Why is my Fico score so low?
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32 members have voted
BS.Quote: DRichThat $450 is a lot of money for me.
Nevermind, you said for me... not to me.
Quote: DRichWe definitely have different priorities. I just put $15,000 of tile floors in my house and put it on a 0% card. I expect that I can make at least 3% of that investing the money while paying off the credit card. That $450 is a lot of money for me.
I suspect if you offered whomever did the job cash up front, you'd have seen an immediate savings far greater than some hypothetical 3% return on investing the money.
Seeing as I'm currently living in a trailer that I couldn't sell for $15,000, we sure do have different priorities.
Until today.
Today I get a single delivery of a dozen boxes, with everything from the two orders mixed together in the boxes. Even the packing list makes it appear to be one order. Only the two separate shipping charges give an indication that it is two orders combined.
I can't return it as buying elsewhere would cost more and time is becoming essential but I canceled all my subscription items with them and closed my account.
Sounds like you found a flaw in the system but failed to take advantage of it.Quote: billryanLast week I ordered two 70 inch glass showcases along with a few other items. Shipping was $319. At the last minute, I added a five foot long three tiered table and I didn't notice they only added an additional $5 for the rather heavy table. It was only after I placed the order did I realize the shipping was capped. I tried to add two more heavy displays but the website wouldn't allow me to add anything to the order. I called the next morning before 9am only to discover the customer service for a Nevada company is handled in Ireland but goes by East Coast time and I'm told my order is in process and can't be added to. After much back and forth, including a threat to cancel the order, I get a supervisor to reduce shipping on a new order to $89, from the original $163. Had I been able to combine orders, I'd have saved about $50 but I'm okay with it.
Until today.
Today I get a single delivery of a dozen boxes, with everything from the two orders mixed together in the boxes. Even the packing list makes it appear to be one order. Only the two separate shipping charges give an indication that it is two orders combined.
I can't return it as buying elsewhere would cost more and time is becoming essential but I canceled all my subscription items with them and closed my account.
I’m unclear how this relates to FICO scores.
Quote: billryanI suspect if you offered whomever did the job cash up front, you'd have seen an immediate savings far greater than some hypothetical 3% return on investing the money.
Seeing as I'm currently living in a trailer that I couldn't sell for $15,000, we sure do have different priorities.
That was the cash price. The contractor screwed up and didn't ask how I was paying. When he was done he was pissed it was credit card.
Quote: DRichThat was the cash price. The contractor screwed up and didn't ask how I was paying. When he was done he was pissed it was credit card.
You paid him after he did the work? I've rarely worked with contractors who don't want around half up front.
Quote: billryanI can't return it as buying elsewhere would cost more and time is becoming essential but I canceled all my subscription items with them and closed my account.
I’m starting to get the feeling you enjoy firing.
Quote: billryanYou paid him after he did the work? I've rarely worked with contractors who don't want around half up front.
I bought the materials so he wasn't out of pocket any more than just his team's labor. It took four guys almost four weeks to do the work. I paid him the $15k on credit card for the labor.
I think people overestimate how important their credit score is. Back when my finances were garbage and I was on the verge of bankruptcy, I think my credit score was in the 400's, and I had no problems getting a credit card or a student loan or renting an apartment. It might be important when you're buying a house or starting a business or something, but not in day-to-day life.
Quote: TigerWu
I think people overestimate how important their credit score is. Back when my finances were garbage and I was on the verge of bankruptcy, I think my credit score was in the 400's, and I had no problems getting a credit card or a student loan or renting an apartment. It might be important when you're buying a house or starting a business or something, but not in day-to-day life.
Depends what you call "important." If you go to buy a car with bad credit you are called a "get me done" and must accept the terms and price they say, possibly reduced to a BHPH lot where you must pay weekly and install GPS and shutoff on your car. Insurance for the car will be more. If you are looking for a job with awful credit it may well come into play. That credit card you get will have a higher fee and rare with a lower limit than the person with good credit.
You will get by with bad credit, but you will be behind at every turn.
Poor credit and bankruptcy might get you a secured loan, such as a car loan or secured credit card at exorbitant interest rates, but not much in the way of unsecured.
Quote: AxelWolfI don't know anything about the art a credit card Advantage play. I really don't use credit cards for anything other than buying something online or traveling so I kind of look at having good credit and a bunch of credit cards as a type of an emergency fund. Is that a bad way to look at it?
It's not bad at all, but if you're a responsible person (financially speaking), you're missing out on a lot of free money that comes from rewards programs.
Quote: DRichThat was the cash price. The contractor screwed up and didn't ask how I was paying. When he was done he was pissed it was credit card.
