An Open Lettter to CP an Coventrycat86

[SamClemmons]

Bacchus - diplomacy no, newbie survival skills yes. Oh, and one other thing...
Bite Me.

Are there two big macs? There must be two big macs cause I know a big mac and well... wisdom is not a word I would associate with the one I know.

NA

 

[PuroBrat]

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:angry2: "Hey that's my picture you can't have my picture because... well... you can't, it's mine and I don't want you to and you can't have it. Give it back. That's my picture and I don't want you to have my picture and it's my picture and I can proove it's my picture cause it's still in my camera so REMOVE IT OR DIE." :laugh:

Note: The above words were plagiarized from SamClemmons, and I have no right to them, therefore I am giving credit here

 

[BACCHUS]

Bacchus - diplomacy no, newbie survival skills yes. Oh, and one other thing...
Bite Me.

Are there two big macs? There must be two big macs cause I know a big mac and well... wisdom is not a word I would associate with the one I know.

NA

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There's the SamClemmons I've grown to know and love! After reading your posts in the "Phil" thread, I was worried that you had become a wuss. My fears have been assuaged. LOL!

 

[CoventryCat86]

assuaged

WOW, now there's a fancy word Will's too smart for me, I had to look that one up

 

[SamClemmons]

I like sausage too.

NA

 

[BACCHUS]

I like sausage too.

NA

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Sam is getting warm. I think I picked it up on bubblebutts.com - where you go when a little tush just won't do. LOL!

 

[Gunpowder]

I have to jump in here and say that after reading this thread from start to finish I forgot why it was started by the last page.....

Oh ya and CC... credit rating is important unless you are independently wealthy or a leach on the system. I though all good Republicans knew that

 

[Triple_D]

Slowhand screwed himself by trying to make CC look like an a$$ in his "apology". That's no way to apologize.

 

[CoventryCat86]

I have to jump in here and say that after reading this thread from start to finish I forgot why it was started by the last page.....

DAYUM, did we get off topic ??? Now THAT would be a first for CP :0
Since the originator of this thread has insisted:

I will not comment further on this.

I guess the sky's the limit as to how far off topic we get here :laugh:
Hey, I know, let's debate the importance of one's credit rating. Ah so gunpowder says:

credit rating is important unless you are independently wealthy or a leach on the system.

which I partially agree with but what exactly is INDEPENDENTLY WEALTHY? A certain amount of money in the bank? Is "wealth" measured in ONLY dollars and cents? There are MANY people who have amassed "wealth" in the form of freedom and happiness and not just how much they have in their bank account. They don't need or care if they have a good or bad credit rating.
Okay on a more serious note, an individual can have a so-called "bad credit history" and I know of many cases where this has not hindered their ability to:
obtain a credit card
secure a car loan
qualify for a mortgage
blah, blah....
for any number of reasons. This is why I feel that credit ratings are over rated. For instance, if someone has declared bankruptcy, they CANNOT declare it again for at least ten years. Many creditors know this and are more than willing to extend credit to those who have declared Chapter 7, Chapter 11 of Chapter 13 bankruptcy.
And of course you pointed out the obvious, if one has wealth in the form of money than their credit rating is not important. At least most of you agree with that.
Also, creditors are in the business of MAKING money by lending it. Hell, if anything they use "credit ratings" as excuses to screw consumers which quite frankly ticks me off. This is another reason I feel credit ratings are over rated. Think about it, a creditor wants to give you a hard time and says they're going to charge you some crazy interest rate. Then say "Fine, I'll take my business elsewhere." Try that sometime and watch them want to "work with" you all of a sudden. I once held a mortgage for a guy on an apartment house in a nearby town (Windham). We negotiated an interest rate that was fair for the both of us, I couldn't ask loan shark rates and he wasn't going to get prime rate on the note. Creditors and debtors undergo similar situations virtually every minute of every business day and many times one's "credit history" plays a very minor role if any.

