Time for the Government to put an end to FICO

[haulingthescoreup]

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@MidnightVoice wrote:

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@Anonymous wrote:

 No you don't ....with plastic you always pay more. I can't get a better deal with cash than you could ever hope to get.

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Well, where I live the gas stations charge the same for cash or credit, except that I get cash back with my (no fee) card.  This means you are wrong in your assertion that I ALWAYS pay more.  And no, I don't pay interest.  In fact I earn interest because I do not have to pay at that instant, but (on average) 25 days later

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@Anonymous wrote:

 You sound like a Gambler who just won $1000 after spending $3000 to get it.....and you think your ahead...LMAO.

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I go to Vegas every year and I refuse to give the Casino my money - hence I don't gamble.  So I don't sound like a gambler, just someone who gets a reduction in price ny using a credit card when such reductions are not available for the great unwashed who do not know how to use credit cards intelligently 

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@Anonymous wrote:

There is no "Using credit cards intelligently".....because the only Intelligent move is not to use them.

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OMG - a Ramseyite!!  And you are just as mistaken as he is (to be polite).  Fiscal mismanagement at its very best!

And just to think - you started this rant because you were paying $767 a month in fees and interest!  And BTW - that is $767 a month more than I pay!

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Popcorn, anyone?

* munch, munch *

[MidnightVoice]

And how is life in the peanut gallery? 

Just trying to correct some misconceptions here and there 

[Anonymous]

I'm fairly certain that the OP only scans the posts of others..for things that can be cut and pasted and ridiculed. Whether the ridicule is valid doesn't seem to be an issue. It's actually anyone who pays cash (without a discount) who pays for the credit/debit card use of anyone else. Merchants routinely charge more for their products, d/t the cost of taking credit and debit cards.

As for discounts for autos for cash...$700 is not that much. A person who is giving the dealership money TODAY, without their having to finance it, should have asked for at least a 10% discount on any vehicle. And they certainly could get it. We DID finance our newest vehicle, and even with the cost of the financing--0% wasn't an option, three years ago for our car--we still will end up paying less than the list price, when all is said and done.

[haulingthescoreup]

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@MidnightVoice wrote:

And how is life in the peanut gallery? 

Just trying to correct some misconceptions here and there 

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It's like Credit Wimbledon!

Back, forth, back, forth. Out!

[Anonymous]

LMAO ...HaulingtheBULL up....I don't believe you do not pay ANY interest or fees...I was born at night pal, However not last night

..If you have a house payment or a car payment  you are paying. I had factored in a car loan and a personal loan I took out for some of my rentals so I could keep my savings and investments intact  which was a mistake but at the time a L.O.C was just a phone call.

Im not going to play "split the hair" with an obvious paid PR mouthpiece like you ...The "rewards" you talk about are just an enticement to spend more. You do pay for them just indirectly... you are now, and will be in the future paying for all the defaults. Rewards are going away. Annual fees are being increased. I have noticed quite many "Sorry we no longer accept American Express or Master Card" signs hanging in merchants doors. Many are asking you to pay with a debit card only and activity offering discounts for cash. Before I switched car insurance even GEICO was asking you to make "pinless" debit payment for internet payments.

Things they are-a-changing....all credit cards say about you now is "Im willing to be charged more! but be careful Im a potential deadbeat".

Oh and to set the record clear the additional savings I got for cash was in addition to the $3600 we already negotiated down from the asking price by hinting this may be a cash deal...For many years I worked as a purchasing Agent for several large engineering companies around Pittsburgh.

[Imhotrodcrazy]

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@haulingthescoreup wrote:

It's like Credit Wimbledon!

Back, forth, back, forth. Out!

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My neck is getting sore. 

[Anonymous]

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@Anonymous wrote:

For many years I worked as a purchasing Agent for several large engineering companies around Pittsburgh.

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So those would be the only businesses in Pittsburgh who paid cash up front for all expenditures ...

[haulingthescoreup]

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@Anonymous wrote:

LMAO ...HaulingtheBULL up....I don't believe you do not pay ANY interest or fees...I was born at night pal, However not last night

..If you have a house payment or a car payment  you are paying. I had factored in a car loan and a personal loan I took out for some of my rentals so I could keep my savings and investments intact  which was a mistake but at the time a L.O.C was just a phone call...

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Very true. I thought that we were discussing credit cards. (I've lost track.) I didn't have $125,000 in cash lying around when we bought our house. I did have $12K available when I bought my car, but I wanted to keep it liquid. I suppose that if I were 21 again, I might try living in a tent in my parents' back yard while earning those big bucks from my first real job, saving them all up, and paying cash for a house and car. At any rate, I won't be financing cars any more. The only loan with interest in my future will be a mortgage.

I'm not at all sure why I'm saying this again, but having and using CC's doesn't automatically mean paying interest or fees. And you know this, of course.

