@Anonymous wrote:
@KatSoDak wrote:I know this is accepted fact, but if closed accounts count why is number one reason code on both EX and EQ "Lack of recent installment loan information"?
That negative reason statement isn't pointing to credit mix, it's pointing to the Amounts Owed sector of the Fico pie.
So this is to Loans what All Zero is to revolving credit?
@sarge12 wrote:In either case, I look forward to being debt free for the first time since I first went into debt, and it only took 47 years to do it.
I understand completly; you are to be commended and congratulated! I ended up debt free this time last year, first time since 1980; of course your method is far more honorable than mine (former business partner ran up huge debt in my name and I needed to declare Chapter 13 as a result).
@sarge12, I have some guilt; had I been more on top of what my former business partner was doing, things wouldn't have gotten so out of control. The fact we'd been business partners for 30 years and I trusted him implicitly certainly played into my lack of oversight, even still, I do bear some of the blame. Now, if all of that money had been spent wining and dining on a beach in Maui or some such, then I'd feel some industrial strength guilt. 
As things stand now, I can live with it, but my days of entrepreneurship, especially if it is a partnership, are probably over. The good news here is A) I figure I only need to work another 8 years, into my early 70s, to afford a comfortable retirement, and B) while in my Chapter 13 I ended up leaving what had been a stable career (in a mature industry) of nearly 40 years behind and moving into the very new/hot/up and coming field of Conversational AI, and even though ageism exists in the hiring world, and even though I'm in my mid-60s, apparently I've become a pretty hot commodity as I'm turning down requests for interviews on an almost daily basis. Go figure.
@Horseshoez wrote:@sarge12, I have some guilt; had I been more on top of what my former business partner was doing, things wouldn't have gotten so out of control. The fact we'd been business partners for 30 years and I trusted him implicitly certainly played into my lack of oversight, even still, I do bear some of the blame. Now, if all of that money had been spent wining and dining on a beach in Maui or some such, then I'd feel some industrial strength guilt.
As things stand now, I can live with it, but my days of entrepreneurship, especially if it is a partnership, are probably over. The good news here is A) I figure I only need to work another 8 years, into my early 70s, to afford a comfortable retirement, and B) while in my Chapter 13 I ended up leaving what had been a stable career (in a mature industry) of nearly 40 years behind and moving into the very new/hot/up and coming field of Conversational AI, and even though ageism exists in the hiring world, and even though I'm in my mid-60s, apparently I've become a pretty hot commodity as I'm turning down requests for interviews on an almost daily basis. Go figure.
I think you need to cut yourself a break, we have all trusted those that in hindsight we should not have. I once hit, and killed a drunk pedestrian in the highway, but it was not my fault. In hindsight, had I left work earlier, it would not have happened. Hindsight always provides answers that were unclear at that time. You trusted him because at that time he had done nothing to cause a lack of trust. Stop feeling guilt for what you can't change. Learn from it, but stop feeling guilt for not taking steps most would not take. When driving on rainy nights now, I am more aware of what parts of a road I can't see. Could that prevent another such tragedy...maybe. It still does not make me responsible for some drunken pedestrians actions that night.