I've never in my life had a contractor
not ask for half the money up front.
Never. Something about this story
is highly suspect. Contractors get
burned all the time, none of them
will do a $15K job hoping that you'll
pay them. The guy who put up my
barn wanted half in cash up front.
Never seen one that would accept a
CC. Ever.
Quote: EvenBobI've never in my life had a contractor
not ask for half the money up front.
Never. Something about this story
is highly suspect. Contractors get
burned all the time, none of them
will do a $15K job hoping that you'll
pay them. The guy who put up my
barn wanted half in cash up front.
Never seen one that would accept a
CC. Ever.
We must use different types of contractors because I always look for ones that accept credit cards. This particular one has a retail tile and flooring store so of course they take credit cards. I agree most want a payment up front, usually for materials. I paid for all of the mateirals myself which was about $10k so I don't think he was too worried about me. He sold $10k in materials and also got the installation business. It was a big enough job that I don't think he wanted to lose it. It ended up costing about $10 a sq foot.
You are akin to someone who walks around in a white toga to signify his purity when all anyone cares about is how much you have sinned and how skillful you are at getting away with it.
Spend your time winning at the casinos and you won't have to worry about your fico scores.
I'm definitely interested and I need to do some more research unfortunately, there's only so much time in the day and there's always something I should be or need to be doing.Quote: TigerWuIt's not bad at all, but if you're a responsible person (financially speaking), you're missing out on a lot of free money that comes from rewards programs.
What's the best rewards program out there right now? Perhaps it's a hard question to answer depending on what I'm using my credit cards for? I guess I'm asking is there some slam-dunk situation that's a no-brainer?
From what I'm seeing there's lots of credit cards with $150 bonus with 1-3% back on purchases.
interesting. As far as I know, UK car and home insurances don't pull credit reports at all. We just have good 'no claims discounts' on car insurance.Quote: GWAESome insurances will pull your credit every year at renewal and will adjust based on score.
Quote: DRichI agree most want a payment up front, usually for materials.
That's just not true. I've had contractors
for bulldozing the driveway, digging
a new septic system, new well, new
drain field, taking out tree's. None
of these involved materials bought
by the contractor and they all wanted
half the money up front. Hell, the
snow plow guy wants the whole season
paid for up front. Yet you found one
for a $15K job that wanted nothing
up front? Really? Do you realize you
talk a LOT about money in your posts?
Two kinds of people do that, but I
can't list them here for obvious reasons.
Quote: AxelWolfI'm definitely interested and I need to do some more research unfortunately, there's only so much time in the day and there's always something I should be or need to be doing.
What's the best rewards program out there right now? Perhaps it's a hard question to answer depending on what I'm using my credit cards for? I guess I'm asking is there some slam-dunk situation that's a no-brainer?
From what I'm seeing there's lots of credit cards with $150 bonus with 1-3% back on purchases.
I think it depends on what you will actually use as far as rewards go. I have a Best Buy Citi card that on a percentage basis is great if you want stuff Best Buy sells. I got typical intro offer of $200 or so. Then the standard cash back on purchases. But then I get 5% off in store purchases in addition to any sales prices. But they also will send offers all the time of spend $300 outside Best Buy and get $30 store credit along with all the other standard rewards still in effect.
My problem now is I have run out of stuff I need from Best Buy.
msnbc has a constant barrage of ads on latest credit cards.
Quote: AxelWolfI'm definitely interested and I need to do some more research unfortunately, there's only so much time in the day and there's always something I should be or need to be doing.
What's the best rewards program out there right now? Perhaps it's a hard question to answer depending on what I'm using my credit cards for? I guess I'm asking is there some slam-dunk situation that's a no-brainer?
I don't know, there's just so many...
I have a card I use that's 3% on gas and 2% on groceries. I have another card I use for almost everything else that 1.5% on anything. I have the Caesar's Rewards Visa that puts 1% directly into my Caesar's Rewards account. Plus if you use it at a Caesar's property you get 5% reward points on whatever you buy.
I don't know if there's just one card that beats them all in every category, so if you really want to play the game you'll have to get several cards. I have those three cards that I use regularly and that's good for at least a few hundred dollars a year in free money.
.Quote: AxelWolfI'm definitely interested and I need to do some more research unfortunately, there's only so much time in the day and there's always something I should be or need to be doing.
What's the best rewards program out there right now? Perhaps it's a hard question to answer depending on what I'm using my credit cards for? I guess I'm asking is there some slam-dunk situation that's a no-brainer?
From what I'm seeing there's lots of credit cards with $150 bonus with 1-3% back on purchases.
