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How important is your credit score?

papi016

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Does your credit score control your financial destiny? My father believes so claims I will never be able to own a new car or buy a house because of my low credit score.

Is your credit score this end all be all that determines your future? How important is it in the grand scheme of things?
 
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GPM

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Are you financing your life with money you don't yet have? If so you probably need that credit score.

At the same time if you have a poor score could it be because of purchasing things you don't need with money that you don't have? I don't want to assume that I know what your life is, but good financial habits tend to lead to a half decent credit score.
 

papi016

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Are you financing your life with money you don't yet have? If so you probably need that credit score.
Credit scares I’m afraid of debt the only debt I have is from my time in college
 

NateKruse

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My thinking has been swayed by listening to slowlane gurus in the past, so I'm interested in hearing what some of the more seasoned fastlaners have to say. In my opinion a credit score is only as important as you make it out to be. You don't need a lot of money to start a business, and starting a business on debt seems like a dangerous proposition to me.

On the personal finance side of things, you can buy a car, or even a house, with cash. A good credit score might make certain things like applying to rent a fancy apartment easier, but I don't think a bad credit score dooms you.
 
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Supercar

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Credit is a resource. As with any resource, you may or may not need it in your fastlane business or in your slowlane life.

Having a bad credit means that you have been irresponsible with your actions, and that people should not be trusting you with their money or property. This can hurt you in life.

By not having a creidt, or having a bad credit, you are limiting yourself. You cannot leverage your business. You cannot pay for unexpected medical procedures. If you do not have a fat bank account or a stash of cash in the mattress, the chances are your life will be pretty rough.
 
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Duane

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A credit score is only important when you can't afford things you want/need. This is usually in the beginning stage of your journey when you don't have much f*** you money. If your score is okay and you have a decent income, then you shouldn't have problems getting things you can pay back in a reasonable time.

Some people use credit cards to accelerate growth, but it's very high risk. I would advise to only buy what you can afford, aka, you can save up the money to buy your need/want within a few months. Go through life acquiring very little debt and trying to minimize your bills until you have a system that is independent of your time that can pay for your dream lifestyle.

When you get a nice house with a high mortgage payment, an expensive car for you and the wife, and rack up credit card debt on nice things and vacations, you're essentially screwing yourself. You have to work to pay these things, and if you don't have a large sum saved in the bank, you can't go a week without work.
 

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Even though I was a real screw up for a few years, I knew from the time I was 18 years old that if I couldn't pay for it today, how could I pay for it at the end of the month? That was my thinking. So, I've never had a credit card and have never applied for any type of credit. I actually had to stop doing business with Hillyard (We bought cleaning chemicals from them for several years) because their rules changed and they wanted me to start charging everything instead of paying in cash. I can see that some businesses work with credit and sometimes there is no other way but I was never interested in a credit score. We have debit cards but I usually only use cash. I keep a debit card in my wallet but the only time I've ever used it was to deposit money in to the account. My wife does use the debt card because she travels all over the world for work but she mostly uses cash for day-to-day things.
 
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Scot

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Everyone’s talking about how credit is used to buy things you can’t afford..

But we’re forgetting how credit is a tool to leverage in business. If you’re moving big volumes, lines of credit are a necessity and a tool to use. If you have a bad credit score, good luck getting a bank to issue your new business a credit card.

Don’t need a credit card? You might if you’re buying your first production run to sell on amazon.

Good or bad, stop looking at credit as a score or a indication of Fastlane/slowlane.

Look at credit for what it is. Another tool.
 

socaldude

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The truth is that our whole way of life has been integrated with this score.

I mean you even need one to open a bank account or rent an apartment.

I personally wouldn't judge anybody and their potential success using a credit score but OTHER people and institutions do.

It is a good idea to have a good credit score and not ruin it.

I mean if you need to finance your business a good credit score is useful for sure.

People usually get in trouble because we have made it so easy to finance anything you can't afford.

But to answer the question it's only important if you are gonna borrow money.

