Comments on: Credit is a Scam

By: DMD

DMD — Thu, 12 Nov 2009 22:01:01 +0000

It is a scam.

What will really surprise you, is that if you had 1 or 2 credit cards that you owed 20% of your available balance on, making payments on time for the past 6 months, you’d have a much higher score. They want to see you ‘handling’ your credit well.

At the end of the day, cash is so much better, but don’t go buy a new car for cash or you’ll end up being audited.

By: Credit is a Scam | marketFly

Credit is a Scam | marketFly — Sun, 14 Jun 2009 20:05:12 +0000

[...] BeerNuts – Original Post Posted by admin on Jun 14th, 2009 and filed under beermonies.com. You can follow any responses [...]

By: cclind

cclind — Mon, 04 May 2009 16:45:18 +0000

NOTO is right closing CC is bad, especially the older ones. On the flip side if you have 6 CC’s that have a zero balance that is also looked at as a risk, too much open credit is a liability as well. As for the 666 credit score, thats actually not too bad. Hell my wife and I bought a house last August with scores of 625 and 614.

By: spyderman4g63

spyderman4g63 — Fri, 01 May 2009 18:40:47 +0000

Yea, it’s all bullshit. If you are financially stable, but don’t use the cards you get fucked. I could have 60K in credit card debt and as long as a keep making payments I could end up with a higher score than you. Makes no sense at all. (For the record I did the same thing you did my first year with AM. Paid off everything I could.)

By: BeerNuts

BeerNuts — Fri, 01 May 2009 16:57:55 +0000

Yeah I hear that a lot, but nowhere on my credit report dose it state my recently closed accounts as a negative. Its all smoke and mirrors as to what really effects your credit score. I have a feeling they have been working with Google.

By: theNOTO

theNOTO — Fri, 01 May 2009 16:34:55 +0000

Closing accounts, especially if they were older accounts or you had large credit limits, can have a negative effect on your credit score. Once those recent inquiries start to fall off, your score will go up.