Posted on 04/22/2008 5:11:17 PM PDT by shrinkermd
If you mean "a bankcard that acts Visa.." as in a Charge / Debt card, by experience is some car rental agencies will not accept this type [MasterCard] of card. Is a bankcard different?
Sorry buddy ,,, but I’m more right than you’ll admit ...
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AS PER UTHERDOUL post#21 (In the cell business)
It’s pretty amusing. I work with cellphones and a class Z (as they define it no credit history) warrents a 750 dollar deposit, and someone with terrible credit history often gets away with a 500 dollar deposit. Of course I’m talking At&T
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Sure you can rent a car but on a debit card you’re exposed to having your bank account wiped out by the rental company’s “hold” on funds, using a debit card for a car rental is the definition of STUPIDITY. Not only that but to protect your checking account you would have to purchase their insurance at a ridiculously high cost even if your insurance covers rentals as you couldn’t chance having some clown back into the car and have your checking wiped out to the tune of actual damages PLUS the highest rental income that car can generate for the company for 30/60/90 days .. whatever the rental company’s policy is towards their loss of income while the car is repaired.
And as for your contention that not having a credit history or a bad credit history not affecting employment opportunities you are SADLY mistaken, sure it won’t hurt you at McDonalds but try getting a real job with a BK or no credit history at all ... you’ll get turned down everytime, and no they won’t tell you why or even answer the phone from you so forget about your theory of suing them over it because nobody will give you a straight answer as to why you weren’t selected, employers aren’t that stupid.
I’m working quickly toward being debt-free. Can’t wait!
Proverbs 22:7
The rich rule over the poor, and the borrower is servant to the lender.
Since the whole FICO thing is not publicly disclosed it’s hard to say what the true criterion is.
From my observations the score is base partly in how much debt you’re willing to take on and pay off.
As you said you have 810 and I’m in a similar situation at 800. When I played it real cautious, didn’t carry any debt, had a good income, and paid my bills on time I never got above 710-720.
Took a mortgage of 150K at 4.75% made the payments for a year and my score was 750, all other things being equal. Bought a new car and paid off that note years early and my score goes to 780. It was just very strange that the closer I played things, and paid mostly as I went, the poorer my credit score was.
It wasn’t like I was poor or anything, I just like to pay in cash and hate paying interest. Yet the more I was willing to pay in interest the better my score went.
BS...know for a fact my card works for me with all car rental agencies. Never had a problem, ever.
There are plenty of cell phone plans that do not require such high deposits. This one requires no credit checks:
http://www.mycricket.com/?img=7&cvid=1034&afc=converseon
And you do not need a credit history to land any job. You need experience, credentials and references. Credit history is not required and if it is you have grounds to sue. And any employer that uses credit history must disclose they used it and must cite if it was the reason for denying employment. This was spelled out in the links I made above.
BS...know for a fact my card works for me with all car rental agencies. Never had a problem, ever.
There are plenty of cell phone plans that do not require such high deposits. This one requires no credit checks:
http://www.mycricket.com/?img=7&cvid=1034&afc=converseon
And you do not need a credit history to land any job. You need experience, credentials and references. Credit history is not required and if it is you have grounds to sue. And any employer that uses credit history must disclose they used it and must cite if it was the reason for denying employment. This was spelled out in the links I made above.
bump
Some very basic things that I see as a mortgage lender:
Look at the percentage of credit used on revolving debt. Try not to use more than %70 of a line, credit card, etc.
Get credit limits increased if you can. You don’t have to actually use the credit.
Don’t accept the 0% credit cards and open new accounts to get the 0%; having a trade line open for a long time is a good thing. People should not carry cc balances anyway.
Don’t get the store credit cards to save 10%, like Target tries to push.
Obviously make sure credit card payments (and all others) are always on time, if you suspect it may be close to the wire, call the company immediately and make sure you don’t get dinged as a late. Tell them you monitor your credit closely.
