BHM's Homesteading & Self-Reliance Forum

Posting requires Registration and the use of Cookies-enabled browser


Go Back   BHM Forum > Self-Reliance & Preparedness > Financial > Jobs/Business/Investing

Jobs/Business/Investing Anything about earning money, investing, or other financial issue.

Reply
 
Thread Tools Search this Thread Display Modes
  #21  
Old 07-29-2010, 10:42 AM
Anon001 Anon001 is offline
Inactive Member
 
Join Date: Apr 2008
Posts: 4,032
Default

Personally speaking....

Yes, you can reach a zero credit score if you have no reporting for a period of several years.

It will be difficult for you to get a credit card from a bank or a store unless you have one that is secured. That usually means you have to have a deposit with them and your limit on the card will be the amount you have on deposit.

Paul
Reply With Quote
  #22  
Old 07-30-2010, 01:05 PM
ScrubbieLady ScrubbieLady is offline
Grand Master Pontificator
 
Join Date: Jul 2006
Location: North Mississippi
Posts: 1,198
Default

I listen to Dave Ramsey when I have the time. He tried to get a credit score. They told him there wasn't enough information to give him a score. Translation: he didn't owe anyone money so they couldn't determine if he paid his bills on time. So your credit score can be zero.

Credit score is a function of owing money and making payments on time, how much credit line you have with how many people, how long you have had credit with the same people, how young you were when you started (at least that is what they told my son when he tried to get a cell phone without putting up a large amount of money) and things like that.

It is not necessarily an indication of how well you handle money, although they have tried to convince people of that so more will use the credit reporting services.
Reply With Quote
  #23  
Old 08-01-2010, 06:38 PM
daffodil's Avatar
daffodil Female daffodil is offline
Master Pontificator
 
Join Date: May 2009
Location: NE Ohio
Posts: 850
Default

Quote:
Originally Posted by PaulNKS View Post
Personally speaking....

Yes, you can reach a zero credit score if you have no reporting for a period of several years.

It will be difficult for you to get a credit card from a bank or a store unless you have one that is secured. That usually means you have to have a deposit with them and your limit on the card will be the amount you have on deposit.

Paul
Walmart denied me. "NO CREDIT HISTORY". I guess I'll have to do the secured card thing.
__________________
Live, And Let Live
Reply With Quote
  #24  
Old 08-02-2010, 12:15 AM
DM DM is offline
Grand Master Pontificator
 
Join Date: Sep 2005
Posts: 2,236
Default

When i was at Cabels's a store, i applied for their credit card because they gave me a FREE hat, and 15 bucks to to spend at that store that day. IF i used the card two more times, and paid the bill they would give me $20 more bucks to spend, and they did! Anyway, i put down that i had ZERO income, and they still have me a card within 30 mins, with a $750.00. limit on it.

I pay it off EVERY month, but they still have raised my limit, without me even asking them to.

DM
__________________
Limit all politicians to two terms: One in office, one in prison. Illinois already does this!

Illegal immigration is ruining America, look what it has done to the White House.
Reply With Quote
  #25  
Old 08-02-2010, 12:24 AM
indyguy Male indyguy is offline
Banned
 
Join Date: Oct 2008
Location: middletown indiana
Posts: 403
Default

Also on the subject of credit scores more and more employeers today are checking your credit history if you apply for a job that requires the managing of money or other management positions.

The thinking is that if your not capable of managing your own affairs your not capable of managing theirs.

Insurance companys are now starting to look at credit scores also.... The higher your score the lower you rates.
Reply With Quote
  #26  
Old 08-03-2010, 04:37 AM
jonvee Female jonvee is offline
Master Pontificator
 
Join Date: Dec 2008
Location: California
Posts: 532
Default

Indy -

I'm wondering if the employer considers you a risk for embezzlement if your credit scores are low or indicates you have money troubles.
Reply With Quote
  #27  
Old 08-03-2010, 09:43 AM
indyguy Male indyguy is offline
Banned
 
Join Date: Oct 2008
Location: middletown indiana
Posts: 403
Default

They do consider you more of a risk. I see the logic in this.......... If you cant manage your own money why would you care about how mine is handled
Reply With Quote
  #28  
Old 08-04-2010, 10:27 AM
daffodil's Avatar
daffodil Female daffodil is offline
Master Pontificator
 
Join Date: May 2009
Location: NE Ohio
Posts: 850
Default

Quote:
Originally Posted by indyguy View Post
They do consider you more of a risk. I see the logic in this.......... If you cant manage your own money why would you care about how mine is handled
That's stupid though. Just because I don't make enough money to pay my bills (cause they aren't paying me enough LOL) doesn't mean I'm going to steal from them or not manage their money well. I could see if I was running up credit cards buying nonsense things but not being able to pay an electric, phone or medical bill is different. I just think this whole credit check thing is stupid. They base your whole life on something that alot of times isn't even correct and in alot of cases shouldn't even matter. Maybe I was paying my rent but couldn't afford the electric or something. You have to juggle the money somehow. Most important have to get paid first. Not going to need electric or phone if I don't pay the rent. The whole thing frustrates me. Seems they want you to be in debt just so they can see you make a payment. To me it's a control thing.
__________________
Live, And Let Live
Reply With Quote
  #29  
Old 08-04-2010, 01:47 PM
indyguy Male indyguy is offline
Banned
 
Join Date: Oct 2008
Location: middletown indiana
Posts: 403
Default

If your not making enough money to pay your bills then you are living outside of your means...... its just that simple.

