What do you think of credit reports?

fuzzybuddy

fuzzybuddy

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The Sticks, Northeast PA.
There are three "credit report" companies that rate me. The numbers are never the same. I was admitted to a nursing home on May 31st. the pharmacy charged me for a month's worth of meds on May 31 st. Then charged me for a month's meds on June 1st. They said it was two months worth of meds. I disagreed and wouldn't pay them, so my credit report fell 100 pts., It's back up there, now. It got me thinking. Do you think credit reports are accurate and/or fair?
 

They are not fair.
Years ago, a dentist did a bad bridge that prevented me from chewing on one side. I had to wait a year for it to heal before replacing it.
After I disputed the charge with the credit card company & filed a complaint with the Dental Board & consulted other dentists, they contacted him & suggested he refund the $3,000.00. He refunded me the charge & had me sign a release.
The credit card company tried to add interest to the charge, which is illegal during a charge that is in dispute. After several letters to them, they still tried to continue adding interest every month, even though they knew it was illegal. I ignored them. They eventually gave up, but they reported the charge to credit report companies. Maybe they thought I could be bullied into paying.
That's why a law was recently passed that prohibited medical payment delinquencies from appearing on credit reports.
 

What do you think of credit reports?​


I don't
Until I get ready to buy a place on time

Oddly funny thing;
If you aren't 'active' (buying something on time) you get dinged
So, about every two/three months I buy something with a credit card

Thing is, my credit union's no interest payoff is less than monthly
soooooo....I make sure to pay if off within three weeks
And, they won't let me pay ahead on the card

Just another pesky thing to remain credit worthy
 
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I use a credit card for almost everything. It is paid off every month. I get cash back rewards every month. There have been times when I go to purchase something large like furniture, appliances, flooring. If there is a special financing offer that is a big discount, I will apply to that place for credit to get that discount. Seems like they think I will not qualify, an older woman, dressed in blue jeans, sneakers, no jewelry, make up and a ponytail. When they come back to me you would think I am Queen Elizabeth. That is where the old saying comes from "Don't judge a book by its cover" LOL
 
Several years ago I made an application for an apartment in my own name. It was rejected because I was "scoreless" in otherwards I had no credit score. They suggested I apply again with hubby's application which was approved.

This kind of peed me off as I was the one who made sure all utility payments, loan payments etc were always paid and paid on time.

So I opened a few accounts in my name, and today I have a good credit score.
 
Lee said:
Several years ago I made an application for an apartment in my own name. It was rejected because I was "scoreless" in otherwards I had no credit score. They suggested I apply again with hubby's application which was approved.

This kind of peed me off as I was the one who made sure all utility payments, loan payments etc were always paid and paid on time.

So I opened a few accounts in my name, and today I have a good credit score.
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I am glad you posted this. Even though I married young my Mom taught me that I need to build credit for myself. My husband died young but I have had no problems getting credit. Seems that is can be a problem for women when they are widowed, they do not have their own credit and have problems when they are getting back on their feet. It is very important for ladies to have something that they put in their names. I started at 18, borrowing small loans against CD's I had put my savings in.
 
I don't care about credit reports. Mine are very good and they should be. But somehow I got on some lists. I think my new bank sold my email address to several different companies, and now every week I get an email from one of several rating agencies with my latest score, and invitations to get more credit. So now rather than not care about credit reports, they are just another internet pain in my ass. And while they are rating me, I'm rating them. As a group (because I don't keep track of them individually), I give them a D-.
 
I look at our "credit score" which is included on our monthly credit card bills....it usually shows between 815 and 820. We use our cards for gas/groceries, and most store purchases of more than a few dollars, and always pay the bills in full within days of receiving the bills. We haven't paid a penny in interest since we made our last house payment in the mid 1980's. We get a few dollars in "cash back", and apply that to the bill once or twice a year.
 
Working in banks and credit unions I've had to look at hundreds of credit reports and they can be interesting in the stories they tell, ;) but really they're just one tool. Pay stubs and bank balances were most important because they show the ability to pay, but only good credit scores demonstarting timely payments show the willingness to pay.

I, myself, always have had a terrible credit score, but that's because I've never had a credit card or bought anything on time. That's fine, we paid cash for everything from clothes to cars to houses and saved a fortune in finance charges.

It's very different now, but in the 80's when someone would finance a car with us, I would show them the total cost of the loan before I asked them to sign and it would be almost doulbe the cost of the car.
 
Funny for me is my credit score is 805 my wife's at 820. Probably because credit cards are in her name as primary. Always pay the balance no matter what it is so we never have interest payments.

The best part is using a credit card to buy something wanted when it is on sale. Then 30 days later pay for it. Meanwhile the money sits gaining interest. Combined with some interest & cash back plus bought on sale it's a win/win for us.

One credit card automatically sends a credit score about every 3 months otherwise we wouldn't know.
 
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If you are retired and are worried about your credit score, you probably have some serious financial problems. The only exception is if your credit report is evidence of identity theft, which is the chief ways such crimes are discovered.
 
A friend couldn’t rent an apartment when she left her husband of many years. She had married very young and he ran the show. She had no proof of ownership in the house - all in his name, although she would get 50% after accounts were settled. No income, except the occasional short term job. He gave her a household allowance. She had one low limit credit card that wasn’t enough to build a solid credit rating. Fortunately her son agreed to rent an apartment and live with her.
 
Knight said:
Funny for me is my credit score is 805 my wife's at 820. Probably because credit cards are in her name as primary. Always pay the balance no matter what it is so we never have interest payments.

The best part is using a credit card to buy something wanted when it is on sale. Then 30 days later pay for it. Meanwhile the money sits gaining interest. Combined with some interest & cash back plus bought on sale it's a win/win for us.

One credit card automatically sends a credit score about every 3 months otherwise we wouldn't know.
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I'm in a similar frame of mind about credit scores. Since being single for 14 years, my credit rating is excellent. It helps when I buy a car, rent an apartment, and even background checks for my job with law enforcement.
If you keep a top credit score, it makes other things much easier to do; makes you look like a more responsible risk.
 
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I have been curious about how having a much lower income in retirement affects credit worthiness. Anyone know if you have an excellent credit score but small income how do they look at that?
 
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Knight said:
Funny for me is my credit score is 805 my wife's at 820. Probably because credit cards are in her name as primary. Always pay the balance no matter what it is so we never have interest payments.

The best part is using a credit card to buy something wanted when it is on sale. Then 30 days later pay for it. Meanwhile the money sits gaining interest. Combined with some interest & cash back plus bought on sale it's a win/win for us.

One credit card automatically sends a credit score about every 3 months otherwise we wouldn't know.
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Just how much interest is that? You could just buy it when it's on sale and not worry about it again.
 
DebraMae said:
I have been curious about how having a much lower income in retirement affects credit worthiness. Anyone know if you have an excellent credit score but small income how do they look at that?
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It all figures to your advantage if you maintain a good credit rating. Even though the income is less, the money management and how you are responsible with it is a plus.
 
Della said:
Just how much interest is that? You could just buy it when it's on sale and not worry about it again.
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I don't think you understood. Using credit to buy something on sale gets a savings. For instance last months credit purchases amounted to over $2200.00 Sale items fall within that amount. Having 30 days until that bill is due allows for interest to be paid on the account used to pay the bill. Combine sale price, cash back & interest using a credit card makes sense to me.
 
oldaunt said:
Landlords, banks, credit card companies, store credit accounts, anyone you have ever done business with. Same thing the reporting companies do.
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That's WHY they do this. Do you want 45 calls a day from people asking you to verify someone, that they'll pay back, on time and in full? 😳😳
 

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