Have a good score and be conservative and only charge what you can pay in full.
 

minivanman

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I've changed banks a few times and didn't need a credit score. So now I wonder if the amount of money I have has anything to do with that. I had never even thought about that. We have a credit union nowadays. With the apartment it was easy, we paid for the 2 year lease upfront. It actually started out as my office, work shop and for out of town guests to stay (I hate people staying with us) and then we moved in later. But see, when you don't have credit, you have cash to do those things so you don't have to worry about it. Without paying interest to others, we had the money to pay cash for what we wanted. The same with buying the house, we were put to the top of the list above all the loans since we had cash. I think we do pay more for insurance but I'm good with it. I'll lose $500 a year to not have to add up payments to anyone.

I can see businesses that have to use credit because companies make them buy things and then are sent an invoice for them. But, a business that needs a loan to be started.... that's just crazy from day 1. Soooo many people get in trouble and mess up their whole life doing this. And then there is always that 1 person that made it big and says it's such a great thing.... not my type of risk.
 
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WJK

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Does your credit score control your financial destiny? My father believes so claims I will never be able to own a new car or buy a house because of my low credit score.

Is your credit score this end all be all that determines your future? How important is it in the grand scheme of things?
I'll stand on my standard answer -- it depends...
Financially responsible people tend to have higher credit scores. But, so do people who use credit a lot and buy stuff they don't need...

Generally, buyers can pay cash for anything they need or want. This includes large purchases like cars and houses. Most buyers can't, or don't, save the piles of money it takes to make those larger purchases. So, buyers, who don't have the piles of cash, use credit & OPM (other people's money) for at least part of the price of their purchases -- which routinely requires a decent credit score.

Only you can answer your question. Can you reach into your pocket and pay cash for everything you need and/or want? Or do you need to use credit (OPM), which requires a decent credit score, to make your purchases????
 

WJS

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Let me share with you some information on this matter and you can decide on your own:

Credit Reporting Agencies (CRA) provide credit reports for both businesses and individuals. The information provided varies according to each country's law, but they may or may not contain the following information:

a) for individuals

- address
- identity card number
- businesses owned (active / winding up)
- shareholder interest (percentage, date appointed etc)
- criminal records
- legal actions (as defendant/plaintiff)
- bankruptcy details
- blacklisting status (if you don't pay your debt/bills you can be blacklisted)
- types of loan (credit card, personal loan, car loan, housing loan)
- payment trend


b) for business
- more or less similar with individual report, plus:
- date incorporated
- paid up capital
- business activity
- details of all directors and shareholders
- profit and loss (all the accounting details and various ratios)


As you can see, just by reading an individual or business credit report, you can more or less form an objective view of the person / business that you'll be dealing with. For example, if a person changes 5 addresses within 2 years, you might question why he moves around so much. Or if you see that he has 10 businesses with very low capital and most of them show "winding up" status, how would you view him? More so if he has multiple legal cases against him and blacklistings from telco company, utility companies and other service providers.

Remember, credit score is only a small part of a credit report. It would do you well if your credit report is spotless.
 

Vigilante

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Does your credit score control your financial destiny? My father believes so claims I will never be able to own a new car or buy a house because of my low credit score.

Is your credit score this end all be all that determines your future? How important is it in the grand scheme of things?

1. Your father is spotlighting an issue in your life. Rather than being defensive because it was him that said it, be receptive and thankful that you have someone in your life that cares enough to even say it. He's probably right.

2. Why is your credit score low?

3. Your father is generally correct on the subject.

4. I bought my last few cars with cash. A worthwhile goal is to get to the point where you don't need a credit score, but we're talking about the outliers. Most don't get there.

5. It's time for you in your growing up phase to realize that your father likely isn't stupid, and probably has some things you can learn from him due to the fact that he has a lot more miles on him than you do. You haven't made the transition yet.

6. You can't borrow money to get a house or a car if your credit report sucks. That's really not much of a question, but a statement of fact.

I come from a place where as a young 20 something I racked up enough credit that I could have never paid it back, paid the price for that, crashed and burned my credit score, spent several years suffering the consequences, and had to rebuild. Most kids come through stupid places in their life, and this was one for me. It might have been one for your Dad also. He might be speaking from experience. He is right in what he said.

What you want to hear is "well, you can just build a business and pay cash." My businesses all required credit to a certain degree. You can't even have an Amazon seller account without a credit card.

