Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Credit Scores
Old 11-01-2014, 10:05 PM   #1
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 2,481
Credit Scores

Just curious, do you know and/or care what your credit score is?
__________________

__________________
Car-Guy is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-01-2014, 10:11 PM   #2
Thinks s/he gets paid by the post
Lakewood90712's Avatar
 
Join Date: Jul 2005
Posts: 1,316
If you have a discover credit card, it is reported to you on every bill.

Your credit score not only affects interest rate or approval of a loan / credit line, but affects insurance underwriting , and even job prospects sometimes for those still looking for work.
__________________

__________________
“The finance industry is 5% rational people and 95% shamans and faith healers.” - Charlie Munger
Lakewood90712 is offline   Reply With Quote
Old 11-01-2014, 10:12 PM   #3
Thinks s/he gets paid by the post
heeyy_joe's Avatar
 
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
Yes & Yes.
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
heeyy_joe is offline   Reply With Quote
Old 11-01-2014, 11:34 PM   #4
Thinks s/he gets paid by the post
Goonie's Avatar
 
Join Date: Oct 2006
Location: North-Central Illinois
Posts: 3,198
Quote:
Originally Posted by heeyy_joe View Post
Yes & Yes.
+1

I've checked and kept an eye on mine for years.
__________________
Goonie is offline   Reply With Quote
Old 11-01-2014, 11:41 PM   #5
Moderator
Walt34's Avatar
 
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 16,544
We know what is was as of last November when we bought a car. The dealer wouldn't "do the deal" unless we financed through them. Okay. I made one payment, and the following month paid off the loan.

Next time I won't bother making the one payment. I wasted $40 on interest.
__________________
I heard the call to do nothing. So I answered it.
Walt34 is offline   Reply With Quote
Old 11-01-2014, 11:52 PM   #6
Moderator
rodi's Avatar
 
Join Date: Apr 2012
Location: San Diego
Posts: 8,817
I don't obsess about it - but I know what it is... I check it every few months, just to make sure I'm not dinged wrongly.

My credit score went down when I paid off my mortgage - that was kind of annoying.
__________________
Retired June 2014. No longer an enginerd - now I'm just a nerd.
micro pensions 7%, rental income 18%
rodi is offline   Reply With Quote
Old 11-02-2014, 06:07 AM   #7
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,869
When I got a BofA CC last year, they told me my credit score. My reaction to that was, "Oh, that's interesting." (yawn)
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 11-02-2014, 07:02 AM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,644
I assume it is good but I haven't seen it in years and don't worry about it. I have frozen my credit for about eight years.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 11-02-2014, 07:15 AM   #9
Full time employment: Posting here.
 
Join Date: Jan 2010
Location: dubuque
Posts: 618
what is the purpose and upside to freezing your credit? just curious as I was reading an article that said that some people should in defense from identity theft.
__________________
frank is offline   Reply With Quote
Old 11-02-2014, 07:25 AM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,644
Quote:
Originally Posted by frank View Post
what is the purpose and upside to freezing your credit? just curious as I was reading an article that said that some people should in defense from identity theft.
No one can steal your identity and open up a line of credit. That is the real PITA scenario that can disrupt your life. Someone getting a hold of your credit card number and buying stuff is no big deal. The CC company covers you and you get a new card. Proving you are not the culprit who got three new CCs at some address you never heard of is a bigger pain. The only downside of a freeze is that if you need to open up a new line (e.g. if you have to finance a car) you have to temporarily unfreeze at all three agencies. I did it once to get a good deal on a new CC.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 11-02-2014, 07:29 AM   #11
Thinks s/he gets paid by the post
Senator's Avatar
 
Join Date: Feb 2014
Location: Eagan, MN
Posts: 3,055
I care about mine. It is a number that banks, insurance companies, apartment leasing companies, etc. use.

As a landlord, I know personal behaviors can be predicted fairly accurately with a credit score. All of my domestic abusers have been low credit score people, or no score. The only reason I ever let them in is due to their partners stellar credit. Of course, payments can also be predicted.

Do not ever let your score go below ~620, or you will be in a class of people that you do not want to be. I have seen as low as 390, and have rented to people over 800. The average renter credit score, nationwide, is ~658.

Mine is over 800...
__________________
FIRE no later than 7/5/2016 at 56 (done), securing '16 401K match (done), getting '15 401K match (done), LTI Bonus (done), Perf bonus (done), maxing out 401K (done), picking up 1,000 hours to get another year of pension (done), July 1st benefits (vacation day, healthcare) (done), July 4th holiday. 0 days left. (done) OFFICIALLY RETIRED 7/5/2016!!
Senator is online now   Reply With Quote
Old 11-02-2014, 07:36 AM   #12
Thinks s/he gets paid by the post
Car-Guy's Avatar
 
Join Date: Aug 2013
Location: Citizen of Texas
Posts: 2,481
Quote:
Originally Posted by Walt34 View Post
We know what is was as of last November when we bought a car. The dealer wouldn't "do the deal" unless we financed through them. Okay. I made one payment, and the following month paid off the loan.

Next time I won't bother making the one payment. I wasted $40 on interest.
I had a car dealer pull that on me once. I wanted to pay cash but they wanted me to finance the car thru them. They even told me I could pay it off in full as soon as I received the payment book. They were so insistent, that I finally walked out and they lost a sale. I went to a competitor about 20 mins away and they were more than happy to take my cash.
__________________
Car-Guy is offline   Reply With Quote
Old 11-02-2014, 07:38 AM   #13
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,993
Last time I checked was when a bank with which I did business had a security breach and they provided free credit monitoring for a year. My score was 777.

