Debt Score
#31
Re: Debt Score
You can get your own credit score, but you can't get mine and I can't get yours, that's the difference. Major corporations can get anyone's, and it is those big boys that get to contribute (they aren't "invited", if that is what you mean ) data.
Last edited by Pulaski; Jun 13th 2019 at 2:39 am.
#32
Re: Debt Score
I don't know what you're talking about, and apparently vice versa.
You can get your own credit score, but you can't get mine and I can't get yours, that the difference. Major corporations can get anyone's, and it is the big boys that get to contribute (they aren't "invited", if that is what you mean ) data.
You can get your own credit score, but you can't get mine and I can't get yours, that the difference. Major corporations can get anyone's, and it is the big boys that get to contribute (they aren't "invited", if that is what you mean ) data.
#33
Re: Debt Score
Your naïveté is pretty astounding.
Most people I know bought their houses with debt and have made a pretty penny from it.
Businesses "leverage" debt all the time.
Many self made millionaires had a loan to get them going in the first place - the absence of family friends with a bit of cash to lend is one of the stumbling blocks for poor/third world countries which hinders their development. Look at the micro-lending successes and Yunus Mohammed got a nobel prize for his work here.
On a very small scale, I pay $90 per year for my credit card, never pay a penny in interest/charges and got 2 return flights for next christmas which even with paying taxes/charges saved me $2k.
Having an excellent credit score saves me money on my car insurance
And shall we talk about how much taxes Trump has saved because of debt?
Most people I know bought their houses with debt and have made a pretty penny from it.
Businesses "leverage" debt all the time.
Many self made millionaires had a loan to get them going in the first place - the absence of family friends with a bit of cash to lend is one of the stumbling blocks for poor/third world countries which hinders their development. Look at the micro-lending successes and Yunus Mohammed got a nobel prize for his work here.
On a very small scale, I pay $90 per year for my credit card, never pay a penny in interest/charges and got 2 return flights for next christmas which even with paying taxes/charges saved me $2k.
Having an excellent credit score saves me money on my car insurance
And shall we talk about how much taxes Trump has saved because of debt?
As for Trump, tax laws in the US are convoluted and obtuse. Anyone who itemizes could be subject to prosecution as we all construe in our favor, Congressmen and women included. Trump's taxes are a phony issue. It's a Congressional smokescreen.
#34
Re: Debt Score
In the last 6 months I got my cc debt/credit ratio down from 95% to 60% and my credit score went up 100 points.
now considering the best loan to pay off the rest of the cc debt. Cash out re-fi maybe. I will get a better rate now but interest rises will cancel out credit score increase at some point.
now considering the best loan to pay off the rest of the cc debt. Cash out re-fi maybe. I will get a better rate now but interest rises will cancel out credit score increase at some point.
#35
Account Closed
Joined: Jan 2006
Posts: 0
Re: Debt Score
By far the best post of the thread. It shows you understand money. What do you have there, a Gold Amex card? JSmith if you pay your bills every month that's the card for you.
As for Trump, tax laws in the US are convoluted and obtuse. Anyone who itemizes could be subject to prosecution as we all construe in our favor, Congressmen and women included. Trump's taxes are a phony issue. It's a Congressional smokescreen.
As for Trump, tax laws in the US are convoluted and obtuse. Anyone who itemizes could be subject to prosecution as we all construe in our favor, Congressmen and women included. Trump's taxes are a phony issue. It's a Congressional smokescreen.
#36
Re: Debt Score
It's only debt if you use it. Credit score has a knock on effect on a few bills such as insurance and whether you have to put a deposit on items such as utilities etc which could mean you end up paying more for items simply by not having a credit score. As for credit cards they pay me rewards to use them to pay bills and buy groceries so I have no issue with them and so long as I pay the balance off I don't get charged interest. Credit is all a game and you can be a winner if you play it right. For example if you can buy something for 0% interest even if you have the cash available you'd be better off investing the money or putting it in a bank account that pays interest than you would paying for the item in cash.
#37
Re: Debt Score
Your naïveté is pretty astounding.
Most people I know bought their houses with debt and have made a pretty penny from it.
Businesses "leverage" debt all the time.
Many self made millionaires had a loan to get them going in the first place - the absence of family friends with a bit of cash to lend is one of the stumbling blocks for poor/third world countries which hinders their development. Look at the micro-lending successes and Yunus Mohammed got a nobel prize for his work here.
On a very small scale, I pay $90 per year for my credit card, never pay a penny in interest/charges and got 2 return flights for next christmas which even with paying taxes/charges saved me $2k.
Having an excellent credit score saves me money on my car insurance
And shall we talk about how much taxes Trump has saved because of debt?
Most people I know bought their houses with debt and have made a pretty penny from it.
Businesses "leverage" debt all the time.
