What's your credit score?

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  • J_Kennedy
    J_Kennedy Posts: 137
    edited February 2008
    devani wrote: »
    popular cars like Honda Civic and others do not get better rates like Chevy, Ford and other cars...when civic(model change) came out, I got interest rate of 8%...If I had chosen Accord, it would be 2-3% interest rate...same person(me), same dealer, same time just different car...

    Auto manufactures will, when they deem appropriate, subsidize financing to help move inventory they need moved. Usually it's by way of % points through the finance arm of the company (they aren't the same company) or cash rebate to the consumer. The finance company has no incentive to discount rates since their business is simple to sell money.

    Most dealers these days have good linding sources and can get you better rates than you can off the street. Yes, they make money off the deal, but can usually get better rate that you can, so it's a win, win. But leep that in mind when you negotiate. They might rather make the money on the back end, therefore might cut the deal on the front end (selling price) to get your business.

    Money and lending is very creative these days and if they can come up with a way to make more money, and save you money by shuffling money for one pile to another, if the bottom line, over-all deal benefits you, it's worth it. Good dealers have lending partners that give them flexibility to get deals and be competitive.

    Not saying there aren't still scum-bags selling cars and money, because their are a lot of them :D so it's still buyer beware and it's your job to educate yourself on what's best for you.
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  • devani
    devani Posts: 1,497
    edited February 2008
    shack wrote: »
    It would be good if you ACTUALLY KNOW what you are talking about before you post about it.

    Wow you got me there...you are a genius.:D....
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  • shack
    shack Posts: 11,154
    edited February 2008
    devani wrote:
    Wow you got me there...you are a genius.:D....

    No...just a professional who knows the business.
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  • jflail2
    jflail2 Posts: 2,868
    edited February 2008
    shack wrote: »
    No...just a professional who knows the business.

    Shack is right on. To think that your credit score has a minimal effect on interest rates is downright idiotic.

    In the corporate world, why do you think Moodys, S&P, and Fitch provide LT issuer ratings? It's not just something to do in their spare time....

    When we bought the VW previously, our credit score wasn't quite high enough to qualify for zero percent financing, so we ended up with a rate around 4-4.5% or so. Still a good rate, but we didn't get the best available because of our credit score.........
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  • polksda
    polksda Posts: 716
    edited February 2008
    Red flags from credit reporting agencies.. if you have had a credit account for to long.

    "Length of time accounts have been established" was one on mine.

    if you have credit. pay if off and close the account within a year or two max. Open another account, close after a year or two.

    Ehh???

    I was under the impression that the exact opposite was the case. Longstanding accounts are fine. Constantly opening and closing accounts is not.

    Longstanding with zero balance, I have no idea. I have a couple of credit card accounts with zero balances that I've not used in years. I don't close them because it this point I'm not sure which is worse for your credit rating: a longstanding zero-balance account or closing an account.

    P.S. Your credit score now also affects your automobile insurance rates... which I think is absolutely idiotic. For people with no insurance coverage or claim history, fine. It offers some minimal measure of responsibility. I would hope that my 25+ years of driving without a single accident, speeding ticket, or insurance claim, would be a more accurate indicator than my credit score... what's next, tea leaves?
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  • devani
    devani Posts: 1,497
    edited February 2008
    you guys are both geniuses:cool:....so, you are in the finance business a professonal in finance....damn I wish I studied finance too instead of studying for electrical engineering.:(.....but I know alot about electrical stuff.:rolleyes:....
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  • polksda
    polksda Posts: 716
    edited February 2008
    devani wrote: »
    you guys are both geniuses:cool:....so, you are in the finance business a professonal in finance....damn I wish I studied finance too instead of studying for electrical engineering.:(.....but I know alot about electrical stuff.:rolleyes:....

    You know.... it would be REAL helpful if you quoted just who the hell you were responding to. It looks like you're responding to me since my post falls immediately above yours, yet I have no clue what you're blathering on about.
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  • jflail2
    jflail2 Posts: 2,868
    edited February 2008
    polksda wrote: »
    You know.... it would be REAL helpful if you quoted just who the hell you were responding to. It looks like you're responding to me since my post falls immediately above yours, yet I have no clue what you're blathering on about.

