Re: Credit Report
Posted: Thu Feb 11, 2010 1:53 pm
samobius wrote:Debt is not always such a bad thing. I have $2000 in unsecured credit card debt because I have 0% interest on it. At the rate that it is being paid off I'll have it paid off 1 month before the terms come due. In the meantime the money I would have used to pay it completely off is invested, and the credit card company is taking the 3-4% inflation hit on the balance.flb_78 wrote:I have a credit score of ZERO. I don't use credit anymore. 2.5 years ago my rating was 810. The only thing I'll borrow on from now on will be a house.
Even with a credit score of ZERO, I was approved for a traditional mortgage 2 weeks ago. Now I gotta find the house.
Credit scores are bogus and keep people in debt.
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Debt is always a bad thing, Debt means risk. You can't figure risk into a mathematical equation.
You borrowed $2000 at 0% to invest. So if your investment makes 15%, you make $300 a year on it. Now take out taxes and investment fees and you've got about $100-$150.
$100-$150 isn't worth the risk of having $2000 of debt hanging over my head.