Employer’s increased use of credit check

[paramount]

In general, checking credit reports on job applicants is just another step towards corporate fascism.

[Bubblesitter]

Credit score is the most important number in your life (except perhaps your waist size, bra size, member length, etc)

I watched and monitored my credit score like a hawk the 2 years before I’ve bought houses

Remember folks to periodically check your credit reports and associated scores (i.e. FICO). Also by law you are entitled to 1 free report from 3 major credit agencies a year (Equifax, Transunion, Experian. Don’t be fooled by freecreditreport, it is a scam fee based service. they have been fined by FTC multiple times for deceptive practives

annualcreditreport is the one you go thru

Check for errors. Your credit score is single most important number in your life. Companies make hiring, interest rate, insurance rate decisions based on credit scores.

Bubblesitter

[Bubblesitter]

Credit score is the most important number in your life (except perhaps your waist size, bra size, member length, etc)

I watched and monitored my credit score like a hawk the 2 years before I’ve bought houses

Remember folks to periodically check your credit reports and associated scores (i.e. FICO). Also by law you are entitled to 1 free report from 3 major credit agencies a year (Equifax, Transunion, Experian. Don’t be fooled by freecreditreport, it is a scam fee based service. they have been fined by FTC multiple times for deceptive practives

annualcreditreport is the one you go thru

Check for errors. Your credit score is single most important number in your life. Companies make hiring, interest rate, insurance rate decisions based on credit scores.

Bubblesitter

[Bubblesitter]

Credit score is the most important number in your life (except perhaps your waist size, bra size, member length, etc)

I watched and monitored my credit score like a hawk the 2 years before I’ve bought houses

Remember folks to periodically check your credit reports and associated scores (i.e. FICO). Also by law you are entitled to 1 free report from 3 major credit agencies a year (Equifax, Transunion, Experian. Don’t be fooled by freecreditreport, it is a scam fee based service. they have been fined by FTC multiple times for deceptive practives

annualcreditreport is the one you go thru

Check for errors. Your credit score is single most important number in your life. Companies make hiring, interest rate, insurance rate decisions based on credit scores.

Bubblesitter

[Bubblesitter]

Credit score is the most important number in your life (except perhaps your waist size, bra size, member length, etc)

I watched and monitored my credit score like a hawk the 2 years before I’ve bought houses

Remember folks to periodically check your credit reports and associated scores (i.e. FICO). Also by law you are entitled to 1 free report from 3 major credit agencies a year (Equifax, Transunion, Experian. Don’t be fooled by freecreditreport, it is a scam fee based service. they have been fined by FTC multiple times for deceptive practives

annualcreditreport is the one you go thru

Check for errors. Your credit score is single most important number in your life. Companies make hiring, interest rate, insurance rate decisions based on credit scores.

Bubblesitter

[Bubblesitter]

Credit score is the most important number in your life (except perhaps your waist size, bra size, member length, etc)

I watched and monitored my credit score like a hawk the 2 years before I’ve bought houses

Remember folks to periodically check your credit reports and associated scores (i.e. FICO). Also by law you are entitled to 1 free report from 3 major credit agencies a year (Equifax, Transunion, Experian. Don’t be fooled by freecreditreport, it is a scam fee based service. they have been fined by FTC multiple times for deceptive practives

annualcreditreport is the one you go thru

Check for errors. Your credit score is single most important number in your life. Companies make hiring, interest rate, insurance rate decisions based on credit scores.

Bubblesitter

[Bubblesitter]

I know a guy at a major nationwide insurance company, he said that credit score was a signficant input in car insurance underwriting.

With bad score you will also pay more in insurance

Another reason to watch your score like a hawk.

Between lower mortgage, car loan rates, and lower insurance rates you could end up saving 10s or 100s of thousands of dollars over a lifetime

[Bubblesitter]

I know a guy at a major nationwide insurance company, he said that credit score was a signficant input in car insurance underwriting.

With bad score you will also pay more in insurance

Another reason to watch your score like a hawk.

Between lower mortgage, car loan rates, and lower insurance rates you could end up saving 10s or 100s of thousands of dollars over a lifetime

[Bubblesitter]

I know a guy at a major nationwide insurance company, he said that credit score was a signficant input in car insurance underwriting.

With bad score you will also pay more in insurance

Another reason to watch your score like a hawk.

