Credit score increase

[shipo]

Credit and Credit ratings are the biggest marketing scam ever created. You don't need to borrow so you don't need a credit score. Yes you can get a mortgage without a credit rating it's called manual under writing. Anything else you save and pay cash while debt free.

You are certainly welcome to your opinion, but many of us, myself included, whole heartedly disagree with you; credit is a tool just the same as a drill or saw or wrench, use it wisely and benefit, use it irresponsibly and you can harm yourself and others.

[sophieanne]

That’s the whole point.,,everyone is entitled to their own opinion. I completed a very expensive chapter 13 in 2016… And in the last year, I refinanced my mortgage to an unbelievably low interest rate that is conventional. My mortgage should be be paid off in less than 5 years because of the super low payment. I’m about to buy a new vehicle with cash and any credit card I owned is now paid off. I don’t ever want to go back to using credit unless it’s a true emergency. I agree that credit can be a tool… But it’s not a tool I want to use ever again. Bankruptcy was a learning tool for me… And I never want to go back.

[justbroke]

I almost certainly need different types of credit to run my businesses. Everything from SBA loans to even leasing commercial space requires credit. I have business credit revolving, 30-day, 60-day net, 90-day net and charge cards. It makes it easier to purchases goods for the stores and to control how cash is spent. My favorite is the 90-day net I get on purchases made through our major supplier. That allows us to use cash for other things (even though the business has the cash).

And that's just a business. Now my business is mostly self-sufficient with credit, but lately, since COVID, everyone wants a personal guarantee. Very difficult to do if you don't have any credit lines reporting.

But that's me. What I need to do personally and in business requires credit. If I had $250,000 in liquid cash, it still wouldn't matter for the business.

[sophieanne]

justbroke I totally understand the need for credit when you’re running a business - it’s essential. My comment was just that everyone has to make a personal decision that’s best for them - there’s no right or wrong opinion 😊. I speak for myself not on behalf of others.

[justbroke]

sophieanne yes, each person has different requirements and those will dictate whether or not credit is a necessary evil. What's good for some may not be a good idea for others.

The big distinction that I would make is whether someone relies on credit as an income crutch, compared to someone who leverages credit to meet a goal. I would hope that everyone fell into the latter category. Credit dependency is not good for anyone. Leveraging credit, however, can work for people in the right circumstances. Even buying a home "without" credit then makes you still reliant on credit since the new loan will be reported.

(I think we posted at the same time and my post was generic.)

[shipo]

justbroke and sophieanne, I think the three of us are on the same page, credit is not a "scam", it is a "tool".

[Barbisi]

o no cc repair scam - moderators remove asap!!!!!!!!!!!!!

[shipo]

The legendary Ban Hammer has been dropped. Thanks Barbisi!