Posted by MILLEE on February 19, 1998 at 11:34:40:
In Reply to: Credit rating posted by Kevin on February 17, 1998 at 20:02:28:
My student loan was coming out automatically and life was good. I was in graduate school, and studying for exams when the company sold the loan to another company. They had sent a form in the mail telling me to sign up for automatic payments again but I didn't do my mail for three months. I had everything coming out automatically but groceries andthe water bill. I now have bad credit because the student loans are on there and a bill long paid is still on there. I am denied credit because my FICO score is too low and made very low by inquiries trying to get a lower interest rate loan during this low market. I will end up paying thousands of dollars in interest. As I think about the FICO score it is beginning to feel like a penal code number. I feel like I have done something wrong, marred my record when I have done nothing wrong. I have owned my home for almost 30 years, have had three mortgages before and paid on time, still paying on time but now I'm a credit risk. Well, I like to find a positive in every negative. So be it. It is just making me and my friends vow to limit the amount of buying we will do. We are vowing to get out of debt and stay out. That means we will consume less. We hate the idea that somebody is telling us that we are not fit to be trusted. We really do hate it. We think of ourselves as good people. And something else, we hate the lack of freedom the FICO score imposes. Suppose you are angry with your mortgage company or your phone company or any company or bank and you want to change your business. The FICO score is affected. Suppose you move and open up credit at the new addresss and city, the FICO is affected. Landlord dispute? FICO score is affected. You get mad, your FICO gets sad. You have to think of FICO before you feel out a form or think of doing business. I don't think that much about my social security number. FICO has too much power over my life. I feel less and less free to make my own decisions and do my business as I see fit. Lastly, one company I do business with misposted a payment and dinged me for a missed payment. My report was dinged and they got a late paymen charge.. While in school, one of my Visa's with a 300.00 balance, got 4/ $25.00 late charge payments. That late charge is excessive too. Two people have told me their FICO scores are higher than mine and they have bankruptcies on their credit record. I owe nobody a dime I havent' paid them and my worth exceeds my credit. My estate would pay off everybody if I died. This FICO score is meant to have the low income consumer pay for not consuming largely. They pay more for the credit they get. Higher incomes spend more money, are greater consumers and can get credit cheaper. I am retired. My income is lower now, making me a even greater credit risk. So I have to pay more to borrow; someone making more would be a better risk they say. The only way I can see getting power back over my life is by not needing credit and not buying. I want to make it a religion. I think that's best.Best regards,Millee :