1*You don't bend Fraud you do your best to protect yourself from it. 2*Falsifing your report is also fraudulent. 3*Their incentive is more money for being wrong than being right. . !
7years of this to much cut reporting time to 3 years for everything. This 7 year thing is misleading & gives a distorted view of your current position.
1*Anybody remember when there wasn't any such thing as credit cards.People could borrow money when they needed it at decent rates and were treated fairly. 2* No: They want to score you as a sucker!
Right and as they keep finding more and more ways to bleed us for more and more money it crept up on us so gradual we didn't realize it.Becaus we have been so complacent they are encouraged to keep taking more and more from us.
jrjr35's post is why I think access to large amounts of unsecured credit is dangerous. We seem to have forgotten that you get rich by saving and investing and not by consuming. Studies by merchant groups and banks and credit card companies all show the same thing. People who are in the habit of using credit cards for day to day purchases tend to spend 15% more on average than those who pay cash for their goods and services. Over a 30 or 40 or 50 year period that 15% difference will be mind boggling particularly, since the assumption that money that is not consumed is invested.{The old Samuelson Economic textboks say that Savings=Investment}. Why else would merchants agree to giving up a fee per credit card transaction and charge the same price regardless of if you pay cash or credit?
This is a great thread and I agree with most here. In response to the poster who said, "What else do the creditors have to go on?"...if not your past? The problem arises when everyone is sentenced to the same amount of time (7 years) for the same crime. Even in the court of law you are allowed to give a defense and possibly be found "not guilty" or guilty of a lesser crime. In addition, just because Jane has 10 years of excellent history doesn't mean next year she won't act a nut and stop paying everyone. And on the flipside, just because Joe had a stretch of bad luck or was even a deadbeat 3 years ago, doesn't mean he hasn't learned his lesson and is willing and able to fulfill his obligations NOW. When our lives are so heavily determined by this idiot scoring system that treats us all the same, regardless, it becomes unfair...especially to people who may have legitmate reasons for falling behind or who have turned a silver lining on their ways. What else does the creditor have to go on? I'd just like to be treated as an individual and to have all things taken into consideration rather than looking at my score and saying, "Oh she sucks, denied".
1*I have about 7 or 8 cards.They are not a problem as I could pay them all off tomorrow if I had to. 2*The mortage has been paid off. 3*the last time I had a car loan was in 1989 when I purchased 2 new trucks.Any autos purchased since then have been for cash. 4*No far from it.Matter of fact I still don't have one. 5*Almost every one buys a home this way.There is a better method that will put money in your pocket instead. 6*People think they should have more money in the bank but the fact is they probably have to much there.They buy the wrong insurance. 7*I call it the rent race. 8*I hope this answers some of your questions. There is more I could say but not all in only one post.
What few people realize is that bankers and insurers are bilking consumers out of billions of dollars per year.If these funds were not drained from the consumer folks would have more money and less need for CREDIT CARDS!