I don't worry about it at all. I know that when I want credit, I get it at a reasonable rate. I do check my credit card statements meticulously and run a credit report on myself periodically to make sure all is well.

Quote:
Originally Posted by Car-Guy View Post
I had a car dealer pull that on me once. I wanted to pay cash but they wanted me to finance the car thru them. They even told me I could pay it off in full as soon as I received the payment book. They were so insistent, that I finally walked out and they lost a sale. I went to a competitor about 20 mins away and they were more than happy to take my cash.
Good decision. I once financed through a Toyota dealer and they said they couldn't do a 3-year loan, it had to be 5 years. No problem, I figured. I'd just make bigger payments and pay it off faster. When I got to the point that it should have been paid off, I called and found that the way the contract was written, the finance charge was calculated at the beginning of the loan as if it would be paid off in 5 years and DID NOT CHANGE if I paid it off faster (unless I did it as a lump sum). I was livid. I have never bought another Toyota and never will.

I wouldn't trust the "you can just pay it off right away" statement. You never know how the loan is written although Walt34 seems to have done OK that way. We financed our last 2 cars through a HELOC at 2.75%, paying off the first one years before we bought the second one. We also bought off-rental. No BS at all.
__________________
athena53 is online now   Reply With Quote
Old 11-02-2014, 07:38 AM   #14
Thinks s/he gets paid by the post
 
Join Date: Jul 2012
Location: Mississippi
Posts: 1,878
I've looked at it on creditKarma occasionally, but I don't really care anymore. It's always been on the high end, but I don'tdo anything to try an "improve it". I think one time it recommended I needed more accounts to improve my score I think I'll pass.

There is another scoring system they use call vantage ( it's available on creditkarma ) How Credit Scores Work | Your VantageScore
__________________
rbmrtn is offline   Reply With Quote
Old 11-02-2014, 07:45 AM   #15
Recycles dryer sheets
 
Join Date: Sep 2014
Posts: 461
Quote:
Originally Posted by Car-Guy View Post
Just curious, do you know and/or care what your credit score is?
I use credit karma.com. Its free and a great tool to get a great estimate of your credit scores.

They also provide a snapshot of your credit report.

Many banks and credit cards these days are giving customers access to their credit score for free.

Ignoring your credit score is not a good idea.

My credit report card on credit karma gives me an A. Thats a good thing.
__________________
purplesky is offline   Reply With Quote
Old 11-02-2014, 08:58 AM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,610
When I login to my accounts at PenFed, I can see my credit score with one click from the home page.
__________________
braumeister is online now   Reply With Quote
Old 11-02-2014, 09:09 AM   #17
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,993
Quote:
Originally Posted by rbmrtn View Post
I've looked at it on creditKarma occasionally, but I don't really care anymore. It's always been on the high end, but I don'tdo anything to try an "improve it". I think one time it recommended I needed more accounts to improve my score I think I'll pass.
I've never figured out how that works (and I know they deliberately keep the details secret). You can get dinged for having too many recently-opened accounts. Or for being close to maxed out on your accounts. Or for having too much credit line available (because then you COULD go and max out your accounts). So, I keep the credit cards I want and close down the ones I'm done with.
__________________
athena53 is online now   Reply With Quote
Old 11-02-2014, 09:18 AM   #18
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
I know what my credit score is. I'm not particularly concerned. At 67 and FIRE'd for over 8 years, the chances of me participating in a transaction which is dependent on my credit score are pretty small.

OTOH, it's been a year or so since I looked at my credit score/report and I suppose I should do so. What's the best way to do it these days?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 11-02-2014, 09:28 AM   #19
Recycles dryer sheets
mn54's Avatar
 
Join Date: Sep 2007
Location: mpls, mn
Posts: 441
Quote:
Originally Posted by braumeister View Post
When I login to my accounts at PenFed, I can see my credit score with one click from the home page.
noticed that they are using fico nextgen scores rather than the traditional fico scores. the nextgen has a top score of 950 rather than 850.
__________________
mn54 is offline   Reply With Quote
Old 11-02-2014, 09:33 AM   #20
Thinks s/he gets paid by the post
 
Join Date: May 2014
Posts: 2,993
Quote:
Originally Posted by youbet View Post
I know what my credit score is. I'm not particularly concerned. At 67 and FIRE'd for over 8 years, the chances of me participating in a transaction which is dependent on my credit score are pretty small.

OTOH, it's been a year or so since I looked at my credit score/report and I suppose I should do so. What's the best way to do it these days?
Your credit score can affect the cost of your car insurance (depends on whether the state allows it, but there's a clear correlation, with people with higher credit scores having lower claims potential). So, it's not just for borrowing.

I use annualcreditreport.com. It lets you select one of the 3 major bureaus and run a report. That means you can run one of the bureau reports every 4 months for free. There will be plenty of places where you can order enhanced, paid reporting services, but if you just keep ignoring them you'll get to a report that costs nothing.
__________________

__________________
athena53 is online now   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Credit Scores calmloki Other topics 22 01-04-2008 06:51 PM
Obscure Credit Scores jazz4cash FIRE and Money 4 11-26-2007 12:03 PM
Average credit scores by state calmloki FIRE and Money 33 11-18-2007 08:09 PM
Divorce and Credit scores clifp FIRE and Money 24 11-13-2007 10:13 PM
Question about credit scores David1961 FIRE and Money 28 10-06-2007 11:34 AM

 

 
All times are GMT -6. The time now is 05:49 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.