@Anonymous wrote:1. That Credit Scores were free. Period. It's your own information, why do you have to pay for it? It's no different than paying to know your date of birth or your social security number. I wish they were free, as well. I think your rationale for it being free isn't a good one though. It's not like paying to know your date of birth or SSN, IMO.
2. That there was only one CB and it was ran by the government, or some non-profit organization as of such any pertaining info would be free. I don't see a need for more than one as various CC's pull from different CB's and report to different CB's and then the whole fact of scores varying across them makes it even more confusing and redundant. No way, Jose! Then if you ever had a problem, you'd be forced to talk to that one company. What if they weren't willing to help you? The government would be the worst place IMO to be monitoring our credit and giving out scores on us.
3. Credit scores were black and white and not based upon some complex algorithm that is shrouded in secrecy, varies from CB to CB, and even uses different ones for lenders (TU 98, TU 04 etc). It's not shrouded in secrecy - there are guides out there that can help you maximize your score. Plus, these companies tell us how they grade us.
4. You could easily know if your approved without applying if CCC's had "minimum score accepted" posted on all their cards. Seems silly to play the guessing game with your CS at risk. LOL, right? Would be nice, but they do kinda already do this in that we can sort them based on if they need excellent credit or not.
5. There was a secured card that had as low as a $50 deposit and slowly increased it on payment history. Not everyone can plunk down $300 for a secured card, took a lot for me working part time. Well, just know that your patience will be rewarded, and eventually you won't ever have to do this again if you remember how hard it has been for you.
Wish you nothing but the best!
@Anonymous wrote:1. That Credit Scores were free. Period. It's your own information, why do you have to pay for it? It's no different than paying to know your date of birth or your social security number.
2. That there was only one CB and it was ran by the government, or some non-profit organization as of such any pertaining info would be free. I don't see a need for more than one as various CC's pull from different CB's and report to different CB's and then the whole fact of scores varying across them makes it even more confusing and redundant.
3. Credit scores were black and white and not based upon some complex algorithm that is shrouded in secrecy, varies from CB to CB, and even uses different ones for lenders (TU 98, TU 04 etc).
4. You could easily know if your approved without applying if CCC's had "minimum score accepted" posted on all their cards. Seems silly to play the guessing game with your CS at risk.
5. There was a secured card that had as low as a $50 deposit and slowly increased it on payment history. Not everyone can plunk down $300 for a secured card, took a lot for me working part time.
If I'm not mistaken BofA has a product like that.... I believe it can even convert to non-secured eventually. Others can chime in on this as well as I don't do dealings with BofA.
@Anonymous wrote:1. That Credit Scores were free. Period. It's your own information, why do you have to pay for it? It's no different than paying to know your date of birth or your social security number. Some credit scores are free. Others you must pay for just like any other service.
2. That there was only one CB and it was ran by the government, or some non-profit organization as of such any pertaining info would be free. I don't see a need for more than one as various CC's pull from different CB's and report to different CB's and then the whole fact of scores varying across them makes it even more confusing and redundant. Redundancy can be a good thing.. imagine if there was only one system and something went horribly wrong. You'd be screwed!
3. Credit scores were black and white and not based upon some complex algorithm that is shrouded in secrecy, varies from CB to CB, and even uses different ones for lenders (TU 98, TU 04 etc). This would be nice, but very few things in life are black and white
4. You could easily know if your approved without applying if CCC's had "minimum score accepted" posted on all their cards. Seems silly to play the guessing game with your CS at risk. Sure, but it's equally silly to expect CCCs to take a risk based only on a score. Imagine you manage a rental property. Would you be willing to rent to anyone with a score >X without knowing anything else about their financial history?
5. There was a secured card that had as low as a $50 deposit and slowly increased it on payment history. Not everyone can plunk down $300 for a secured card, took a lot for me working part time. Similar to #4. Would you be willing to let someone rent from you without a significant security deposit?
