credit Karma add running on the page with a little sliding credit score going back and forth. I use credit cards but make sure I pay them off every month. If I don't think I can pay something off, I don't buy it. I am more than happy though for Capital One to give me back 1.5% or Discover to give me a 5% discount at restaurants over the next three months or Citibank and Hilton to let me stay at a Hilton family hotel for free sometimes. Why not? I have a great credit score but don't really care that much since I don't really need credit, it's just a useful tool for certain things. My 7070 US Type Set My 7100 Lincoln Cent Set (now with updates!) Report this Post to the Staff
jack jeckel Pillar of the Community United States 5202 Posts	Posted 04/17/2016 1:24 pm I guess the question I was trying to ask was how does paying halves, dollar coins $2 bills all the time instead of using a credit card even if you pay it off every month affect your credit score and are we hurting ourselves (credit score wise even though if I can't pay cash for it I don't need it) Edited by jack jeckel 04/17/2016 1:24 pm Report this Post to the Staff
KenKat Pillar of the Community United States 4085 Posts	Posted 04/17/2016 2:51 pm If you have absolutely no recent credit history of making payments on time, then yes, your credit score is going to be impacted as any prospective lender has no recent history to judge you by. It would probably make sense to run a few hundred bucks of expenses through every month, pay them off, and build some recent history. It doesn't really matter how you pay the statement though, so if you have a way to pay those off in cash, that wouldn't have any impact I don't think. My 7070 US Type Set My 7100 Lincoln Cent Set (now with updates!) Report this Post to the Staff
CLS12 Pillar of the Community United States 509 Posts	Posted 04/17/2016 3:23 pm If you had a mortgage at one point (or 4), if you had a car loan, if you pay your Sears card on time, if you don't have any debt and sitting on equity (debt to equity ratio), then regardless of you thinking you don't have a credit history, you likely have an impeccable record. I pay my bills on time, don't have a ton of cards and every 5 years or so when I see my credit score it's always excellent. Report this Post to the Staff
davec13 Pillar of the Community United States 757 Posts	Posted 04/17/2016 3:29 pm The credit "game" has definitely evolved. Credit for my grandparents generation was they knew all the shop owners and their name was all the credit they needed. For my parents plastic started to be more common, but cash was still king. The only thing you really needed credit for was a car or home loan. My generation is where the credit game got flipped upside down and you need credit for everything. Even things that make no sense where your ability to stay in debt should ever be considered. Car insurance or possible employment come to mind. I try and keep my cards at 30% like to credit card companies like to see, as long as it's within the 0% interest grace period. Once they start to try and get interest I pay it off. You also can't complain about the "free" stuff these credit card companies like to hand out. I have a GM card and last year when I picked up my new truck I had around $4,000 taken off the purchase price. Report this Post to the Staff
Slamnbass Pillar of the Community United States 3644 Posts	Posted 04/17/2016 11:47 pm Davec, I work for Gm and of course love Gm/chevy trucks but just an FYI case you have not heard all sierra and silverado 2014 and '15's are being recalled for seat belt issues...I think it's a vendor mishap(was just announced Thursday or Friday) Edited by Slamnbass 04/17/2016 11:48 pm Report this Post to the Staff
berto Pillar of the Community United States 840 Posts	Posted 04/20/2016 4:34 pm Jack, I also have no debt, but I choose to use credit cards and pay them off every month to get the perks. For example, with the airline miles I accumulate each year I can pay the flight costs for my family of 5 when we go on a vacation 1x each year. This equates to ~$2,500 savings to me, and I have an established credit record with an excellent rating as a bonus. Report this Post to the Staff
Bret Pillar of the Community United States 1913 Posts	Posted 04/20/2016 5:19 pm jack, the way you're doing things is great. The only possible downside is if you want to purchase something on credit. I say stick with your plan. You're much better off than most people who live beyond their means and end up paying interest to the banks their entire lives. Personally, I have no debt (including my house which I paid off in 15 years) and like is so much more relaxed without having to worry about financial stress. I even pay cash for my cars. I do use credit cards, but only because they pay me 1% of whatever I purchase. The key to using credit cards is not to make any purchases that you wouldn't otherwise make with cash. If you're that disciplined, the do it. If not, that's ok. Cash is still good. Report this Post to the Staff
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