| View single post by mhoward | |||||||||
| Posted: Sun Feb 28th, 2021 10:40 am |
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mhoward Hey look ~ they ~ bounce!  Joined: Sun Oct 22nd, 2017
Location: Evansville, USA
Posts: 2736
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@Understm8ed: You mentioned credit scores. This is the magic number that enables you to have the ability to purchase that stupidly overpriced piece of tin and plastic (mostly plastic). This number influences the lending institutions decision on whether to loan you that money or not. The unfair part of this ridiculous system is that in order to have a good score, you can't use your credit. Example: Let's say I have a score of 790. I decide I want to buy a vehicle, or add a room onto my house. I go to my lending institution of choice and apply for a loan. First thing they do is pull my credit report (called a hard pull or hard inquiry), which lowers my score to 675. Let's say that the offer of credit isn't acceptable (interest rate is higher than I want to pay), so I don't buy that car or build that room. I don't get those FICO points back, even though I didn't actually borrow the money. Complete BS, in my opinion. Another example is credit card usage. If I make a major purchase on one of my credit cards, that can tank my FICO score also. If I purchase a $3000 item using a card with a $6000 limit, that is over the 30% threshold of that card and even though I have 7 credit cards with over $40,000 in combined available credit, the fact that I used half of the limit on ONE card will bust my score. Completely asinine. Disclaimer: I know you (and others here) know how this stuff works, I threw in explanations for clarity.
____________________ -- Michael 2003 Ranger Edge / Extended Cab / Flareside / 3.0L FLEX / 5r44e Auto / 2WD / 8.8 LS 4:10 / Sonic Blue Pearl So many mods... so little time... |
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