Watch out for those medical collections; make sure if you are disputing a bill, that the medical provider doesn’t report the account as late or a collection; this happens very often.
For small medical bill disputes, just pay them.
Try and have someone explain how you get to 725-750 and nobody will tell you. Nobody even will tell you how they rate people.
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I remember asking why my credit score wasn’t higher, I thought I was building it up. The only payment I ever made on a credit card was a payment in full, even if I spent a thousands a month on credit cards. I was told this was HURTING my credit, the rules are insane if you can pay your bills in full every month, never be late and your credit score goes down.
It's a game to make more money. If possible, always pay your credit card bills online.
New forms of money get invented from time to time. Having less inherent worth than what came before, they leverage some temporally irrelevant/convenient factor (gold being more convenient than grain, paper certificates more convenient than gold, few care about certificate conversion and just accept the paper, checkbooks more convenient than dollars, bits more convenient than checks, etc.). Each is based on the notion that convenience trumps, with each form accepted on the notion that, if needed, we can go back a level to get “real money” (ex.: a check is accepted on the notion that it can be traded for cash later).
Methinks the latest form of money is, indeed, instant credit. A promise to pay (with interest if you don’t immediately) is accepted in lieu of instant account debiting.
How about not using credit at all? Yeah, but in today’s society the convenience of credit (as a form of money) smooths & speeds economic flow. Like the ad shows, a swipe of the card is faster than counting out change ... just like bills & coins are faster than weighing gold ingots; the latter is more “real money” than the former, but the former is just so much more convenient.
My experience indicates a sure way to high credit score is holding a substantial (but managable) debt on several cards & other loans - make them a non-trivial tidy profit without any trouble, and they’re happy.
What’s scary is, having achieved a high score, how much farther they’re willing to let you go without considering that going there will cause a financial meltdown (killing the goose doesn’t get more golden eggs).
It makes perfect sense once you realize that your credit score is not a measure of your creditworthiness, but a measure of how much money a financial institution is likely to be able to make off of you, based on your past usage of credit.
You can rent a car with a debit card from some rental agencies (many won’t accept a debit card..or only accept them by accident ,, ie. if there is no markings on the fake VISA or fake Mastercard that say “debit”) , it’s just an EXTRAORDINARILY STUPID THING TO DO.
You can go on believing that items in your credit report won’t affect you in the job market ,, and you can go on deluding yourself that you actually have recourse.. the bottom line is that if your credit history shows you to be reckless or irresponsible that will keep you from getting a job that has any responsibilities, you can work at Blockbuster or your local grocery store but you will never get a second interview for that management position.
I went to that cell phone link ,, YEAH ! that’s bigtime , they’re in Oklahoma and Texas!! The national carriers all require a decent credit history or a sizeable deposit.
No doubt it may have been; still, electronically is far more secure (no person actually sees your personal information, including checking acct # and address) and clears far faster, and you have an electronic record of the transaction. Plus, if you do carry a balance, you’ll pay less interest.
The policy generally? If they made the loan in your name, or both of your names, you're/both responsible until it's paid off.
The reasoning is simple...they loaned the money to you, based upon info you gave them.
“It’s a game you have to play,” Mr. Sheldon says. Once every few months, he charges something on one of his lesser-used credit cards because he fears that issuers will close inactive accounts, reducing his total available credit and damaging his score.”
Worshipping the FICO score will get you burned by the FICO score. I’ve drank Dave Ramsey’s kool-aid and I am truly reaching financial peace. All of the recent bad news has meant very little for me.
“How about not using credit at all? Howz that for a concept???”
I agree and I have found the SEVERAL responses to you to be freakin hilarious. Those that think that survival in this world is not possible without using credit aren’t very creative. (Sorry respondants, there are to many of you to CC.) They are just proof that it is fun to be weird.
“As for employment, the lack of credit history is not automatic grounds for denying employment.”
Personally, I would not want to be employed by a company that uses the FICO score to screen my potential fellow employees.
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