Credit Rating

[Paul B]

Do you ever get those annoying phone calls telling you that if you change to this card they can lower your credit rating or use this bank to lower your credit rating? Or get miles, pies, trips, opera tickets, recipies, double miles for the purchase of frags, etc.
I am not a banker and I don't understand credit ratings or any kind of credit very well.
I don't know what the credit card companies charge for credit and I don't care because I never bought anything on credit. It doesn't make sense to me. If I don't have the money now, why would they think I would have it in a few months and pay more for the same thing that I couldn't afford the first time I tried to pay for the thing?
When I get those calls I tell them to raise my credit card interest to 200% if they like. I mean if you already own your house and car like many of us Geezers do, who cares what they charge for credit?
Of course if I was 20 years old and needed everything, that may concern me.
Another thing I don't understand is banks, interest specifically. Today I went to the bank to cash a $2.00 refund check from a utility company.
Yes, I know, that is stupid to begin with. But anyway I am waiting in line and this pretty girl comes up to me and asks me if I want to put money in a CD.
At first I thought she said DVD and I know about those, they are smaller records. But anyway I will talk to a pretty girl about anything so I went and sat with her at the desk.
She said I could put $10,000.00 into a CD and it would be a good thing.
I asked, Why is that? She said, because you get interest.
I was already interested in her but being I am married and she was younger than my daughter I asked how much interest would I get?
She said, very proudly, we are offering .03% in 6 years.
I am also not very good in math but we figured it out and that comes to
$50.00 a Year, in 6 years. Or about $4.00 a month.
So I said to her that if I wanted to tie up $10,000.00 for 6 years and make a profit of one dollar a week it would almost pay for my gas to come to the bank as long as I find a parking meter that has some time left on it or I will be in the red, and if I get a parking ticket while I am in the bank I will have to wait 18 more years to break even.
She was good looking, but not that good looking. :flirt:

 

[rookie07]

Paul, give me the 10K, and ill double the interest rate!!!

 

[yesjenks]

HAHAHA!! That's great!!

 

[James]

My credit scores are excellent and I take advantage of them by getting thousands of dollars in free flights a year, making your spent $ work for you is simple and costs nothing, a little knowledge goes a long way with credit and credit card rewards. If you already own your home free and clear and don't have to worry about a credit score then that's great... for the rest of us mere mortals a credit score is only the most important thing you have regarding large purchases as it basically equals 10s of thousands of dollars (sometimes more) over the life of a loan (again, even with two professionals buying a home in this economy in this city is much harder than it was when you old folks bought).

 

[trinimaddness]

i myself got a good score but boy did i pay the price getting it to where it is..the sad thing is most things today are credit based..including getting that dream job

 

[Paul B]

Paul, give me the 10K, and ill double the interest rate!!!

I did double it (no not the rate, the principle) as I get 10% interest. You can't get that any more.

I also have an excellent credit rating and they keep wanting to give me more credit. I also pay everything on a card then pay it off when I get the bill so I also get free flights. I went to Tahiti free and many Caribbean Islands. I went to Europe free and now I am going to Hawaii. I even paid for much of my daughter's college with a credit card but never paid any interest.
That would just be stupid. :cheers:

for the rest of us mere mortals a credit score is only the most important thing you have regarding large purchases as it basically equals 10s of thousands of dollars

I grew up poor as well as my wife as our Dads both died at the age of 47 when we were just kids. But that makes you learn how to be self sufficient. I never borrowed money and never will, except for my mortgage. And after 35 years, I paid that off. I started with 9 3/3 % interest in 1978 or so. I also didn't inherit large sums of money or win any lotteries.