My own empolyees got caught up in this. During the boom years overtime was freely given cause we had the work and most willingly worked 60 hr weeks and lived fat. Now that we have cut back to 40 hrs and almost no over time they struggle to make ends meet.

Funny how its MY fault their standard of living droped when the overtime dried up.

Im all for credit checks on new employees. Desperate people are more likely to steal.
Reply With Quote
  #30  
Old 08-04-2010, 05:57 PM
daffodil's Avatar
daffodil Female daffodil is offline
Master Pontificator
 
Join Date: May 2009
Location: NE Ohio
Posts: 850
Default

Quote:
Originally Posted by indyguy View Post
If your not making enough money to pay your bills then you are living outside of your means...... its just that simple.
Can't say I agree with you on that. I only have the basics and alot of times that's even hard to keep up with. Rent is rent and they only go so low or you'd have to live in some drug neighborhood and risk your life. Dumps run $450-$600 a month and when you're only bringing home $1000 or less it doesn't go far.

Quote:
My own empolyees got caught up in this. During the boom years overtime was freely given cause we had the work and most willingly worked 60 hr weeks and lived fat. Now that we have cut back to 40 hrs and almost no over time they struggle to make ends meet.

Funny how its MY fault their standard of living droped when the overtime dried up.
I don't depend on overtime. I depend on what I normally bring home. I live pretty simple. The one thing I consider a luxury that I do pay is my internet and that's only $16.90 a month. It's not a must have but I do enjoy it and find it useful. I don't even have a clothes dryer as I think it's a waste of money to run a 4000 watt appliance. Couldn't afford one anyway.

Quote:
Im all for credit checks on new employees. Desperate people are more likely to steal.
Disagree again. I've been very desperate but I won't steal. I do have morals and so do many other people. Sure there are some bad folks out there. Some have money and some don't. Checking credit doesn't tell you if a person is honest. It just says they make payments on time. And seven years is a long time for something to stay on a report. People change. And I've seen alot of workers who probably have great credit reports and they do a lousy job. I have a poor credit report and I work hard for my employers. Credit reports really don't tell you anything. Just my 2 cents.
__________________
Live, And Let Live
Reply With Quote
  #31  
Old 08-04-2010, 06:02 PM
Mom5farmboys Mom5farmboys is offline
Grand Master Pontificator
 
Join Date: Jun 2009
Posts: 1,060
Default

I think its wrong to use credit reports to determine auto insurance rates. We have a good credit rating so it doesn't affect us, but it really bothers me. Just what in the world does paying your bills on time have to do with what kind of driving record you have?

Even if your credit rating is poor, but you always paid your premiums on time and had no accidents or tickets, that should be the determining factor in your auto insurance rate.
Reply With Quote
  #32  
Old 08-04-2010, 07:50 PM
daffodil's Avatar
daffodil Female daffodil is offline
Master Pontificator
 
Join Date: May 2009
Location: NE Ohio
Posts: 850
Default

Quote:
Originally Posted by Mom5farmboys View Post
I think its wrong to use credit reports to determine auto insurance rates. We have a good credit rating so it doesn't affect us, but it really bothers me. Just what in the world does paying your bills on time have to do with what kind of driving record you have?

Even if your credit rating is poor, but you always paid your premiums on time and had no accidents or tickets, that should be the determining factor in your auto insurance rate.
I didn't realize they used it for that too! I agree, it should go on your driving record not your credit record. That's another thing I don't understand. The people who can't pay they make pay higher rates and late fees and such. If they can't pay the original bill they can't afford late fees and higher rates. They're just putting them in more debt by doing so. I don't think late fees are some motivating factor to make people pay. If they don't have it they don't have it. I'm sure they'd love to pay their bills on time but if the moneys not there they can't. I have to wonder if my credit report played a role in me being unemployed all this time. The only reason I got hired with this district was because they are "desperate" for drivers. It's a bad area and no one wants to drive there. Fortunate for me I guess, I finally got a job. Now I'll have to get a secured credit card and rebuild my credit history.
__________________
Live, And Let Live
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

All times are GMT -2. The time now is 05:11 AM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
© 1996 to Present. Backwoods Home Magazine, Inc.