topic Re: FICO SCHMICO in General Credit Topics

FICO SCHMICO

Anonymous — Thu, 08 May 2008 03:36:06 GMT

Lets say I don't care about my FICO score. I want to live on a cash basis. I don't want credit because I tend to overspend anyway. Lets also say I owe a lot of money on credit cards ($100,000) which I cant pay. The calls are coming in, but I am not answering. My plan is to just ignore it, let my fico score plummet, and live on cash the rest of my life. Whats the problem with that?

Re: FICO SCHMICO

heirophant — Thu, 08 May 2008 03:37:34 GMT

Put simply, you are going to get sued for the money and have your wages garnished.

Re: FICO SCHMICO

shyboy — Thu, 08 May 2008 03:38:12 GMT

I'm speechless.

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 03:38:37 GMT

well, to start off those CCC's are not going to let it just sit on your report and fall off in 7 years. You will be taken to court for amounts that high.

Re: FICO SCHMICO

ficonovice — Thu, 08 May 2008 03:41:24 GMT

I'm sure you're joking to some extent, but if you choose to live your life as a nomad and withdraw from society to a large extent, you'll be fine. Just don't plan on renting an apartment or buying a home and expect difficulties whenever you may attempt to purchase anything legitimately.

And, the 100K in credit card debt you have now will quickly escalate to $125K and up...

Again, good luck to you and I wish you well in your escape from the world of credit (you'll need it)...

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 03:41:49 GMT

Ignorance is bliss

....until you get sued.

.....or you want to buy a house.

.......or a car.

..........or get a job.

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 03:48:24 GMT

you're kidding, right?

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 03:51:33 GMT

Im not kidding, its a real option to consider. I have a great job, and I rent a place from a friend so I dont need a credit check. Its a great situation except for the phone calls from collectors. My debt is split between 10 cards or so, so I really dont owe more than say $10,000 to any one. Is it still worth their time to sue me?

Re: FICO SCHMICO

jmbfl — Thu, 08 May 2008 03:53:17 GMT

Actually...

you can do this, but if you can BK it would be a lot better in both the short and long term. (You would at least have a life.)

However, some of the advice given in this thread is pure speculation. It can be done if you are willing to become invisible and judgement proof for 4 to 7 years. Not much fun - but it can be done.

Best of luck.

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 03:56:31 GMT

What happens if you have to move? Credit scores count for this too!

Re: FICO SCHMICO

heirophant — Thu, 08 May 2008 04:04:15 GMT

Due to recent law changes, it may be very difficult to BK this debt away. I would talk to a lawyer...or you will continue to get phone calls and for 10K, I can almost guarantee they will sue. I have an inquiry from a law firm on my credit report related to LVNV collection of an old BOA account that was about $2,500, so I know they were looking to sue...but I settled after seeing this on my CR. I didn't want to take any chances.

Re: FICO SCHMICO

nosxih — Thu, 08 May 2008 04:06:11 GMT

What are you going to do when you have a significant other who want to settle into a house and start a garden? How are you going to participate and contribute to that plan?

What if your friend moves or your friendship is tested and you have to move out?

What if.....?

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 04:19:26 GMT

Although starting a garden sounds pleasant, its not a high priority when I have $100k+ in debt I cant pay. I understand I would have to give things up, and its certainly not ideal, and there are risks to consider. I am not recommending it. I am trying to find out if it is a legitimate option given the circumstances, and what the repercussions are.

As far as starting a garden with a significant other, I am contemplating a pre-nup to make sure the debt is separate.

Re: FICO SCHMICO

jmbfl — Thu, 08 May 2008 04:40:52 GMT

The debt is seperate - you lives are not.

Do yourself an enormous favor and see a BK attorney before the sh!t hits the fan. The best offense is a good defense. If your creditors even catch a wiff of a plan to walk away from your debt they will force you to a BK attorney under extreme duress.

Imagine living without a bank account a looking over your shoulder for the sherrif every time you enter and leave your house for 4 to 7 years. Sound like fun? That is your future.

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 04:57:02 GMT

So you plan on buying a house, auto, and CC's all in her name...using only her income.... I hope you find a loaded spouse who doesn't mind freeloaders.... because you would be freeloading on her credit...

Prenup to seperate debt? great for you...she'll be the one with all the debt from the marriage...her car loans...her home loan..her CC's....you could walk out and put her in the same situation you put yourself.

Take ownership.

If it's just rate jacked APR's killing you....get a dmp they'll get you lower APR's and payments if not stop running away. (running isn't a quality people look for in a relationship)

Re: FICO SCHMICO

heirophant — Thu, 08 May 2008 05:09:49 GMT

MinnesotaJ wrote:
So you plan on buying a house, auto, and CC's all in her name...using only her income.... I hope you find a loaded spouse who doesn't mind freeloaders.... because you would be freeloading on her credit...

Prenup to seperate debt? great for you...she'll be the one with all the debt from the marriage...her car loans...her home loan..her CC's....you could walk out and put her in the same situation you put yourself.

Take ownership.

If it's just rate jacked APR's killing you....get a dmp they'll get you lower APR's and payments if not stop running away. (running isn't a quality people look for in a relationship)

You hit the nail on the head...they have a right to be mad at you for not paying and a right to expect their money back. Remember, companies have the same rights as a person...and a few more, mainly because they affect the lives of their employ. You should feel terrible for not owning up to your obligations and want to make things right. It is the right thing to do.

Message Edited by heirophant on 05-07-2008 10:09 PM

Re: FICO SCHMICO

LIGHTNIN — Thu, 08 May 2008 10:06:33 GMT

you said you have a GREAT job then 100k should be NO problem.

have checked your hr dept because most places of employment only allow 3 garnishments,
then you are out of a job.

employers also look at your credit report to see what kind of person you are.
do you what to ruin your chance at a really great job or dream job?

the choice is yours.I cant understand how you can sleep at night?

Message Edited by LIGHTNIN on 05-08-2008 06:06 AM

Re: FICO SCHMICO

haulingthescoreup — Thu, 08 May 2008 11:56:55 GMT

Have fun getting car insurance. Many (certainly not all) insurance companies soft your credit reports.

Re: FICO SCHMICO

Scamp — Thu, 08 May 2008 13:29:52 GMT

And pray you never have to find another job - lots of companies are running background checks that include a check on your credit; with your current income, you might have a tough time explaining to a prospective employer why you defaulted/filed BK...

Re: FICO SCHMICO

Anonymous — Thu, 08 May 2008 14:27:59 GMT

I may be naive to this but if a person buys a serious amount on credit like OP, and then walks from it, how does the law treat that person since basically the person walking stole everything they put on credit. (have stuff that was never paid for). Can this be considered fraud and have the potential impact of jail/prison time?

To me, its not just irresponsible, it shows a total lack of character. I know people fall on hard times and need help via BK or dmp's but to simply walk away without owning up to your significant mistakes and pushing it off on the rest of us (via rate increases to cover the bad debt) is reprehensible and hopefully illegal.

yes I'm being a tough judge but when a person posts such a ridiculous question, I dont' know how else to reply.