Text my ex. She has MASTERED the credit card game. Easily gets value into the low $thousands every year.
Generally, you get value to around $500 for sign up, after using it for a month or two. As long as you pay off monthly, there will be no cost. you just need to cancel before your anniversary date when an annual fee will appear.
Different cards have different bonus offers..... 5% at gas stations (usually limited to first $5000 a year). 3% at supermarkets (also with a limit). Sometimes "specials" like $20 off a certain retailer. I once bought $21 socks which I needed anyway at a retailer in the Mall I normally wouldn't go to for $1. I'm not great at this game, but am planning on getting better now that I am retired.
Quote: AxelWolfI don't know anything about the art a credit card Advantage play. I really don't use credit cards for anything other than buying something online or traveling so I kind of look at having good credit and a bunch of credit cards as a type of an emergency fund. Is that a bad way to look at it?
Yes, a bad way to look at it.
Discover has a 2Xs cash back the first year. You can use their "bonus" 5% cash back at places like gas stations, WMT, etc as they cone up quarterly. The "bonus" us limited to $1500 per quarter in buys, the rest is not. Do it right and you get $500 a year or more just use it for gas, groceries, and other essentials.
Or you can play the miles game on a card if you travel.
You need to limit this to 2-3 cards and use their "bonus" times to really max things. But AP is AP.
Quote: EvenBobThat's just not true. I've had contractors
for bulldozing the driveway, digging
a new septic system, new well, new
drain field, taking out tree's. None
of these involved materials bought
by the contractor and they all wanted
half the money up front. Hell, the
snow plow guy wants the whole season
paid for up front. Yet you found one
for a $15K job that wanted nothing
up front? Really? Do you realize you
talk a LOT about money in your posts?
Two kinds of people do that, but I
can't list them here for obvious reasons.
Yes I do, I talk a lot about saving money. In this case I am estimating about $450.
There are some cards that might cash rebate 3% for certain categories, or 5% at certain times for certain categories, and I have some of those cards too, but I haven't found any better than 2% for everything at all times.
Quote: DRichYes I do, I talk a lot about saving money.
In your mind buying 12 new cars
is saving money? I knew a woman
who was worth $20 mil and never
bought a new car in her life because
it was a money loser. Instead she
bought a 2 year old low mileage
car every 2 years. This way she was
always driving a fairly new car and
got maximum value for her money.
Quote: AxelWolfI don't know anything about the art a credit card Advantage play. I really don't use credit cards for anything other than buying something online or traveling so I kind of look at having good credit and a bunch of credit cards as a type of an emergency fund. Is that a bad way to look at it?
I don't think its a bad or good way to look at it. If it works for you. However i think there is money and or free travel/hotels left on the table.
I would suggest doing some home work first, one size does not fit all. There are many websites for this kind of thing. My go to is Flyertalk and then The points guy. Start slow then ramp up as you get more comfortable.
Good Luck!
Quote: EvenBobIn your mind buying 12 new cars
is saving money? I knew a woman
who was worth $20 mil and never
bought a new car in her life because
it was a money loser. Instead she
bought a 2 year old low mileage
car every 2 years. This way she was
always driving a fairly new car and
got maximum value for her money.
Did she die with $20 million? There comes a time when a person should just do what they want. I don't know if DRich has $20 million but I'm pretty sure he has enough to do whatever in the car department.
I don't have $20 million but I've been known to swap new cars before they need an oil change. It all depends on how you buy them and what you buy. My last one that I only kept for a whopping 2 months was a net $1200 loss. Who cares? If that keeps me from accumulating $20 million in my life, I don't care.
Quote: SOOPOO.
Text my ex. She has MASTERED the credit card game. Easily gets value into the low $thousands every year.
Generally, you get value to around $500 for sign up, after using it for a month or two. As long as you pay off monthly, there will be no cost. you just need to cancel before your anniversary date when an annual fee will appear.
Different cards have different bonus offers..... 5% at gas stations (usually limited to first $5000 a year). 3% at supermarkets (also with a limit). Sometimes "specials" like $20 off a certain retailer. I once bought $21 socks which I needed anyway at a retailer in the Mall I normally wouldn't go to for $1. I'm not great at this game, but am planning on getting better now that I am retired.
The game is getting tougher. Chase will not approve new cards if you had 3 new ones in the last 24 months. Other companies may be going the same route.
I'll buy your Best Buy credit for 50%(?).Quote: MaxPenI think it depends on what you will actually use as far as rewards go. I have a Best Buy Citi card that on a percentage basis is great if you want stuff Best Buy sells. I got typical intro offer of $200 or so. Then the standard cash back on purchases. But then I get 5% off in store purchases in addition to any sales prices. But they also will send offers all the time of spend $300 outside Best Buy and get $30 store credit along with all the other standard rewards still in effect.