Between lower mortgage, car loan rates, and lower insurance rates you could end up saving 10s or 100s of thousands of dollars over a lifetime

[Bubblesitter]

I know a guy at a major nationwide insurance company, he said that credit score was a signficant input in car insurance underwriting.

With bad score you will also pay more in insurance

Another reason to watch your score like a hawk.

Between lower mortgage, car loan rates, and lower insurance rates you could end up saving 10s or 100s of thousands of dollars over a lifetime

[Bubblesitter]

I know a guy at a major nationwide insurance company, he said that credit score was a signficant input in car insurance underwriting.

With bad score you will also pay more in insurance

Another reason to watch your score like a hawk.

Between lower mortgage, car loan rates, and lower insurance rates you could end up saving 10s or 100s of thousands of dollars over a lifetime

[ucodegen]

[quote four walling]
I respectfully disagree.

If you do not have a credit history then you are not creditworthy.
[/quote]
You did not prove your contention. In fact, you may have succeeded in proving the contrary point and only demonstrated that you have to ‘play the game’, whether or not that really succeeds in truely demonstrating true creditworthyness in the following:
[quote four walling]
It is important to finance a large purchase, such as an automobile even though you can afford to pay cash for it. All you need to do is keep making payments on the car for about 12 months then write a check for the balance and pay it off.
.
.
Financing a vehicle does wonders for your FICO score. I have not financed a vehicle for years, but the credit history of the few that I have in the past makes for a nice looking credit bureau.
[/quote]
If you hadn’t ‘played the game’, where would your FICO be? Did ‘playing the game’ really change how you would pay off a loan in the future?

So does it mean you have better management of money if you need to use credit to buy something, or if you generally anticipate financial need and also make allowances for the unanticipated?

Having successfully financed and paid off a car does not make you creditworthy.. all it says is that you took out a loan and paid it off. The fallacy of it making you creditworthy is partially to blame for our current banking problems and the failure of Option-ARM and Alt-A loans. These loans were taken out by people with high credit scores. These are not the same as sub-prime which were taken out by low credit score individuals.

What has been happening is that the credit rating agencies have been trying to ‘enlarge’ their businesses, since companies using them have to pay a fee to the credit rating agencies. In many cases, the credit rating is being seriously mis-applied. This is also why:
[quote four walling]
When you go to finance a car, the lender does not ask you how much money that you have in the bank and they don’t care.
[/quote]
Before the heavy use of credit agencies, the lender would want proof of how much money you have in savings because if you could not generate at least some savings, you probably couldn’t afford additional expenses in the form of the car loan.

Finally, here is an older graph showing the various types of loans that were going to re-cast.
[img_assist|nid=8228|title=Mortgage Rate Resets 2007.10|desc=|link=node|align=left|width=100|height=92]

as well as a gratuitous link to Dr HousingBubble…

[ucodegen]

[quote four walling]
I respectfully disagree.

If you do not have a credit history then you are not creditworthy.
[/quote]
You did not prove your contention. In fact, you may have succeeded in proving the contrary point and only demonstrated that you have to ‘play the game’, whether or not that really succeeds in truely demonstrating true creditworthyness in the following:
[quote four walling]
It is important to finance a large purchase, such as an automobile even though you can afford to pay cash for it. All you need to do is keep making payments on the car for about 12 months then write a check for the balance and pay it off.
.
.
Financing a vehicle does wonders for your FICO score. I have not financed a vehicle for years, but the credit history of the few that I have in the past makes for a nice looking credit bureau.
[/quote]
If you hadn’t ‘played the game’, where would your FICO be? Did ‘playing the game’ really change how you would pay off a loan in the future?

So does it mean you have better management of money if you need to use credit to buy something, or if you generally anticipate financial need and also make allowances for the unanticipated?

Having successfully financed and paid off a car does not make you creditworthy.. all it says is that you took out a loan and paid it off. The fallacy of it making you creditworthy is partially to blame for our current banking problems and the failure of Option-ARM and Alt-A loans. These loans were taken out by people with high credit scores. These are not the same as sub-prime which were taken out by low credit score individuals.

What has been happening is that the credit rating agencies have been trying to ‘enlarge’ their businesses, since companies using them have to pay a fee to the credit rating agencies. In many cases, the credit rating is being seriously mis-applied. This is also why:
[quote four walling]
When you go to finance a car, the lender does not ask you how much money that you have in the bank and they don’t care.
[/quote]
Before the heavy use of credit agencies, the lender would want proof of how much money you have in savings because if you could not generate at least some savings, you probably couldn’t afford additional expenses in the form of the car loan.

