Why we should Blow Up the Credit Reporting Agency System

[John D Harris]

The credit system is a Charlie Foxtrot if there ever was one. I'm opting out of it got rid of all my credit cards, deal only with one small town local bank where "everybody knows my name". I am in the process of dealing only in cash or check. if I can't pay for it then I don't get it. The credit reporting system will bend you over and stick it to you .

[wellard]

Good on you John D Harris

Considering that 'no tax without representation' is such a fundamental cornerstone to your country's philosophy I am amazed that this scary McCarthy era style blacklists are allowed so much power and influence.

In a sense this lack of access and due process is scarier to me than anything a government may do.

I am aware that they have the same system down here, but maybe they are not as all powerfull as of yet. [img]graemlins/1ponder.gif[/img]

[Felix The Assassin]

Hey TL,

I know of a Engineer Plt that needs some R&R.

[Yorick]

Originally posted by John D Harris: The credit system is a Charlie Foxtrot if there ever was one. I'm opting out of it got rid of all my credit cards, deal only with one small town local bank where "everybody knows my name". I am in the process of dealing only in cash or check. if I can't pay for it then I don't get it. The credit reporting system will bend you over and stick it to you .

I agree. I don't have a credit card and don't want one. Haven't had one for over ten years. Screw the credit agencies.

[Timber Loftis]

Well, on the flip side of your points of view, Yorick and John D., I would not have built any good credit without credit cards, and would not be able to buy the house I'm buying without them. So, I have used them to establish a good credit reputation I would not otherwise have been able to establish.

[John D Harris]

Originally posted by Timber Loftis: Well, on the flip side of your points of view, Yorick and John D., I would not have built any good credit without credit cards, and would not be able to buy the house I'm buying without them. So, I have used them to establish a good credit reputation I would not otherwise have been able to establish.

You are correct T.L., At my age and position I can opt out, My wife and I have a house and are paying the mortgage, our children are out of school and the last one with any luck will soon be out of the house [img]smile.gif[/img] . As I advice my oldest daugther and son-in-law on starting off buy some small items on credit, maybe take out a small loan from their bank pay it on time, get a card from their bank with the lowest avalible balance they can get. use it sparingly pay it off not to fast but more then the minimium (my sugestion minimiun+5%of balance). Look good to the credit beancounters. All credit/lenders make money off interest they don't want people that pay back to soon, they think well I won't make much money off them because they pay it back to quickly. They also don't want people that don't pay it back at all. They WANT people that pay just enough to get by and keep them off thier backs ie: the minimium payment that's where they make the most money they can. If anybody has a mortagage look at what you are paying a month multiply that by the number of months you have left on the mortagage, and that is what you really pay for your house, not the price you think you bought your house for. Disipline is the KEY, credit cards are easy to run the balance up on and get yourself in trouble, been there done that!!!! It's a Game you have to play, the object for you is to make your "on the field time" the best you can, not get the most "on the field time" you can get. Wiether anybody likes my politics or not this is good advice to take, money and credit doesn't give a rats rear-end what your politics are.

[Yorick]

My grandmother bought a house by saving up for it. As a musician, I wouldn't able to buy a house any other way anyhow. What bank gives a musician a loan? Fuggeddabowdit.

[Oblivion437]

Well, so long as you aren't a '60's Acid Rock Musician...

Or a Celtic Folk musician...Those guys pay back their interest in Goats and Potatoes...