My problem now is I have run out of stuff I need from Best Buy.
Bob, DRich is legit. I totally get what you're saying, but You're off base on this one.Quote: EvenBobThat's just not true. I've had contractors
for bulldozing the driveway, digging
a new septic system, new well, new
drain field, taking out tree's. None
of these involved materials bought
by the contractor and they all wanted
half the money up front. Hell, the
snow plow guy wants the whole season
paid for up front. Yet you found one
for a $15K job that wanted nothing
up front? Really? Do you realize you
talk a LOT about money in your posts?
Two kinds of people do that, but I
can't list them here for obvious reasons.
SooPoo also sometimes talks about money, do you also think he falls in the same category?
Have fairly confident they're both High earners.
I was wondering about taking one with a big bonus offer that had an annual fee for the second year only and perhaps canceling the card but I was under the impression that canceling the card would hurt your credit?Quote: SOOPOO.
Generally, you get value to around $500 for sign up, after using it for a month or two. As long as you pay off monthly, there will be no cost. you just need to cancel before your anniversary date when an annual fee will appear.
I noticed they had more than one card, do you happen to know which one this is specifically? This sounds good, so I'm going to target that one.Quote: AZDuffmanYes, a bad way to look at it.
Discover has a 2Xs cash back the first year. You can use their "bonus" 5% cash back at places like gas stations, WMT, etc as they cone up quarterly. The "bonus" us limited to $1500 per quarter in buys, the rest is not. Do it right and you get $500 a year or more just use it for gas, groceries, and other essentials.
Or you can play the miles game on a card if you travel.
You need to limit this to 2-3 cards and use their "bonus" times to really max things. But AP is AP.
What do you mean by "their "bonus" times". Is there a specific time of year they give extra points or something?
Thank you.
Thanks, I'll look into that.Quote: Indy70I don't think its a bad or good way to look at it. If it works for you. However i think there is money and or free travel/hotels left on the table.
I would suggest doing some home work first, one size does not fit all. There are many websites for this kind of thing. My go to is Flyertalk and then The points guy. Start slow then ramp up as you get more comfortable.
Good Luck!
Quote: gamerfreakI’m starting to get the feeling you enjoy firing.
Got a phone call this morning from a Customer Service Specialist asking why I had canceled my subscription items.
She apologized and asked if I'd be interested in speaking to a supervisor. One called me an hour later and said she was refunding the extra shipping charges.
I don't mind firing people who aren't working out. I work lean, and if someone isn't doing their job, someone else has to do their own job plus fill in the slack. What I'm working for is to get a core of 4-6 people who work with a.half dozen.or so part timers. I will go through a bunch of folks before then.
Quote: AxelWolfI noticed they had more than one card, do you happen to know which one this is specifically? This sounds good, so I'm going to target that one.
What do you mean by "their "bonus" times". Is there a specific time of year they give extra points or something?
Thank you.
On the first part, I am not sure, may need to read the fine print. I got just a regular one.
As to "bonus time" here's the deal. They do it quarterly and it varies. But say Q1 is "gas stations." You use the card at a gas station you get 5% back instead of 1.5%, up to a $1500 spend. Thereafter it is 1.5%. Q2 might be "grocery stored." Currently it is WMT and AMZN. In year 1 this can add up.
In these parts the dominant grocery and C-store chaibn has a killer gift card program and I was doing a house flip so I maxed at both. If I wanted to I could max the cash back bonus and gift card bonus then sell the gift card online and still make 5% when done right. It involved gaming two systems, but one day I will do it as it is better than real work.
Quote: AxelWolfI was wondering about taking one with a big bonus offer that had an annual fee for the second year only and perhaps canceling the card but I was under the impression that canceling the card would hurt your credit?
It will not hurt it enough to matter. Same deal as "checking" your credit when you car shop. A woman got mad at me once when I ran her's and she was denied. My polite answer was if she is car shopping it will not affect as much having a few places pull.
The real answer was, "lady, if pulling your credit is the difference between denied and approved you have bigger problems than losing 2 points for a pull."
Quote: AxelWolfI was wondering about taking one with a big bonus offer that had an annual fee for the second year only and perhaps canceling the card but I was under the impression that canceling the card would hurt your credit?
And that does what to me? I'm serious. I can't see any scenario where my credit score would become bad enough that it would effect me in any way. And I'm no longer a 'high earner'. I'm now an old retired guy living on a fixed income!
I'm repeating myself. Contact my ex. She will give you info worth at least $1k a year.
