MHaynes772

Credit score question...

Recommended Posts

A better strategy albeit longer term is to get rich enough so that you don't even need to worry about credit scores. Once you get to a certain wealth level banks trip over themselves to lend you money.

Share this post


Link to post
Share on other sites
51 minutes ago, porter said:

A better strategy albeit longer term is to get rich enough so that you don't even need to worry about credit scores. Once you get to a certain wealth level banks trip over themselves to lend you money.

*Mic drop*

Share this post


Link to post
Share on other sites
2 hours ago, porter said:

A better strategy albeit longer term is to get rich enough so that you don't even need to worry about credit scores. Once you get to a certain wealth level banks trip over themselves to lend you money.

disagree. 

Banks must run a credit score and base a large portion of the rate from the credit score. Which means the ability to take on and pay back debt. Rich people and or rich corporations are so protected it's actually the opposite. 

Credit means everything in the business and consumer world when growing holding or shrinking. 

Dunn and Bradstreet stock 145 per share - 100m companies globally considers when engaging in business. 

The richer people and companies become they protect their assets making them hardest to pierce the veil no different than large corporations who list their companies in favorable states or individuals purchase homes in places like Florida where people hide their riches in their homes fully protected from collections. In general wealthy people have 600 type scores and borrow from their trusts thru a brokerage account and large corporations stray from banks as the rates are high and use insurance equity mezzanine etc funding. 

 

Share this post


Link to post
Share on other sites

When borrowing money, Banks look at cash flow ie/ income when determining credit risk. You could have a million dollars sitting in the bank but if there is no cash flow because your retired or you just don't need to work period they will frown on a loan. That being said if your cash flush why would you want to borrow money anyway unless your into leveraging! I've noticed  that some financial institutions will request bank statements verses employment records or tax returns to determine your loan eligibility, which will accurately reflect your net worth, the downside is that consumers may not want that information in the hands of lenders.

Share this post


Link to post
Share on other sites
1 hour ago, Nuvolari612 said:

disagree. 

Banks must run a credit score and base a large portion of the rate from the credit score. Which means the ability to take on and pay back debt. Rich people and or rich corporations are so protected it's actually the opposite. 

Credit means everything in the business and consumer world when growing holding or shrinking. 

Dunn and Bradstreet stock 145 per share - 100m companies globally considers when engaging in business. 

The richer people and companies become they protect their assets making them hardest to pierce the veil no different than large corporations who list their companies in favorable states or individuals purchase homes in places like Florida where people hide their riches in their homes fully protected from collections. In general wealthy people have 600 type scores and borrow from their trusts thru a brokerage account and large corporations stray from banks as the rates are high and use insurance equity mezzanine etc funding. 

 

Of course you disagree because you are a genius on all subjects. Wake me when you have something to add to the conversation Einstein.

Share this post


Link to post
Share on other sites
7 hours ago, porter said:

Of course you disagree because you are a genius on all subjects. Wake me when you have something to add to the conversation Einstein.

ok

 

 

Share this post


Link to post
Share on other sites

Hello, I worked for Experian for a year consulting on their web business, so I can have a little information here but I am not an expert. I'd be curious to know if you pulled a three credit union report, and how long it has been since you paid it off. I figure it will bounce back pretty damned fast once paid, probably a month or two. Payment history is one of the highest impacts on your score, but usually the first one is graced in. If you have a derogatory remark along with it, dispute that. It is a big factor as well.

It sucks, but relax, it is not like we have debtor's prisons anymore. Fighting it is perceived as getting to a number that will get you better loan rates, but the number is only part of the picture. It will be rebounding while you try to fight the error.

I took out 2 car loans and opened an Amazon.com rewards credit card in 2018. My average age of accounts tanked hard but everything else was kosher and rebounded in about three months. When I talked about a third car, my bank said the score was not a factor considering my history with them but warned me a new account would not look too great. they said the score might give me a heart attack to look at, but to relax, other factors mattered more.

Share this post


Link to post
Share on other sites

Id Keep filing the protest letters with the credit reporting agencies. Allege that they made the error / typo and not you and that you had good funds for the withdrawal. Sample letters: https://files.consumerfinance.gov/f/documents/092016_cfpb__CreditReportingSampleLetter.pdf

And going in-person to your own bank and getting a human being on your side was good call. 

Perhaps try hitting up the CEO or other executive a la: https://www.thebillfold.com/2013/03/i-emailed-the-ceo-of-bank-of-america-to-fix-my-credit-score-and-he-did/

 

 

Share this post


Link to post
Share on other sites
On 1/17/2019 at 12:12 PM, porter said:

Of course you disagree because you are a genius on all subjects. Wake me when you have something to add to the conversation Einstein.

I know for a fact one of the rich guys on here (doesnt post anymore) would tell me he is never paying his medical bills....  

 

When you have money, it's easier to get money from people who have money that you run into to fund the project. 

For the rest of us, better not fcuk up because I saw the graphs - 30 day late stops mattering after IIRC 1-2 year, 60 days is like 3+

Share this post


Link to post
Share on other sites
1 hour ago, Rawr said:

I know for a fact one of the rich guys on here (doesnt post anymore) would tell me he is never paying his medical bills....  

 

When you have money, it's easier to get money from people who have money that you run into to fund the project. 

For the rest of us, better not fcuk up because I saw the graphs - 30 day late stops mattering after IIRC 1-2 year, 60 days is like 3+

Appreciate the post and correct. Services from D&B to consumer credit reporting know everything. Even payroll companies sell information it's all about easy targets. Click on a link and it's instantly sold to someone targeting for profit. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now