Many self made millionaires had a loan to get them going in the first place - the absence of family friends with a bit of cash to lend is one of the stumbling blocks for poor/third world countries which hinders their development. Look at the micro-lending successes and Yunus Mohammed got a nobel prize for his work here.
On a very small scale, I pay $90 per year for my credit card, never pay a penny in interest/charges and got 2 return flights for next christmas which even with paying taxes/charges saved me $2k.
Having an excellent credit score saves me money on my car insurance
And shall we talk about how much taxes Trump has saved because of debt?
#39
Re: Debt Score
"Leverage" certainly has no place in the language of any self-respecting Englishman (or Scot, Welshman, or Ulsterman), as the equivalent word in the UK is "gearing".
#40
Re: Debt Score
getting a secured card is by no means a bad option if you don't have others. I got a $500 secured card, set it up to pay my cellphone bill automatically ( and therefore getting free insurance on the loss/theft of 4 cellphones " and with 3 kids of course one of them "lost" one at school so successfully claimed for it), the credit card bill was paid automatically each month. That is to say, I did absolutely nothing with that card except set it and go. My credit score slowly went up to a "good" score. The benefit down the line is that the account is now quite old so that helps with the 'length of credit history" section, + "average length of credit" since I have since applied for another card, and of course payments history.
The bank automatically "unsecured" it after about 6 months.
So Jsmith, don't be too disheartened about low income and only a secured card. On the bright side, you don't owe anyone any money, you shouldn't have "bad " credit and that my dear, is a freedom that many others would wish for.
#41
Re: Debt Score
Common US term: "The bank was heavily leveraged ..."
UK term: The bank was heavily geared..." ????
#42
Re: Debt Score
FWIW in the UK I think the equivalent terminology would be "highly geared", and anyway I think the the US "highly leveraged" is more commonly used than "heavily leveraged".
#43
Re: Debt Score
Google <UK gearing debt> and you'll find lots of examples of the word "gearing" used in the context of borrowing, and over-borrowing.
FWIW in the UK I think the equivalent terminology would be "highly geared", and anyway I think the the US "highly leveraged" is more commonly used than "heavily leveraged".
FWIW in the UK I think the equivalent terminology would be "highly geared", and anyway I think the the US "highly leveraged" is more commonly used than "heavily leveraged".
I can honestly say I've never once encountered the term 'geared' or 'gearing' in this context in my 35+ years here in the US.
I just looked up a few common uses of the term 'leverage' ... . A simple example would be "the organization needs to leverage its key resources" - a very simple and clear usage. I can't see the term 'gearing' used in this context. Of course, you could use an alternative structure ..."the organization needs to take maximum advantage of its key resources" ...
#44
Re: Debt Score
Your original comment was ""Leverage" certainly has no place in the language of any self-respecting Englishman (or Scot, Welshman, or Ulsterman), as the equivalent word in the UK is "gearing"." I might concede that "it has no place in the language of any self-respecting Englishman ... " IN ENGLAND ... but are you saying that any 'self-respecting Englishman should avoid using 'leveraged' in this manner and use 'gearing' in it's place, IN THE US?
I can honestly say I've never once encountered the term 'geared' or 'gearing' in this context in my 35+ years here in the US. ....
I can honestly say I've never once encountered the term 'geared' or 'gearing' in this context in my 35+ years here in the US. ....
I have long been an advocate for using local words and pronunciations in the US, exactly as you would speak a foreign language in any non-English speaking country, and applied that from the day I arrived.
.... I just looked up a few common uses of the term 'leverage' ... . A simple example would be "the organization needs to leverage its key resources" - a very simple and clear usage. I can't see the term 'gearing' used in this context. Of course, you could use an alternative structure ..."the organization needs to take maximum advantage of its key resources" ...
"Gearing" in the UK is more specialist and not as widely used, but is used only in relation to debt and borrowing, well and obviously in the context of machines and engineering.
Last edited by Pulaski; Jun 14th 2019 at 9:05 pm.
#45
BE Enthusiast
Joined: Feb 2017
Location: Newnan, GA
Posts: 802
Re: Debt Score
I don't know what you're talking about, and apparently vice versa.
You can get your own credit score, but you can't get mine and I can't get yours, that's the difference. Major corporations can get anyone's, and it is those big boys that get to contribute (they aren't "invited", if that is what you mean ) data.
You can get your own credit score, but you can't get mine and I can't get yours, that's the difference. Major corporations can get anyone's, and it is those big boys that get to contribute (they aren't "invited", if that is what you mean ) data.
On the subject of the low score that was mentioned, or lower than was deemed good, the fact the balance is cleared in full ahead of the statement date is indeed an issue. Scores rise when a balance >0% and <20% is maintained. Having a mix of accounts also helps.