I therefore stand by my original statement (even if I did only state it as a joke which obvioulsy slowhand was too "slow" on the pick up to "get it")

 

[rknicker]

Not to be a contrarian, but it isn't uncommon for employers to check credit histories. I've been told it's about security and personal responsibility.

 

[CoventryCat86]

Not to be a contrarian, but it isn't uncommon for employers to check credit histories. I've been told it's about security and personal responsibility.

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I've never had that happen in my personal experience and I would think that employers would be opening themselves up for discrimination lawsuits if they were to use one's credit history and grounds for employment or termination. I don't get the "security" angle and as far as "personal responsibility" there are MANY reasons why people get in financial binds that have absolutely NOTHING to do with how responsible they are, like getting laid off or working for an employer where you come to work one day and the doors are locked and your paycheck bounces. Here's another one for ya, JOINT credit cards :0 A happily married couple has all kinds of joint credit cards. One spouse abuses them without the other's knowledge. They both wind up with "bad credit" one is personally responsible and the other is not. Do ya think it's fair that an employer holds that against the responsible one? I don't and again, if an employer did I smell lawsuit

Do you know of specific companies that insist that your credit report be part of a job application or employers who check employees credit histories and use it as part of a review or basis for a raise?

 

[Shadow]

assuaged

WOW, now there's a fancy word Will's too smart for me, I had to look that one up

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Will probably heard that word when he was going to law school and has been waiting years to be able to use that in a sentence. :whistling:

 

[oak]

Not to be a contrarian, but it isn't uncommon for employers to check credit histories. I've been told it's about security and personal responsibility.

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<snip>
Do you know of specific companies that insist that your credit report be part of a job application or employers who check employees credit histories and use it as part of a review or basis for a raise?

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I guess you're both right. Some types of employers do detailed checks - while other types will literally never even consider it. It is becoming more common across the board.

In my case, I am in the type of industry where this is common. Every job I've had except for 1 (a total of 7 jobs I believe) required a background check along with credit history check on hiring, and randomly during critical review periods. Scoring poorly didn't necessarily lose you the job, but surely didn't help, and it was taken in context with the rest of the information. Specific companies I am familiar with that do this on a large scale include Booz Allen & Hamilton, McKinsey, & Bain & Company. In addition, I know of four other IT focused firms that do this actively (all specialize in pen testing and competitive intelligence).

However, to be fair, looking for bad credit for the purpose of seeing a pattern of irresponsibility was perhaps 25% or less of the reason these guys checked credit history. The main reason was to look for lies, inconsistencies, or just general risk patterns in the overall security check. This was used for a variety reasons, but in my case was done to look for external motivation factors (specifically looking for too much money out-bound - a sign that staff might be involved in extra-curriculur activities that made them a high risk).

Lastly, in my experience, lots of exployers check credit histories and do some amount of background checking when hiring. I know of 4-5 small IT firms (just software companies) that do this at some level (typically just looking for flakes). They don't necessarily tell anyone about it (including HR), though, in order to avoid legal liability.

Cheers,

- Oak

 

[AVB]

If you’re an Officer in the military falling into financial irresponsibility can adversely affect your career to the point of dismissal.

 

[gr8full2day]

This has been an exhaustive effort at post padding!! I commend you guys for originality and inability to focus and remain on topic, essential components to good post padding!! :laugh: BRAVO!!!

 

[Gunpowder]

Not to be a contrarian, but it isn't uncommon for employers to check credit histories. I've been told it's about security and personal responsibility.

[snapback]152780[/snapback]​

I've never had that happen in my personal experience and I would think that employers would be opening themselves up for discrimination lawsuits if they were to use one's credit history and grounds for employment or termination. I don't get the "security" angle and as far as "personal responsibility" there are MANY reasons why people get in financial binds that have absolutely NOTHING to do with how responsible they are, like getting laid off or working for an employer where you come to work one day and the doors are locked and your paycheck bounces. Here's another one for ya, JOINT credit cards :0 A happily married couple has all kinds of joint credit cards. One spouse abuses them without the other's knowledge. They both wind up with "bad credit" one is personally responsible and the other is not. Do ya think it's fair that an employer holds that against the responsible one? I don't and again, if an employer did I smell lawsuit

Do you know of specific companies that insist that your credit report be part of a job application or employers who check employees credit histories and use it as part of a review or basis for a raise?

