Debt Score

Old Jun 13th 2019, 2:26 am
  #31  
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Default Re: Debt Score

Originally Posted by sid nv View Post
Equifax provided convenient access to data for pretty much anyone, whether invited to store that data or not.
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.

Last edited by Pulaski; Jun 13th 2019 at 2:39 am.
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Old Jun 13th 2019, 2:37 am
  #32  
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Default Re: Debt Score

Originally Posted by Pulaski View Post
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.
I expect you're right, but as I recall after the Equifax breach there were a lot of people very unhappy that data they considered confidential was being held by a company that they had no direct contact with.
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Old Jun 13th 2019, 3:45 am
  #33  
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Default Re: Debt Score

Originally Posted by petitefrancaise View Post
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?
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.

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Old Jun 13th 2019, 4:11 am
  #34  
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Default 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.
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Old Jun 14th 2019, 3:41 am
  #35  
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Default Re: Debt Score

Originally Posted by jeepster View Post
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.
Maybe one day I can get a rewards card of some sort, they tend to have higher income requirements (at least the good ones) and not all that easy to get, currently stuck with a secured card until the score goes up, and of course income, I don't currently have any suitable income to secure any sort of credit approval.
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Old Jun 14th 2019, 4:34 am
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Default Re: Debt Score

Originally Posted by SpoogleDrummer View Post
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.
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Old Jun 14th 2019, 4:40 am
  #37  
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Default Re: Debt Score

Originally Posted by petitefrancaise View Post
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?
Ok, so there is good debt and bad debt. A bit like cholesterol I suppose. But if there is one thing we must agree on if we value the English language, it is that "leverage" is a noun, not a verb.
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Old Jun 14th 2019, 5:31 am
  #38  
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Default Re: Debt Score

Originally Posted by sid nv View Post
Ok, so there is good debt and bad debt. A bit like cholesterol I suppose. But if there is one thing we must agree on if we value the English language, it is that "leverage" is a noun, not a verb.
When in Rome, leverage as the Romans do ...
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Old Jun 14th 2019, 1:00 pm
  #39  
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Default Re: Debt Score

Originally Posted by sid nv View Post
OK, so there is good debt and bad debt. A bit like cholesterol I suppose. But if there is one thing we must agree on if we value the English language, it is that "leverage" is a noun, not a verb.
"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".
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Old Jun 14th 2019, 3:14 pm
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Default Re: Debt Score

Originally Posted by sid nv View Post
Ok, so there is good debt and bad debt. A bit like cholesterol I suppose. But if there is one thing we must agree on if we value the English language, it is that "leverage" is a noun, not a verb.
bad debt is the one you can't pay back!!!
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.
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Old Jun 14th 2019, 5:24 pm
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Default Re: Debt Score

Originally Posted by Pulaski View Post
"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".
So if one were to want to describe a situation where someone was heavily in debt, and one wanted to avoid the 'leverage' phrase, how would you do it?
Common US term: "The bank was heavily leveraged ..."
UK term: The bank was heavily geared..." ????
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Old Jun 14th 2019, 5:59 pm
  #42  
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Default Re: Debt Score

Originally Posted by Steerpike View Post
So if one were to want to describe a situation where someone was heavily in debt, and one wanted to avoid the 'leverage' phrase, how would you do it?
Common US term: "The bank was heavily leveraged ..."
UK term: The bank was heavily geared..." ???? ...
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".
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Old Jun 14th 2019, 8:48 pm
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Default Re: Debt Score

Originally Posted by Pulaski View Post
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".
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 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" ...
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Old Jun 14th 2019, 8:57 pm
  #44  
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Default Re: Debt Score

Originally Posted by Steerpike View Post
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. ....
My comment was tongue-in-cheek on a British expats forum.

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" ...
"Leverage" in the US can mean borrowing e.g "leveraged buyout", a corporate purchase funded by debt, or to use other resources e.g. "he leveraged his experience"

"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.
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Old Jun 16th 2019, 4:04 am
  #45  
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Default Re: Debt Score

Originally Posted by Pulaski View Post
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.
I think the data sentence was a reference to Equifax managing to allow pretty much their entire database to be breached..

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.
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