New Contributor
Posts: 158
Registered: ‎01-05-2012
Re: Experian roles out new credit score
I'm fairly new to these boards and by no means am I an "expert" on anything credit-wise but I just wanted to say something about this. I'm in the process of rebuilding my credit from some mistakes I made in my late teens/early 20's when I first began getting credit. During what I refer to as my "credit exile" I was unable to get any credit anywhere...and as a single mother/student/working class individual there were times when I ran short financially and needed extra funds. Well, I had no CC's to fall back on, couldn't get any personal loans from a bank or CU so I had no choice but to use payday loans/ finance company loans. Now, this is the point to my tirade: I think that if someone is able to pay back a loan of say 1K at 436% interest, in full, with no lates that they should be commended. Its a lot harder to pay back 1K at a 400% interest rate than it is to pay back 1K at say a 0-10% interest. So, yes, I believe that people who have no choice but to use these places should be rewarded for their financial responsibility. And actually, because some of these places report to the CRA's they actually helped me on my road to rebuilding. When I got my first loan back in 2007 my score was below 500. After years of being financially responsible and with the help of this forum Smiley Happy I have built my scores up to almost 700. Not as impressive as some of your scores I'm sure, but considering where I started and where I am now I'm quite pleased. Just remember, debt is debt....just because its from a "prime" lender doesn't make it any better than a loan from a local "CashYoCheck" payday loan place. That's all Smiley Happy