Comments on: Another Reason to Value Your Credit Score http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/ personal finance tips, tricks, and commentary Sun, 22 Nov 2009 04:49:32 -0500 http://wordpress.org/?v=abc hourly 1 By: Noah King http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-98244 Noah King Wed, 24 Oct 2007 16:35:15 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-98244 What is funny to me, is the fact that the people they require a deposit from are the ones least liking to have the money laying around. Not always the case, but I would think the majority of people with excellent credit have money on hand, and vice versa. What is funny to me, is the fact that the people they require a deposit from are the ones least liking to have the money laying around. Not always the case, but I would think the majority of people with excellent credit have money on hand, and vice versa.

]]> By: kitty http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-97512 kitty Tue, 23 Oct 2007 17:01:34 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-97512 "But doesn’t Financial Councilors like Dave Ramsey advise not to care about the FICO score but to maintain a debt free lifestyle?" Some people have never had consumer debt even while using credit cards, so they don't really know Dave Ramsey or care about what he says. I only found out about him from a TV program on channel 13, also from some blogs. I read someone mention that he is even against student loans for doctors - if everyone follows his advice there'd be very few doctors around. I found out, by accident, another use for credit scores. When you open one of those online savings accounts they check your credit score. If they don't like it or cannot find it, they can deny you one. FNBO direct refused my friend's request to open an account because they couldn't match her credit score. She had just married and changed her name, but the fact wasn't reflected on her score. But instead of asking her, they just told - your credit score is bad (it actually was excellent, but the name mismatch somehow got translated into bad score by their program). She had a similar problem in a brick and mortar bank when she tried to open a CD, but the bank let her show them her marriage certificate. When she called FNBO direct they didn't care, they just said - your credit is bad. “But doesn’t Financial Councilors like Dave Ramsey advise not to care about the FICO score but to maintain a debt free lifestyle?”
Some people have never had consumer debt even while using credit cards, so they don’t really know Dave Ramsey or care about what he says. I only found out about him from a TV program on channel 13, also from some blogs. I read someone mention that he is even against student loans for doctors – if everyone follows his advice there’d be very few doctors around.

I found out, by accident, another use for credit scores. When you open one of those online savings accounts they check your credit score. If they don’t like it or cannot find it, they can deny you one. FNBO direct refused my friend’s request to open an account because they couldn’t match her credit score. She had just married and changed her name, but the fact wasn’t reflected on her score. But instead of asking her, they just told – your credit score is bad (it actually was excellent, but the name mismatch somehow got translated into bad score by their program). She had a similar problem in a brick and mortar bank when she tried to open a CD, but the bank let her show them her marriage certificate. When she called FNBO direct they didn’t care, they just said – your credit is bad.

]]> By: JustBeth http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-97476 JustBeth Tue, 23 Oct 2007 15:44:54 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-97476 I've never had to put a deposit down--perhaps because I've always paid bills on time and my credit score was in good shape when I got my first apartment. I'll never know, because I didn't care much about those details back then (not that I was unwise about money, but details like credit scores were beyond my financial radar). I’ve never had to put a deposit down–perhaps because I’ve always paid bills on time and my credit score was in good shape when I got my first apartment. I’ll never know, because I didn’t care much about those details back then (not that I was unwise about money, but details like credit scores were beyond my financial radar).

]]> By: Will http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-97368 Will Tue, 23 Oct 2007 12:51:13 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-97368 Yup. Dave is a bit hard to follow at times. This FICO topic has been on my mind for a while now recently, so I appreciate other thoughts from the PF bloggers. What other top 10 or 20 compelling reasons are there in keeping a good FICO score? 1) lower mortgage APR? 2) renting cars on trips? 3) Better credit card offers? 4) better equity loans? 5) other? ... thanks for the quick response. Yup. Dave is a bit hard to follow at times. This FICO topic has been on my mind for a while now recently, so I appreciate other thoughts from the PF bloggers.
What other top 10 or 20 compelling reasons are there in keeping a good FICO score?
1) lower mortgage APR?
2) renting cars on trips?
3) Better credit card offers?
4) better equity loans?
5) other?
…
thanks for the quick response.

]]> By: nickel http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-97355 nickel Tue, 23 Oct 2007 12:37:01 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-97355 Will: Believe it or not, not everyone follows Ramsey's teachings (which can be a bit extreme). That being said, even if you're a Ramsey disciple, having a good credit score will clearly help you in a case such as this. Will: Believe it or not, not everyone follows Ramsey’s teachings (which can be a bit extreme). That being said, even if you’re a Ramsey disciple, having a good credit score will clearly help you in a case such as this.

]]> By: Will http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-97354 Will Tue, 23 Oct 2007 12:35:05 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-97354 forgive me for being ignorant. But doesn't Financial Councilors like Dave Ramsey advise not to care about the FICO score but to maintain a debt free lifestyle? forgive me for being ignorant. But doesn’t Financial Councilors like Dave Ramsey advise not to care about the FICO score but to maintain a debt free lifestyle?

]]> By: The Saving Freak http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-97349 The Saving Freak Tue, 23 Oct 2007 12:24:44 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-97349 This happened to us. We moved into an area where I had attended college. One of the bills I could not afford to pay when I moved out of the area the first time. It went to collections and I paid it once I had a job in my new town. When we moved back here they wanted to charge me $250 even though the account was paid off. We then signed up in my wife's name and got no deposit. So basically I almost had to pay for a mistake I made 8 years ago. This happened to us. We moved into an area where I had attended college. One of the bills I could not afford to pay when I moved out of the area the first time. It went to collections and I paid it once I had a job in my new town. When we moved back here they wanted to charge me $250 even though the account was paid off. We then signed up in my wife’s name and got no deposit. So basically I almost had to pay for a mistake I made 8 years ago.

]]> By: Tim http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-96783 Tim Mon, 22 Oct 2007 21:54:31 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-96783 you can also normally avoid deposits by getting a letter of credit from your prior utility and telephone companies. you can also normally avoid deposits by getting a letter of credit from your prior utility and telephone companies.

]]> By: Blaine Moore http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-96738 Blaine Moore Mon, 22 Oct 2007 19:58:25 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-96738 I haven't needed to put deposits down on my utilities before, not even when I was fresh out of college (or in college, for that matter)... I haven’t needed to put deposits down on my utilities before, not even when I was fresh out of college (or in college, for that matter)…

]]> By: Melissa http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/comment-page-1/#comment-96690 Melissa Mon, 22 Oct 2007 19:33:02 +0000 http://www.fivecentnickel.com/2007/10/22/another-reason-to-value-your-credit-score/#comment-96690 I had no idea! I'll have to test this out when we move soon. Thanks for the tip! I had no idea! I’ll have to test this out when we move soon. Thanks for the tip!

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