The problem with collecting TV's...

[RCAZenith]

Originally Posted by Electronic M

My folks lived like that when I was young, always barely scraping by. Not long after we finally were out Dad lost his job in step with the housing bubble and they lost their shirts to NOT let it become a credit ruining for-closure.



I rather argue with the folks weekly for the next 5 years than live like they did in the early years, or repeat the IMHO stupidity of not owning their property outright or trying to live outside of means.



Credit IMO should be saved for occasions where savings are not sufficient, and purchase can not wait (like medical emergency). To me it is stupid to pay someone to rent you money unless circumstances make it unavoidable.

That's not a bad idea. And having bad credit is not a big deal. I've seen mine drop 150 points and go up 100 points all in the course of a few months. As long as it is around 600 you will be just fine.


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[WISCOJIM]

Originally Posted by RCAZenith

As long as it is around 600 you will be just fine.

600? I haven't been employed for over 14 years, and my current FICO credit score is 790. You may think you'll be fine with a 600, but if you do need a loan, you'll be paying a lot more than I would. Check on used car loans for example. A low number like yours will get you a 12%+ interest rate. A number like mine will get me an interest rate under 3%. Do what you can to achieve and maintain a high score, you never know when circumstances will put you in need of some financial help.


https://www.valuepenguin.com/average-credit-score

The average credit score in the United States is currently at an all-time high of 695. Though different scoring models exist, which cause this figure to fluctuate by a few points, most fall between 660 to 720. This coincides with what the Consumer Financial Protection Bureau defines as 'prime' - an average score. Approximately 14% of the population has no credit score whatsoever, and is labeled as credit invisible. As a result, these underbanked individuals will have difficulty obtaining new lines of credit.

In the eyes of lenders, credit scores fall into several buckets, which indicate how risky it may be to extend credit to an individual. Outside of playing a role in approvals for a loan or credit, these scores can also impact an individual's lending terms. Perhaps the most important terms among those are interest rates. The higher an individuals credit score, the lower their quoted APR will typically be.

Credit scores typically break down in the following manner:

720 or more: Excellent
660 - 719: Average/Fair
620 - 659: Poor
620 or lower: Bad



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