I suspect this isn't the only issue you don't listen to your Dad on. Unless your Dad is one of the 1% that isn't worth listening to for a variety of reasons, start listening. On this topic, he's not wrong which should cause you to look at the fact that on a lot of other issues, he might not be wrong on those either. Take what you can get that from the people that will take the time to give it to you.

Here's something interesting. Most people, myself included, don't give a shit what your credit score is. I literally care exactly 0% about you or your credit score. Don't care. It could be zero, and I wouldn't care. Perhaps you should listen to the people around you who DO care. Those types of people are few and far between in life. If you'd trust the advice on this topic from a random group of people on the internet that DON'T CARE ABOUT YOU over the advice of someone that does, it's time to re-evaluate.

There are several on the forum I could name first hand that would love to have a Dad to talk to about this topic, or any topic.
 
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minivanman

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I'll stand on my standard answer -- it depends...
Financially responsible people tend to have higher credit scores. But, so do people who use credit a lot and buy stuff they don't need...

Generally, buyers can pay cash for anything they need or want. This includes large purchases like cars and houses. Most buyers can't, or don't, save the piles of money it takes to make those larger purchases. So, buyers, who don't have the piles of cash, use credit & OPM (other people's money) for at least part of the price of their purchases -- which routinely requires a decent credit score.

Only you can answer your question. Can you reach into your pocket and pay cash for everything you need and/or want? Or do you need to use credit (OPM), which requires a decent credit score, to make your purchases????

I have to disagree. Can you reach in to your pocket and pay cash for everything you need/or want or should you SAVE UP for what you need/or want? You should SAVE UP for what you need/or want. Just because you don't have the money for it doesn't mean you just get it on credit. That's not financially responsible at all. I went for 8 years of my adult life living dollar to dollar wondering how I was going to get my next meal many times but that didn't mean that I should go in to debt, and I didn't. I never even considered it. I finally got sick and tired of being sick and tired so I fixed the problem. If I had borrowed money I probably would be like all the other rats in the race but I got so sick of waking up broke and being a disgrace, once I figured out a way to make money I swore I'd never be broke again. And now, I don't have to worry about being broke ever again.

Once you train yourself to save up in order to get the things you want, even when you have money you will set yourself a budget. In our budget we only have so much money in 'the black box' so when the lil woman decided she wanted to do a $1500 improvement on the house, we have to save for it. Usually if it's not in the black box.... we ain't getting it until we save up. <<< That's what financially responsible people do.
 

MidwestLandlord

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"A good credit score only allows you to buy stuff you can't afford" is consumer level thinking.

A good credit score allows you to make business moves, as a producer, that you otherwise couldn't.

A good credit score makes other peoples money cheaper too.

A good credit score + a track record of business success + a winning idea... and banks will fight over you.

That's a good place to be.

It's a dangerous tool, but very useful for scale, control, and entry.

Disregarding the importance of a credit score is playing to "not lose"

I'd rather play to win.
 

ddzc

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1. Your father is spotlighting an issue in your life. Rather than being defensive because it was him that said it, be receptive and thankful that you have someone in your life that cares enough to even say it. He's probably right.

2. Why is your credit score low?

3. Your father is generally correct on the subject.

4. I bought my last few cars with cash. A worthwhile goal is to get to the point where you don't need a credit score, but we're talking about the outliers. Most don't get there.

5. It's time for you in your growing up phase to realize that your father likely isn't stupid, and probably has some things you can learn from him due to the fact that he has a lot more miles on him than you do. You haven't made the transition yet.

6. You can't borrow money to get a house or a car if your credit report sucks. That's really not much of a question, but a statement of fact.

I come from a place where as a young 20 something I racked up enough credit that I could have never paid it back, paid the price for that, crashed and burned my credit score, spent several years suffering the consequences, and had to rebuild. Most kids come through stupid places in their life, and this was one for me. It might have been one for your Dad also. He might be speaking from experience. He is right in what he said.

What you want to hear is "well, you can just build a business and pay cash." My businesses all required credit to a certain degree. You can't even have an Amazon seller account without a credit card.

I suspect this isn't the only issue you don't listen to your Dad on. Unless your Dad is one of the 1% that isn't worth listening to for a variety of reasons, start listening. On this topic, he's not wrong which should cause you to look at the fact that on a lot of other issues, he might not be wrong on those either. Take what you can get that from the people that will take the time to give it to you.