    I think he meant Shack and I. No genius here, and I don't deal with personal finance (money mgt, etc), so I am just applying common sense/past experience/corporate finance to this.
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  • cfrizz
    cfrizz Posts: 13,415
    edited February 2008
    Precisely! I'm not even close to a professional money mngr, but when I read Devani's statement it just flew in the face of common sense & I knew it just had to be wrong.
    jflail2 wrote: »
    I think he meant Shack and I. No genius here, and I don't deal with personal finance (money mgt, etc), so I am just applying common sense/past experience/corporate finance to this.
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  • TroyD
    TroyD Posts: 13,077
    edited February 2008
    I dunno, is there any great mystery to having good credit?

    You borrow money. You don't borrow more than you can afford and you pay your bills on time. If you don't your credit suffers.

    Do we REALLY need to get any more complicated than that?

    TLW and I just refinanced our home. The bank pulled three credit scores for each of them. The max on each one was 850. Each of the three scores was different, a total range of about 15 points.

    An interesting thing, the banker and I were talking about credit scores and he was lauging about how many people claim to have scores about 800 and how very few of them actually do. In the end though, as long as you qualify....which anything above 750 will get you what you want....does it matter?

    Or do we wanna get right down to it and start measuring dicks?

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  • tonyb
    tonyb Posts: 32,951
    edited February 2008
    Got my yard stick right here.....lets do it!!!!! Um...you first.....:p
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  • polkatese
    polkatese Posts: 6,767
    edited February 2008
    TroyD wrote: »
    Or do we wanna get right down to it and start measuring dicks?

    BDT

    Leave it to Troy to break it down as is. :p

    Ok. this statement at the very least worthy of standing ovation! :)

    *** clap, clap, clap, clap *****
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  • Demiurge
    Demiurge Posts: 10,874
    edited February 2008
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  • bdaley6509
    bdaley6509 Posts: 1,167
    edited February 2008
    I figured this thread would be dead and gone by now...ugh.
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  • cfrizz
    cfrizz Posts: 13,415
    edited February 2008
    After all this talk of saying I have CC that I haven't used in years, I got an unsolicited offer for a card in the mail & discovered I could opt out from receiving these kinds of offers. Which I promptly did.

    Well low & behold, Discover FINALLY discovered that I haven't been using their 2 cards (one of which they just sent me for no reason) and I have now received 2 letters telling me unless I use them, Discover is going to cancel them!

    I'm going to let them cancel the card I never asked for & use my original card that I've had since 1987 to pay for my Pea Pod grocery service.

    Shack, will there be a negative impact on my credit report for this cancellation?

    When did the opt out option for receiving unsolicited credit offers start?
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  • shack
    shack Posts: 11,154
    edited February 2008
    Cathy, It should not hurt your score at all. The fact that they existed and there is no negative information shouldn't be a hit. If you were to close the accounts by going on-line or making a telephone call, the bureaus will typically have a line stating "account closed by customer" which lets anyone who actually looks at the report (vs just looking at the score) know that you closed it. It is probably not important, but just a fyi.

    I think that was part of the "do not call" legislation of a few years ago or maybe it was an offshoot of that. I know between me, my wife and my two girls, we get an average of 10-15 CC offers a week. They hit the shreader immediately and are never opened. I guess I could save a couple of trees if I were to take the time to opt out. Maybe I will.
    "Just because you’re offended doesn’t mean you’re right." - Ricky Gervais

    "For those who believe, no proof is necessary. For those who don't believe, no proof is possible." - Stuart Chase

    "Consistency requires you to be as ignorant today as you were a year ago." - Bernard Berenson
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  • shack
    shack Posts: 11,154
    edited February 2008
    The more I think about it, I don't think there is any legislation regarding mail...just telephone solicitation. Individual companies may put you on a list since it saves them money...but I don't know of any mandate or nationwide program like the telemarketers.
    "Just because you’re offended doesn’t mean you’re right." - Ricky Gervais

    "For those who believe, no proof is necessary. For those who don't believe, no proof is possible." - Stuart Chase

    "Consistency requires you to be as ignorant today as you were a year ago." - Bernard Berenson
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  • cfrizz
    cfrizz Posts: 13,415
    edited February 2008
    Cool, Thanks!

    The letter said to call some 800 number & it would tell the 4 major credit reporting companies that you didn't want to be solicited for either 5 years or permanantly. It took all of 5 minutes.

    10-15 offers a week???:eek::eek::eek: Oh yeah the open them until you find that number & CALL!!! Yikes that would drive me crazy!:eek:
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