[snapback]152782[/snapback]​

CC,
Related to credit rating. You can operate in the economy of bad credit but it will cost you more in interest rate and many banks are tightening up their credit because of terrable loans in the 1990's that placed many banks at risk when the loans began to go south. A bank in South Bend went completly under and had to be taken over by the coarts.

Also, most banks and some other cash intensive businesses do credit checks before hiring (tellers, etc.) and many landloards do credit checks before permiting a renter to sign. I know of some that will call the local rent-a-center and if they are a customer that has been lax in payments they don't get to sign on the dotted line.

Definition of independant wealthy: Can pay cash for home, car, food, all aspects of daily life.

 

[PuroBrat]

To sum up the fine and factual information already provided by several in this thread...

Developing and keeping a good credit rating is very important. In only seconds, creditors can use the report to decide whether you qualify for a loan or credit card, and landlords, employers, and insurers can base an offer for an apartment or job or a policy on the information. Potential employers may legally request your credit record if you apply for a job paying $20,000 or more a year. A good rating may also help you get credit at a lower cost.

So, no, a credit rating is not important, unless you plan on getting a lease on rental property, a JOB anywhere (especially in the financial community), a loan at a bank or maybe even an insurance policy.

I was turned down by 7 different insurance companies for a homeowner’s policy. Because of my bad credit rating. I was turned down for 3 different accounting jobs. Because of my bad credit rating. I was turned down by countless banks and stores for a credit card. Because of my credit history. Hell, Target won't even let me have a credit card.

If the POPE himself tried to convince me that a credit rating was not important, I would tell him to stick to Popeing, and leave the important information to people who know what they are talking about.

 

[gr8full2day]

Somebody needs something to do...GEEEEEZZZ...Credit smedit..Let's get to back to some drama, please take all civil and reasonable post elsewhere!!

 

[PuroBrat]

You padder! :laugh:

I got your cival and reasonable buddy :0 :blush:

 

[SamGuss]

Wow, when I vented my frustration about my car and the credit thing, I had no idea it would take off so! Needless to say it is good to watch :thumbs:

As someone who for YEARS had bad credit, I can say in my personal experience it has not been "bad" thing. Sure I might not have credit cards, or a house, or even able to get a new car... but everything I do have is mine, mine, mine. As in no one can come take it away (unless they are a thief and stealing from me), I owe nobody nothing on my things (except now of course my car)... so perhaps I should say up until a month ago I owed nobody nothing :laugh:

Yes, I had some bad credit out there from years ago when I was young and stupid and even more because of my ex-wife. And over the years I slowly but surely paid it off. Most of my friends thought and always advised that I declare bankruptcy and steadfastly I refused. Just my nature - you might not get paid on the 15th but you will get paid was my motto.

Yes, I can hear some of you old financial genisus out there groaning on my above comment, but I have struggled and have now come to the end of my bad credit days - officially now considered to have "no" credit :laugh: This was and IS a big deal to me, since in a few months I will have "some" credit that can lead to a credit card, or even another car loan. And my ultimate goal - being able to buy a house.

So I can see both sides of the debate that has ensued. I lived for years with "bad" credit and was able to get work just fine, get what I needed just fine. Yes, it was rough at times but I got through it. I am also now very pleased with the fact that by the end of this year, I should be able to buy my own cigars without having to go through a BOTL here to get them for me. I should be able to finance some new furniture for my home and even possibly get a second car that we need.

In the end, I think credit rating and all that jazz is dependant on the individual and more importantly what phas of life that individual is in at the time. A couple years ago, though I was paying on my bad credit, I couldn't see light at the end of the tunnel and could care less about my credit rating. Now, it is driving focus of mine as I go into 2005.

To each their own.

Sam

P.S. By the way what was the original subject of this thread - I think it got lost somewhere :whistling: