Re: In Search of the Perfect Credit Score

John A. Weeks III <john@xxxxxxxxxxxxx> wrote
Snowbound <loosebowels@xxxxxxxxxxxxx> wrote

Put another way, how big of a cash cow are you. Giving
money to credit agencies is not my idea of building wealth,
so I see a credit score as a sucker rating.

I don't mean to sound pompous. While I agree it is foolish to
build a credit history for no other reason than to have a credit
history, your dismissive tone is otherwise unjustified as regards
credit scoring. For businesses, it is an excellent way to judge
the risk of doing business with an individual or even another
company; for individuals, their credit score can offer deep insight
into what is wrong and right about how they conduct their lives.

I don't disagree with what you have written. In fact, the credit
score works very well for those purposes. But I see this as
conventional thinking, and not considering the bigger picture.

I simply suggest that one not borrow, expect to purchase
a reasonable house that is within their means.

Thats mad. It makes a lot of sense to take advantage of very
low interest charges on new cars when available too, particularly
when you can make more than that on that cash elsewhere.

In spades with business startups too.

Using consumer debt at rates above 5% is a sure way
to kill your chances of building wealth, achieving critical
mass, and getting out of the paycheck to paycheck rut.

Depends on your personal circumstances. I built my house that
way, essentially because I was earning a lot better than that on
the money I could have used instead. And its that approach which
ensured that I've never ever been in a paycheck to paycheck rut,
always had a hell of a lot more surplus income than I ever needed.

Credit is like drugs.

Nope, nothing like drugs for those with a clue.

It doesn't serve any good purpose,

Mindlessly silly. Try buying a decent house without it.

and all it does is make you want more.

Have fun explaining how come I havent bothered with any credit for decades now.


.

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