FICO SCHMICO

[Anonymous]

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?

[heirophant]

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

[shyboy]

I'm speechless.

[Anonymous]

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.

[ficonovice]

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)...

[Anonymous]

Ignorance is bliss

....until you get sued.

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

.......or a car.

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

[Anonymous]

you're kidding, right?

[Anonymous]

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?

[jmbfl]

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.

[Anonymous]

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