Building credit is an m f'er

[smileyman]

Basically the bureau's metrics and formulas for coming up with a credit score lacks a ton of common sense. They are complicated. So complicated they overlook the obvious.

I had excellent credit after my divorce, but alot of good regularly paid debts overlooks a source of cash flow or revolving debt dependency. I was broke. Then pile on some non bureau reportables like taxes and medical bills and I am bankrupt but with a 700 plus score...Its nonsense

[Kaneman]

Originally Posted by smileyman

Basically the bureau's metrics and formulas for coming up with a credit score lacks a ton of common sense. They are complicated. So complicated they overlook the obvious.

I had excellent credit after my divorce, but alot of good regularly paid debts overlooks a source of cash flow or revolving debt dependency. I was broke. Then pile on some non bureau reportables like taxes and medical bills and I am bankrupt but with a 700 plus score...Its nonsense

Oh yea, common sense doesn't even factor in on the equation. I've done some credit analysis and have training from Experian. I'm no expert, but I understand how it all works. Its all absurd.

[Tsunami]

Kaneman, my Fico score is about 735 and I can't get a loan. I think its just not that easy to get loans anymore. I can barely get a credit card, the last one I got was for $1k. And f'n BOA cut my credit line from $30k to $9k saying my debt to income ratio was too high.

[smileyman]

I was approved for a 0 down home mtg 100K+ last May, pay on time and have been denied for a Toys R Us, Lowes, and Home Depot credit acct.

!?!?

[TommyHotWheel]

http://www.drivetime.com/ I had to go here. You get raped, but the trucks are in good shape and they work with you, try to get the intrest as low as possible.

[Kaneman]

Originally Posted by TommyHotWheel

http://www.drivetime.com/ I had to go here. You get raped, but the trucks are in good shape and they work with you, try to get the intrest as low as possible.

There's a Drivetime right down the road from me. I've been tempted to go there....but I've done so many fraud investigations in which their name came up I'm very weary.

I don't want them to sell me a vehicle they don't own.

[TommyHotWheel]

Originally Posted by Kaneman

There's a Drivetime right down the road from me. I've been tempted to go there....but I've done so many fraud investigations in which their name came up I'm very weary.

I don't want them to sell me a vehicle they don't own.

The fraud I had heard about was individuals losing cash payments and taking cars back as a result. I paid with a check and kept all of my reciepts, just like everything else, cover your ass. They give warranties and vehicle history reports now too, so maybe give them a look and if ya buy something, gimme a shout, my wife needs to build her credit and I think this is a route we will be taking, $200 for referrals.

[Kaneman]

Originally Posted by TommyHotWheel

The fraud I had heard about was individuals losing cash payments and taking cars back as a result. I paid with a check and kept all of my reciepts, just like everything else, cover your ass. They give warranties and vehicle history reports now too, so maybe give them a look and if ya buy something, gimme a shout, my wife needs to build her credit and I think this is a route we will be taking, $200 for referrals.

I might go up there on your recommendation then. So they report to your credit right?

[TommyHotWheel]

Every payment. Work on the intrest, its gonna start high, but pound them.

[Kaneman]

Originally Posted by TommyHotWheel

Every payment. Work on the intrest, its gonna start high, but pound them.

Oh absolutely. I fully plan on doubling the payments on whatever I do.