Author Topic: Credit Check... (Read 619 times)

kvuo75 · « **Reply #15 on:** February 10, 2008, 01:08:05 AM »

i dont borrow money anymore, so i could give a crap about my credit score.

eagl · « **Reply #16 on:** February 10, 2008, 11:00:45 AM »

Quote

Originally posted by kvuo75
i dont borrow money anymore, so i could give a crap about my credit score.

That's not very smart. Monitoring your credit score and credit report is one of the only ways to tell if someone has stolen your identity. And if you ever want or need to borrow for a large purchase or even to cover unexpected expenses like a big hospital bill, you'll wish you had paid more attention.

Lots of people also "don't borrow money anymore", but it's really short sighted to assume that they'll never have an unexpected life event that requires some money, and equally silly to assume there isn't some jerk out there using your SSN to open a dozen credit cards in your name and then not pay them off.

kvuo75 · « **Reply #17 on:** February 11, 2008, 08:28:43 AM »

Quote

Originally posted by eagl
That's not very smart. Monitoring your credit score and credit report is one of the only ways to tell if someone has stolen your identity. And if you ever want or need to borrow for a large purchase or even to cover unexpected expenses like a big hospital bill, you'll wish you had paid more attention.

Lots of people also "don't borrow money anymore", but it's really short sighted to assume that they'll never have an unexpected life event that requires some money, and equally silly to assume there isn't some jerk out there using your SSN to open a dozen credit cards in your name and then not pay them off.

Doesn't matter.. I would not be held liable for any such fraud.

For unexpected life events that require money, thats precisely what money is for. I dont need to borrow, I save money in bank accounts so when I need to buy something, I have the money. Suffice it to say, at this point I could live for a year or two off of whats in my checking and savings accounts. It's amazing how once I started spending less than I made and quit borrowing how quick it starts piling up.

This is what's called planning ahead. Why do you think everyone's friggin broke? they do not plan ahead and need to borrow for friggin EVERYTHING. What is it, 70% of people live paycheck to paycheck?? not me, never again, I hated living that way.

big purchase? like what, a car? I pay cash.

LePaul · « **Reply #18 on:** February 11, 2008, 08:35:02 AM »

What a snobbish post.

Twolf2 · « **Reply #19 on:** February 11, 2008, 08:37:09 AM »

I use lifelock. There were to many people losing my information. (US Navy, VA and others). They guarantee that your idenity will not be stolen and send you your credit report every six months. It's only ten dollars a month.

SaburoS · « **Reply #20 on:** February 11, 2008, 12:47:11 PM »

Quote

Originally posted by kvuo75
Doesn't matter.. I would not be held liable for any such fraud.

Well until you PROVE that it wasn't you, you might be wishing that you had been monitoring your credit history. It's a lot easier to clear up a single fraudulent account at relatively low dollars rather than multiple accounts at huge dollars.
The larger the dollar amount, the less forgiving and more scrutinizing the banking industry is on clearing fraudulent accounts.

Quote

Originally posted by kvuo75
For unexpected life events that require money, thats precisely what money is for. I dont need to borrow, I save money in bank accounts so when I need to buy something, I have the money. Suffice it to say, at this point I could live for a year or two off of whats in my checking and savings accounts. It's amazing how once I started spending less than I made and quit borrowing how quick it starts piling up.

This is what's called planning ahead. Why do you think everyone's friggin broke? they do not plan ahead and need to borrow for friggin EVERYTHING. What is it, 70% of people live paycheck to paycheck?? not me, never again, I hated living that way.

Yeah, you're right. Sadly the majority of our nation is into having everything NOW rather than the old fashioned save up for it then buy it.
We kind of get 'convinced' of that way of thinking by the banking industry,
consumer businesses, and our own government (deficit spending).

Ideally, one should have a good retirement account (or more), six months of salary saved up, and be debt free (unsecured debt).

Quote

Originally posted by kvuo75
big purchase? like what, a car? I pay cash.

I take it you own your house already?

It is fool hardy to assume that you can't be hurt by ignoring your credit history.
Monitoring it (yes, even if it's only once a year using your free option) insures that you won't get blindsided and shocked by fraud or a paperwork error (see LePaul's example above).

I was married and found out that my now ex-wife was responsible (under California law, that made me responsible for 50%) and she put us under $80,000.00 in unsecured debt. You see, I was like you in thinking not monitoring my own credit history wasn't necessary. I was wrong. My ex had a spending issue that I wasn't aware to the extent that it was. Luckily because all the credit cards she hid from me were based on her social security number, I wasn't liable from the bank's point of view (they couldn't track me as they didn't have my SS#). Luckily my ex couldn't make the payments herself so she had to file for bankruptcy. Had she kept the debt, I would have been forced to pay half per California Law.

I monitor my credit on a regular basis now. I suggest everyone do the same. Hide your head in the sand at your own risk.