john and i are trying to get completely out of debt, and clean up our "credit score" so we can be sitting pretty come time to buy a house...we had some dental credit cards that we needed to pay off asap, or else they will add retroactive interest of the tune of 700 dollars, so we decided to do a loan at our credit union. we figured since we have never had collections of any form, never been delinquent on any bill, and just knocked alot of debt out and closed out some credit cards within the last year that we'd get a super good rate, since a little less than a year ago i checked our credit score and it was 717, and 704 (john)...so i was pretty confident that we'd get approved hands down. the loan officer calls me back asking if i wanted to put up collateral to get the loan...what for?? well, you don't have good credit. SAY WHAT? HOW!? well, that's what i'm trying to figure out. there isn't any mark against you...i guess it's just that you don't have a mortgage and you only have 3 credit cards 2 of which is over 50% of the limit charged...those are the only things i see that might bring it down...down to what??? 609. WHAT?!?
so let me get this right...because we aren't more in debt, we have a lower score???? because we paid off and canceled about 5 credit cards and didn't leave them open we are penalized for that in our score??? because we don't owe money on a house we have a lower score????? WHAT KINDA CRAP IS THIS!!! yah know, i am totally there with DAVE on this one. i refuse to worship at the alter of the great FICO. i can't believe that this is how the credit score works...so disappointing. all the hard work we've done in paying off over 20,000 in debt in the last 20 months...never being late on bills...all to have such a crappy credit score. there is something wrong with this picture.
and i don't even want to get started with OBAMA...
and that is why i am feeling a bit down. what is this world coming to?
2 comments:
credit cards aren't all they are cracked up to be. We had to get that Care Credit (not happy) for one of the dentists we went to and Markus got approved for 6,500. wtf. so now we have that against Markus' name, great! That totally sux, but don't get down credit isn't all that like mom thinks it is, unless you want to borrow money of course. :)
learned same thing the hard way... NEVER close revolving accounts that have zero balance once u have them...gives u better score showing available credit that ur not using! And Credit IS everything! learn how to walk the walk NOW with credit --there will be many many times in the future that u will need it --planned or not!
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