Finally, here is an older graph showing the various types of loans that were going to re-cast.
[img_assist|nid=8228|title=Mortgage Rate Resets 2007.10|desc=|link=node|align=left|width=100|height=92]

as well as a gratuitous link to Dr HousingBubble…

[ucodegen]

[quote four walling]
I respectfully disagree.

If you do not have a credit history then you are not creditworthy.
[/quote]
You did not prove your contention. In fact, you may have succeeded in proving the contrary point and only demonstrated that you have to ‘play the game’, whether or not that really succeeds in truely demonstrating true creditworthyness in the following:
[quote four walling]
It is important to finance a large purchase, such as an automobile even though you can afford to pay cash for it. All you need to do is keep making payments on the car for about 12 months then write a check for the balance and pay it off.
.
.
Financing a vehicle does wonders for your FICO score. I have not financed a vehicle for years, but the credit history of the few that I have in the past makes for a nice looking credit bureau.
[/quote]
If you hadn’t ‘played the game’, where would your FICO be? Did ‘playing the game’ really change how you would pay off a loan in the future?

So does it mean you have better management of money if you need to use credit to buy something, or if you generally anticipate financial need and also make allowances for the unanticipated?

Having successfully financed and paid off a car does not make you creditworthy.. all it says is that you took out a loan and paid it off. The fallacy of it making you creditworthy is partially to blame for our current banking problems and the failure of Option-ARM and Alt-A loans. These loans were taken out by people with high credit scores. These are not the same as sub-prime which were taken out by low credit score individuals.

What has been happening is that the credit rating agencies have been trying to ‘enlarge’ their businesses, since companies using them have to pay a fee to the credit rating agencies. In many cases, the credit rating is being seriously mis-applied. This is also why:
[quote four walling]
When you go to finance a car, the lender does not ask you how much money that you have in the bank and they don’t care.
[/quote]
Before the heavy use of credit agencies, the lender would want proof of how much money you have in savings because if you could not generate at least some savings, you probably couldn’t afford additional expenses in the form of the car loan.

Finally, here is an older graph showing the various types of loans that were going to re-cast.
[img_assist|nid=8228|title=Mortgage Rate Resets 2007.10|desc=|link=node|align=left|width=100|height=92]

as well as a gratuitous link to Dr HousingBubble…

[ucodegen]

[quote four walling]
I respectfully disagree.

If you do not have a credit history then you are not creditworthy.
[/quote]
You did not prove your contention. In fact, you may have succeeded in proving the contrary point and only demonstrated that you have to ‘play the game’, whether or not that really succeeds in truely demonstrating true creditworthyness in the following:
[quote four walling]
It is important to finance a large purchase, such as an automobile even though you can afford to pay cash for it. All you need to do is keep making payments on the car for about 12 months then write a check for the balance and pay it off.
.
.
Financing a vehicle does wonders for your FICO score. I have not financed a vehicle for years, but the credit history of the few that I have in the past makes for a nice looking credit bureau.
[/quote]
If you hadn’t ‘played the game’, where would your FICO be? Did ‘playing the game’ really change how you would pay off a loan in the future?

So does it mean you have better management of money if you need to use credit to buy something, or if you generally anticipate financial need and also make allowances for the unanticipated?

Having successfully financed and paid off a car does not make you creditworthy.. all it says is that you took out a loan and paid it off. The fallacy of it making you creditworthy is partially to blame for our current banking problems and the failure of Option-ARM and Alt-A loans. These loans were taken out by people with high credit scores. These are not the same as sub-prime which were taken out by low credit score individuals.

What has been happening is that the credit rating agencies have been trying to ‘enlarge’ their businesses, since companies using them have to pay a fee to the credit rating agencies. In many cases, the credit rating is being seriously mis-applied. This is also why:
[quote four walling]
When you go to finance a car, the lender does not ask you how much money that you have in the bank and they don’t care.
[/quote]
Before the heavy use of credit agencies, the lender would want proof of how much money you have in savings because if you could not generate at least some savings, you probably couldn’t afford additional expenses in the form of the car loan.

Finally, here is an older graph showing the various types of loans that were going to re-cast.
[img_assist|nid=8228|title=Mortgage Rate Resets 2007.10|desc=|link=node|align=left|width=100|height=92]

as well as a gratuitous link to Dr HousingBubble…

[Author]

Posts