I don't rotate balances, so there goes the interest bit, and if any of my CC's pop up with a fee, it will go into the shredder.

Take a look at my siggy, the part about credit. I've got it there for a reason.

Oh, and the bit about insurance rates? I have my insurance through USAA, which also issues two of my CC's, as well as having my checking, savings, MMF, and Roth. My insurance rates are much lower than anyone else I've compared notes with in my area.

Anyway, as I promised myself earlier, I'm leaving this thread for others, because I need to go finish my REAL job, the one where I work from home, the one that is in no way related to FICO.

[daisyduke]

DownwithfairIsaac,

I see that you are a fan of paying cash and according to you it has been working for a few months (four or five months, right?). I can understand in certain situations of actually using cash and negotiating a better price - small businesses love this - no sales tax gets charged, transaction doesn't get recorded on their books. Good - I've done this for car repairs I didn't want recorded on the carfax report ..I get that. But what I can't understand is why you wouldn't finance a car at zero percent interest or better yet, why wouldn't you consider financing at zero percent? and put the money you would have plopped down on a major purchase into some other investment which even a savings account from ING bank yields 1.10 annually...according to my calcucations, based on the average price of a new car, 30K in the bank at ING for one year would earn me more than $3K for just sitting there, far more than the $700 you got by paying cash...

You have to realize there will be a point in your life that you will need to finance some things - like your daughter's college education - If you've got 150K to 200 K saved, then your golden. MAYBE you are one of those parents that don't "believe" in funding your childs education, i don't know. What about braces for your daughter? All kids need em - you wouldn't want her growing up having crooked teeth? terrible thing to do to your child. What if your old lady of 16 years gets sick of you and picks up one day, knowing very well, she doesn't have any joint debt, met the dude of her dreams and whammo pal, that pile o cash you had, it's gone!! All are very realistic life situations.

Also, why on earth would you suggest that the government control credit scores? You have to know that everytime the government gets involved in just about anything, they screw it up - case in point, Healthcare reform. who do you think will be paying for that? the people that are employed will be punsihed the most!! do you believe that those that are unemployed are going to get a free ride, no sir! it's going to cost them a pretty penny too!  So think twice about having our government involved in credit scoring regulation- less government is always better, always.

[Anonymous]

ROFLMAO!...that is a lot of "What ifs"...Lets do the easy one first. Not all kids need braces actually very few do. My daughter has excellent teeth. If she wants perfect capped models teeth well once she is a vet she can do it herself. What she has to chew with now are very healthy and attractive. Actually the wife and I have been together around 20 years and she is not going anywhere...says Im her soul-mate and actually Im the second husband so Im the man of her dreams...lol

As for the 0% it was a one year old used car....nobody in my area is offering 0% on a used Jeep Grand Cherokee (or a new one). At the time the only one I remember offering it was Hyundiai. I live up north in the snow belt and they have been having huge frame rustout problems with those.

The reality of things are you need a 750 plus FIFRAUD score to get 0% when its offered so at least 50% of the population can't even touch it...could I?...I don't know, dont care...... as I have only bought 2 new cars in my life. Both big mistakes I do T-bird restoration so I can keep a used car looking and running sweet for years and years very cheaply I buy a couple years old and always something with high residual value. The last truck I owned I bought for $23,500, put 77,000 miles on it. Put $430 in "not typical" repairs like brakes, tires..ect as you always have that. and sold it for $17,000....thats 8 and a half cents per mile...even LEASING a new one with a full warranty I could never expect to do better than around 30 cents per mile.

Like I said folks...look at the REAL numbers...Not the numbers that they place out there to help you rationalize your mistakes! They are MASTERS at telling you want you want to hear...they give you well thought up so called "data" to help you rationalize their way.

Oh and Im prepaying SOME of my daughters college...she is going to pay for quite a bit herself (at least 50%) like I did. She is a very gifted, intelligent person blessed with humanity and compassion....she is not going to be a greedy, spoiled, pretentious snob...not on my watch.

As for a home you have me there...They say FIFRAUD has been around for 50 years but you never heard anything about it until the late 90's I bought well before that. I saw the credit reports there was never any mention of FIFRAUD back then. My buys were through a local bank...Ed was the loan officer. Showed me everything that was on the pulls even helped me dispute 2 things we had no idea what they were. Of course this was back when the banks paid more than less than 1% on your savings...charged you 6-8$ for an overdraft and 25 cents for an ATM transaction..if they even bothered to. Mailed your canceled checks back to you...and even gave you a dish or a toaster...lol...Hell today your lucky if you back dose not change names and turn over their whole staff in 6 months.

If you have heath insurance you are paying for those who don't have it now. Where I live we have a 2 company health oligopoly that owns all the hospitals...any free care they give out they just jack up our rates. Medicare insures the sickliest people in the country for less than my private insurance. My parents get care and service  I could never even hope for and I have one of the better private plans in my area....Private health insurance...SUCKS!