Credit Scores

[sctattooer 10+ year member]

even the debt that wasnt accumulated during the marriage?

I was married for 13years. During that time, I built my credit. My wife never had any. A year before we split, I signed for her to get a new truck and had her truck added to my insurance. When we split, she took the truck, and refused to pay for it. I tried to cancel her insurance, but you cant do that. I was paying for her truck and insurance, as well as my own. I knew my credit would take a major hit anyway, so I applied for as many credit cards as I could, took a vacation, bought a new Harley (on the card) and had a blast. Then I called Ford and told them to come get my truck and my wife's, and never paid another dime on any of the credit at all.

There was no debt that wasnt accrued during the marriage, I let the credit go before the divorce was final. Even though they can nail your credit score, they cant reposess anything bought on a card. Credit cards are unsecured credit, unlike buying a car or house, where the financier holds the title.

Yup, I was a scumbag. But it looks like it dont matter anymore. Besides, I had a judgement on my credit for the vehicles, but the card companies get paid even if you default. First, they're insured for the full amount of the debt, plus, they still get to write off the bad debt, so they get double the money if you default.

 

[Louisiana_CRX 5,000+ posts]

I was married for 13years. During that time, I built my credit. My wife never had any. A year before we split, I signed for her to get a new truck and had her truck added to my insurance. When we split, she took the truck, and refused to pay for it. I tried to cancel her insurance, but you cant do that. I was paying for her truck and insurance, as well as my own. I knew my credit would take a major hit anyway, so I applied for as many credit cards as I could, took a vacation, bought a new Harley (on the card) and had a blast. Then I called Ford and told them to come get my truck and my wife's, and never paid another dime on any of the credit at all.
There was no debt that wasnt accrued during the marriage, I let the credit go before the divorce was final. I still have the Harley, and a bunch of other stuff I bought on cards, because even though they can nail your credit score, they cant reposess anything bought on a card. Credit cards are unsecured credit, unlike buying a car or house, where the financier holds the title.

Yup, I was a scumbag. But it looks like it dont matter anymore.

nothing wrong with that,,,i would've done the same thing....//content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif

 

[sctattooer 10+ year member]

I'm 18 and (I assume) have no credit. Never had a credit card, or even a debit card up until a few months ago. How would I go about building my credit if I have nothing to start with?

Save up some money. Once you have $1000, bring it to your bank, and ask them to give you a secured loan for 1000. They'll deposit the money in your account, and put a freeze on it, so you cant get it. They'll take it if you dont make your payments. You'll still earn the measly interest, but you'll pay much more in interest on your loan.

That's the best way to start. You have a bank, so you're more of a face to them than you would be to a card company or financier by mail. They're more likely to do it, plus, a local bank credit account means more on your credit report than a distant one, if that makes sense.

 

[Chevillac 5,000+ posts]

I was married for 13years. During that time, I built my credit. My wife never had any. A year before we split, I signed for her to get a new truck and had her truck added to my insurance. When we split, she took the truck, and refused to pay for it. I tried to cancel her insurance, but you cant do that. I was paying for her truck and insurance, as well as my own. I knew my credit would take a major hit anyway, so I applied for as many credit cards as I could, took a vacation, bought a new Harley (on the card) and had a blast. Then I called Ford and told them to come get my truck and my wife's, and never paid another dime on any of the credit at all.
There was no debt that wasnt accrued during the marriage, I let the credit go before the divorce was final. Even though they can nail your credit score, they cant reposess anything bought on a card. Credit cards are unsecured credit, unlike buying a car or house, where the financier holds the title.

Yup, I was a scumbag. But it looks like it dont matter anymore. Besides, I had a judgement on my credit for the vehicles, but the card companies get paid even if you default. First, they're insured for the full amount of the debt, plus, they still get to write off the bad debt, so they get double the money if you default.

//content.invisioncic.com/y282845/emoticons/laugh.gif.48439b2acf2cfca21620f01e7f77d1e4.gif:laugh: this changes things.

 

[fbi90909 5,000+ posts]

i haven't checked my credit in almost a year. last i checked it was around 715 or so. i do know that my score is rising due to the change in max balances recently on my credit cards.

 

[nineball 10+ year member]

keep in mind that your credit score affects much more than just loans. almost any kind of insurance (auto, home, life, etc) are now directly affected by your credit score. i can also tell you that in the past 720 was the cutoff point for getting the better rates on loans. 2 of the banks i work for have now raised that number to 760 due to the large amount of foreclosures and general crappy levels of the real estate market.

5 years ago i had about 15 negative hits/debts on my credit. i had never had a credit card in my life and most of them were from unpaid medical bills. my score at the time was about 550. when i went to purchase a condo i was forced to pay off all debts or have letters saying they were resolved claims before they would give me a loan. fast forward to now and i now have 4 condos (3 rentals), 2 credit cards (balance paid off almost weekly), 2 cars (1 paid, 1 with a loan) and a motorcycle (paid off) and my credit score is around 820 now.

if you have more than 1 installment loan (car payment, house payment, etc) here is one of the best things you can do to improve your score. take whatever your lowest payment is and add to it as much as you can each month. when that loan is paid off have the entire amount you were paying added to the next lowest loan to pay that off quicker. keep this pattern up until you are debt free. for example, my lowest payment was my bike at about $85 a month. i paid $100 on it until it was done and then had $100 added to my next lowest loan, one of the cars. it's payment was around $250, so i paid $350 a month. when that was done i moved to my next car payment which was $400 a month. i am currently paying $750 a month on that. the bike loan was 3 years and paid off in 1.5 (i added payments when i could). the first car was a 5 year loan paid in 3. you see the pattern? don't just celebrate and think when a loan is paid that you now have extra money to spend each month. you were already paying it out monthly and living so add that amount on to the next one and pay it off quicker. not only will your loans be gone fastr but your scores will rise as well.

 

[Proximity 10+ year member]

Sorry, I didn't notice you are from Detroit, I guess nobody in that chit hole has any money, so I understand where your utter amazement comes from that some people don't need a credit card or a bank load to buy groceries!

And judging from this post of yours

It looks like your the kid; and with that "income" (if you can call it that) your probably the one with the hot wheels...livin' in the ghetto!

Pissy because I called out your bullshit? //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

 

[SuperchargedRS 10+ year member]

Pissy because I called out your bullshit? //content.invisioncic.com/y282845/emoticons/frown.gif.a3531fa0534503350665a1e957861287.gif

no, I really could careless, I just found it funny you (in your situation) even opened your mouth!

So do poor people in the ghetto have souls?