Re: Credit Score

beckyb1012 · ‎03-09-2010

@Biftu wrote:
You all seem to know and follow your credit score. How? Do you request it, which I know you can do. Last time I saw mine was over 25 years ago with a home purchase. I'm curious what mine is.

I signed up with Experian alerts and I also through my American Express Card online can check my score anytime. I probably check every 3 or 4 months.

"Live frugally, but love extravagantly."

NYCLatinaMe · ‎01-14-2017

@katie1859 wrote:
The US is not strong other than gold and my inclination is to believe you live in the soft bubble of the media.
Banks are failing and the CPI suggests American households have resorted to credit to carry beyond what their incomes can pay for
The latest ratings suggest mortgages and car loans are both delinquent by as much as 4 MNS., and the FED just approved a plan for FHA Sallie and Freddie Mac equity loans in mortgages to help the average homeowner.
The unemployment rate is status and elevated.
So wherever you are getting you lame news, is incorrect.
BRICS has decided not to take the American dollar so unless you have bars of gold in your retirement package your sense of security is way off.

Hi @katie1859 Maybe you can share with us what is the basis for your opinion about the economy.

I see you wrote a bunch of data points, some of them erroneous, but I don't see how they support your claim that the US economy is poor.

The last point you make is the weirdest, that BRICS is not taking the US dollar and this is impacting my retirement savings.

BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. I don't have my retirement funds in any of these countries, and I have no idea what you mean by writing they are not taking the dollar. The US has good relations with most of these countries, and as far as I know they will all gladly take dollars.

If you followed the jobs data, you would know that the US unemployment rate is currently about 4%, the lowest rate since the year 2000. This data is publicly available to anybody. You can google it if you like.

You mention "FHA Sallie" and I have no idea what you are referring to. FHA is a government entity that guarantees home mortgages, to help people obtain mortgages to buy homes. I used to work there.
Sallie Mae is a publicly traded corporation that used to service student loans, and has engaged in all sorts of troubling conduct. They had a contract with the government, but I don't know if they still do. Don't know what your point is.
Yes there has been an increase in credit card delinquencies because banks were handing out credit cards to anyone, and interest rate increases have outpaced salary increases. This is what banks do. They come up with ways to make money, knowing some things won't work out.
There were some closures of regional banks early last year when interest rates were rising because the banks' reserves were inadequate because they were held in Treasury bills, and other low interest paying securities. I believe the issue was addressed last year.
Yes, inflation has been higher because of increased costs and pent up demand due to the economic disruption caused by the global pandemic. But economic growth in the United States is outpacing that of other countries in, for example, Europe, and China, and is recovering better from the pandemic.
I hope this helps.

NYCLatinaMe · ‎01-14-2017

@BirkiLady wrote:
@NYCLatinaMe

My bank statement (on-line is how I use it) has a place to find my credit score. So does my Financial Advisor who has all of my investment accounts.

Check with your bank or invester statements. Bet you'll find your credit scores easily!

Thanks @BirkiLady for responding, but it wasn't me asking. The op is @Jordan2.

NYCLatinaMe · ‎01-14-2017

@katie1859 wrote:
I'm in the mortgage industry, and economists like Peter Schiff and Steve Moore are brands used to follow .
The unemployment numbers you see are only those representing part time jobs. Bank are failing but the new offer on the table to subsidize the industry is the equity govt loans.
There are limited offers because banks don't have money to lend. The administration has to keep the delinquencies from hitting foreclosures. It will give a lift, not only for temporary delinquencies but long term it will feed more debt. Most likely these loans will pay for CC debt and that's a temporary fix. Eventually, banks will be faced with calling in the notes on these loans.
People are not qualifying for loans. Their debt ratios are too high. Elites of course are buying up but be aware, the numbers are being skewed by the administration and media.
The election won't change anything but perhaps the truth will come and we will see a free fall. It's coming.

I am so sorry @katie1859.. What you wrote doesn't make any sense.

Peter Schiff and Steve Moore are not brands, they are people. \Mr. Schiff is trying to sell you something, and Mr. Moore is a discredited opinion writer.

Mr. Schiff has been predicting hyperinflation in the United States for over 10 years. Hyperinflation refers to rapid and unrestrained price increases, at rates exceeding 50% each month over time. Nothing like this has ever happened in the United States. Maybe he is thinking of Argentina or Venezuela. He wants you to buy his gold. A boutique bank he operated was closed due to money laundering.

Mr. Moore, the opinion writer, was nominated in 2019 to the Federal Reserve Board of Governors, to which he responded "I’m kind of new to this game, frankly, so I’m going to be on a steep learning curve myself about how the Fed operates, how the Federal Reserve makes it decisions". His nomination was eventually withdrawn because of a whole host of issues that I can't go into in this forum. He is a deadbeat that was almost jailed for failing to pay spousal support, and has admitted to filing false tax returns.

Frankly, I even doubt either of them stated anything like what you wrote.

You may want to find other, better sources of information.

Jordan2 · ‎03-16-2010

I just saw my credit score and it has gone down again. I don't get it, I'm never late with payments. I wonder if it's because I don't charge enough, don't use all of my cards, and paying my bills in full?

NYCLatinaMe · ‎01-14-2017

@Jordan2 I have heard that not using credit lowers one's credit scores. I wouldn't worry about it unless you are looking to borrow right now.

If you are, and are denied credit, you can google "challenge denial of credit" and obtain information about how to do that. The Consumer Financial Protection Bureau has helpful, advertising free government information on denial of credit and how to address issues in your credit report, and a checklist to learn how to build and keep good credit.

BirkiLady · ‎02-22-2015

@NYCLatinaMe wrote:
@BirkiLady wrote:
@NYCLatinaMe

My bank statement (on-line is how I use it) has a place to find my credit score. So does my Financial Advisor who has all of my investment accounts.

Check with your bank or invester statements. Bet you'll find your credit scores easily!

Thanks @BirkiLady for responding, but it wasn't me asking. The op is @Jordan2.

@Jordan2

Sorry, I apparently sent my response to the wrong person! Here it is a bit later.

Money screams; wealth whispers.

monicakm · ‎03-16-2010

@bells4me

A few years ago, Capitol One said I had an updated credit score. I opened it and saw that it had gone down 3 pts WHY??? I called Capitol One to inquire. He said your credit score is 830something, you don't need to worry about a 3 pt drop. Excuse me, yes I do. I've never been late and in fact rarely if ever use the card. He said that was the problem. We keep it in the car in case of an emergency (like losing or can't find our debit card). That happened a few months ago and I over paid the bill by $6. I found our debit card in the pants pocket of DH's jeans...the exact place he said he looked 3 times