Gen Z Democrats [ New Congress ]

[spr1975wshs]

My dad had a perfect credit score - and he was never rich. Just extremely responsible. It was scary sometimes.

I had college loans, paid them off, ahead of schedule. Learned to live within my means from dad and mom.

When we moved here 10 years ago, our credit score was in the mid-600's. A large part of that is the Mrs. was out of work from mid 97 - mid 12 and I was struggling to keep a roof over out heads by juggling the "books."

We've rebuilt, and now our average is over 800. Again, by not living over our means.

 

[SamSpade]

I had college loans, paid them off, ahead of schedule. Learned to live within my means from dad and mom.

When we moved here 10 years ago, our credit score was in the mid-600's. A large part of that is the Mrs. was out of work from mid 97 - mid 12 and I was struggling to keep a roof over out heads by juggling the "books."

We've rebuilt, and now our average is over 800. Again, by not living over our means.

Mine's always been above average or very good - but never as stellar as my Dad's. He was amazing in his ability to be organized. When I was little, I once noticed he planned every piece of clothing he would wear, for the week, right down to which tie.

I have a friend on Facebook - and a former forumite - who's mentioned online that after several YEARS of paying 500 bucks a month - STILL has a HUGE student debt to pay. (Because the principle was large, and government interest isn't generous). So I can get a LITTLE that with more recent college costs - mine were just a few thousand - I can see how people can be in a deep financial hole.

When I finished college - with working part or full time and a few people giving me money - my total debt was about 6500 bucks, and at 200+ a month, that was paid off easily. I shudder when I think what it would take to pay off 80 grand at any salary I might make if I were to start over.

 

[WingsOfGold]

My dad had a perfect credit score - and he was never rich. Just extremely responsible. It was scary sometimes.

Imagine that, generational thing? I have never made more than 60K in 72 years yet my beacon is over 750. My worst enemy is the casino, wisest is buying what I call used meat... stuff that will expire in a day or two half price. My kids are all college grads, scholarships and little to no debt free rides. All academically earned.

 

[Sneakers]

I get a laugh out of those credit scores. It's supposed to be a rating on your reliability to repay. I've always had an 'excellent' rating and pay off credit cards in full every month, but the instant I actually use my credit card, the score drops. Pay it off, the score goes back up. I had to make a big purchase, and the easiest way was with a credit card. My credit rating plummeted because I was using :gasp: 15 percent of my available credit! The horrors!!!

Shouldn't the dropped rating at least wait until I show signs of a missed or late payment or something? Something that actually indicates a risk?

And then I've seen it drop if I DON'T use my credit. Getting peanlized for being responsible.

 

[OccamsRazor]

I get a laugh out of those credit scores. It's supposed to be a rating on your reliability to repay. I've always had an 'excellent' rating and pay off credit cards in full every month, but the instant I actually use my credit card, the score drops. Pay it off, the score goes back up. I had to make a big purchase, and the easiest way was with a credit card. My credit rating plummeted because I was using :gasp: 15 percent of my available credit! The horrors!!!

Shouldn't the dropped rating at least wait until I show signs of a missed or late payment or something? Something that actually indicates a risk?

And then I've seen it drop if I DON'T use my credit. Getting peanlized for being responsible.

Not only this but, it will drop 20 points in one month for making a large purchase. Pay off the debt, and it goes up 4 points

 

[stgislander]

I get a laugh out of those credit scores. It's supposed to be a rating on your reliability to repay. I've always had an 'excellent' rating and pay off credit cards in full every month, but the instant I actually use my credit card, the score drops. Pay it off, the score goes back up. I had to make a big purchase, and the easiest way was with a credit card. My credit rating plummeted because I was using :gasp: 15 percent of my available credit! The horrors!!!

Shouldn't the dropped rating at least wait until I show signs of a missed or late payment or something? Something that actually indicates a risk?

And then I've seen it drop if I DON'T use my credit. Getting peanlized for being responsible.

Credit scores are black (can I say that) magic.

 

[stgislander]

Not only this but, it will drop 20 points in one month for making a large purchase. Pay off the debt, and it goes up 4 points

I can't like this enough.