I thought it only hurt your credit insofar as it raised your credit utilization ratio (what you use versus how much you have to use). If you have several cards with high limits and don't carry a balance on them, I can't imagine your credit score hurt by dropping one.Quote: AxelWolfI was wondering about taking one with a big bonus offer that had an annual fee for the second year only and perhaps canceling the card but I was under the impression that canceling the card would hurt your credit?
Quote: AZDuffmanDepends what you call "important." If you go to buy a car with bad credit you are called a "get me done" and must accept the terms and price they say, possibly reduced to a BHPH lot where you must pay weekly and install GPS and shutoff on your car.
A friend of mine with lousy credit just bought a car at Car Max. I was shocked they found her a loan (it took only minutes), but at a 26% interest rate. I didn't know interest rates even went that high except on payday loans. They also installed a Lo-Jack or whatever they're called.
Quote: kmumf26%! That should be against the law what a bad choice must really need a car.
Disagree about 'against the law'. If there is a company that felt that the person was an acceptable risk at 20% then the person could borrow from that company. The fact that the person decided to buy the car under the conditions (26%) means the person decided it was worth it for him. Why should you or I (or the government) limit the ability of this person to get a loan? If the government said 12% max, then likely this person is carless.
Quote: EvenBobIn your mind buying 12 new cars
is saving money?
I have said all along that I splurge on my house and on my cars, but yes I do save a lot of money when I buy cars compared to other people buying new. Before I purchased my lastest car I probably spent close to 500 hours researching incentives, rebates, holdbacks, trunk money, and of course reviews. It is a 2018 SUV and my payment is less than $200 a month.
Quote: WizardA friend of mine with lousy credit just bought a car at Car Max. I was shocked they found her a loan (it took only minutes), but at a 26% interest rate. I didn't know interest rates even went that high except on payday loans. They also installed a Lo-Jack or whatever they're called.
We are in such a cheap money environment that money will be found. 26% is probably near the top, and remember, Car Max probably marked it up from 20%.
I know a guy has an employee with really bad credit. The guy I know sent him to another guy he knows who has a lot. Now, the bad credit guy would have ended up paying more for some beat up sled with 100,000 miles than my buddy was offered to lease a brand-new BMW. Bad credit cost you big when you buy a car.
Quote: kmumf26%! That should be against the law what a bad choice must really need a car.
Make it "against the law" and that person walks everywhere. Same as payday loan shops. the people who want to ban them would never use them. The guy who needs a few hundred go keep his car on the road to keep food on the table does not want them banned.
Quote: SOOPOODisagree about 'against the law'. If there is a company that felt that the person was an acceptable risk at 20% then the person could borrow from that company. The fact that the person decided to buy the car under the conditions (26%) means the person decided it was worth it for him. Why should you or I (or the government) limit the ability of this person to get a loan? If the government said 12% max, then likely this person is carless.
Well people pay that much on credit card balances all the time why not a car too i guess. I just feel bad for people just smothered by a snowball effect of bad finical dissensions.
He went out and bought a used car. When I asked him what he paid, he said $1500. It seemed like a great deal until he added .."and $57 a week". He thought it was for 72 weeks, which seemed odd.
It turned out it was for 72 months, and he was going to end up paying almost $20,000 for a car I could buy for $3500.
He wasn't worried because the salesmen told him if he made on time payments for six months, he'd be able to upgrade to the Lexus he wanted. In his mind, he was saving money.
Quote: billryanA kid I worked with a few years ago was spending almost $20 a day to get to the job. A bus to the subway, subway to Jamaica and then the railroad to Bellmore. It took almost two hours each way for what was a twenty minute car ride.
He went out and bought a used car. When I asked him what he paid, he said $1500. It seemed like a great deal until he added .."and $57 a week". He thought it was for 72 weeks, which seemed odd.
It turned out it was for 72 months, and he was going to end up paying almost $20,000 for a car I could buy for $3500.
He wasn't worried because the salesmen told him if he made on time payments for six months, he'd be able to upgrade to the Lexus he wanted. In his mind, he was saving money.
People go those BHPH lots thinking it will help their credit, but it does not. They do not report. While a legit place for some to buy, about half their cars come back as a repo. It is not the auto business, it is a loans and collections business.
Quote: AZDuffmanPeople go those BHPH lots thinking it will help their credit, but it does not. They do not report. While a legit place for some to buy, about half their cars come back as a repo. It is not the auto business, it is a loans and collections business.
We had a guy here in Vegas "Freddie from GMF Motors". "I will finance anyone". He would sell the same car an average of three times because they always got repossessed.