 

[Sneakers]

My rating used to be 830 or better. But then I started using auto-pay and such, and each hit on the credit card drops the rating. Just over 810 recently because of that. Tempted to go all direct EFT.

 

[OccamsRazor]

My rating used to be 830 or better. But then I started using auto-pay and such, and each hit on the credit card drops the rating. Just over 810 recently because of that. Tempted to go all direct EFT.

Was sitting at about 820. Decided to buy a new John Deere Zero Turn with my cash back card. Took an almost 40 point hit on my report Paid it off at the end of the month. Took 5 months before I was back at Exceptional rating again!
Pissed me off because I was thinking "What if I wanted to buy a new car? It would kick me out of the low-finance rate availability all because I was using my card the way I am supposed to!"

 

[Sneakers]

Was sitting at about 820. Decided to buy a new John Deere Zero Turn with my cash back card. Took an almost 40 point hit on my report Paid it off at the end of the month. Took 5 months before I was back at Exceptional rating again!
Pissed me off because I was thinking "What if I wanted to buy a new car? It would kick me out of the low-finance rate availability all because I was using my card the way I am supposed to!"

I have never *technically* had a car loan, and would be VERY hard pressed to use a credit card to do that.

I usually have enough in the bank to buy a car outright, but don't do that. I take out a secured loan instead. You take out a loan using the cash you have in the bank as collateral. Interest rates are very low, and since the money remains in your account, you gain (as little as it is) interest on that. I've put the money in a high-yield CD which works out better. But it's not an auto loan, so doesn't show up as a credit hit.

As a side benefit, because it's not a loan and the bank doesn't 'own' the funds, just a convenient way to manage the transfer of funds, there is no lien on the vehicle. The title is clear.

 

[OccamsRazor]

I have never *technically* had a car loan, and would be VERY hard pressed to use a credit card to do that.

I usually have enough in the bank to buy a car outright, but don't do that. I take out a secured loan instead. You take out a loan using the cash you have in the bank as collateral. Interest rates are very low, and since the money remains in your account, you gain (as little as it is) interest on that. I've put the money in a high-yield CD which works out better. But it's not an auto loan, so doesn't show up as a credit hit.

As a side benefit, because it's not a loan and the bank doesn't 'own' the funds, just a convenient way to manage the transfer of funds, there is no lien on the vehicle. The title is clear.

Don't be mistaken. I would NEVER use a credit card to finance a loan of ANY type. (Even though the card itself is actually a loan) My point was that use of my card to make a larger purchase (mower) managed to knock my credit score low enough to bring me out of the "Exceptional" credit range. This in-turn disallows me from qualifying for the lowest interest option if I were to finance through the car company/dealership. Would probably never happen but, still ticks me off the way it all works.

 

[Sneakers]

Don't be mistaken. I would NEVER use a credit card to finance a loan of ANY type. (Even though the card itself is actually a loan) My point was that use of my card to make a larger purchase (mower) managed to knock my credit score low enough to bring me out of the "Exceptional" credit range. This in-turn disallows me from qualifying for the lowest interest option if I were to finance through the car company/dealership. Would probably never happen but, still ticks me off the way it all works.

Ok. I read it like you might use a CC for a car purchase. There are people that do that, can't imagine why.

 

[Kinnakeet]

My rating used to be 830 or better. But then I started using auto-pay and such, and each hit on the credit card drops the rating. Just over 810 recently because of that. Tempted to go all direct EFT.

Identify as a Negro and gets yous a EBT's card

 

[Monello]

A 25 year old that wants to jump ahead of the line. How many 25 year olds would qualify for a DC apartment? I'd say less than half. But somehow we are suppose to feel sorry for this kid. It sounds like he needs more real world life experiences.

 

[WingsOfGold]

He can do what many of us here have, rent a room or get with other freshmen and rent an apartment. I really feel sorry for this lump of shiit.

 

[Bare-ya-cuda]

I love how AOC says congress peoples actually work. LMAO

 

[GURPS]

 

[GURPS]

 

[GURPS]