Here's something interesting. Most people, myself included, don't give a sh*t what your credit score is. I literally care exactly 0% about you or your credit score. Don't care. It could be zero, and I wouldn't care. Perhaps you should listen to the people around you who DO care. Those types of people are few and far between in life. If you'd trust the advice on this topic from a random group of people on the internet that DON'T CARE ABOUT YOU over the advice of someone that does, it's time to re-evaluate.

There are several on the forum I could name first hand that would love to have a Dad to talk to about this topic, or any topic.

Dead on.

Credit scores and profiles are important, even for business. When I opened my business and got business credit cards, the first thing they checked was my credit score. If it was low, it could have been declined or the limit would have been low. I use my cc for many purchases, including a ton of cash on facebook/insta ads, and in turn I fly free around the world with my reward points. There's no reason to have a shit credit score and history. If you can't pay your bills on time, you shouldn't open a business in the first place due to your carelessness.

In addition, if I want to rent, or buy a house, a simple credit score enables me to do so. I've invested in properties easily due to my high credit score. There's way too much upside and why would anyone have a low credit score to begin with, stop spending above your means and missing payment deadlines (another alarming business indicator - means you can't manage money and expenses).
 
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Duane

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"
It's a dangerous tool, but very useful for scale, control, and entry.

It is a very dangerous tool to make moves with, especially when you don't have the cash to back it up.


I racked up a decent sum in credit card debt making moves in the very early stages of my business when sales were almost non existent and it almost put the company under.

The only thing I use credit cards for now, is for the rewards I get for using them.



To the op: I'm not saying that credit scores aren't important, because you would be crazy to not strive for a good credit score. Just be careful with it, too many people put themselves in shitty situations doing reckless things.
 

ZCP

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Credit scores were the 1st thing we were asked when getting a recent commercial deal together....
 

G-Man

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We're over-complicating this. There is zero downside to having a good credit score, and some pretty big potential upsides. I'm assuming, of course, that you're capable of exercising basic self control.

Here's how you improve your credit score:
  1. Decrease debt
  2. Increase available credit
If you're in debt that isn't business debt, get out immediately. Attack it with persistence akin to Andy Dufresne tunneling his way out of Shawshank with a tiny hammer. That's what you're doing. You're getting out of jail.

Once out of debt, get a new credit card every six months to a year and put it in a box never to be used. This increases your credit availability, and improves your credit score. Every six months or so, request a line increase from each card until you hit the ceiling.

In a few years you'll have no debt and a huge availability, so it should be easy to get to 800.

It's really that straightforward. Ask me how I know. :frown:
 
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Seconding what I'm reading here: Good credit scores can help you out.

Have the money to buy a car but don't want to deplete the stack in your savings? A good credit score will get you a VERY LOW interest rate on a loan that you can pay off without spending anything worth worrying about in interest. Assuming you have cashflow, it keeps you from depleting your savings.

Good credit can sometimes make people laugh when they go through the mandatory check at apartments and other plays: "Yeah you're not going to be a problem".

Although I like the idea of paying for an apartment for 2 years up front in some ways, as mentioned above, it's not necessarily what I would do.

Now, a cautionary tale.

I got overly excited when I moved to a new area and the housing prices were so low. I decided to buy an older house instead of renting, and got a 15yr instead of 30yr mortgage. Smart, right?

No. I got myself in a situation where even though I was technically able to do the work on my house myself, I wasn't of the right attitude to do it. And I was 100% reliant on my job to pay the double sized mortgage rate that I signed up for out of trying to be smart with my borrowed money.

I got sick of it all, and after 2 years I moved across country, still owing money. I had to pay rent AND that mortgage until I could sell. It had dropped in value. I thought the market had bottomed already. Nope.

To sell the house at a lower price than I bought, I still had to pay the difference in value between what I owed and what the house could sell for. After paying double rent for close to a year. That stung a bit. Not to mention there were other complications of that deal, like being outside of the country at the time. VERY stressful deal but IT HAD TO BE DONE to drop 1k of payments every month out of my life for good.


Good credit will enable you to do stupid things like I did. There are a lot of steps along the way that could've been corrected, but I was stubborn and made the mistakes anyway. I'm just glad I did it early enough that it didn't wreck my finances too bad. In retrospect though, if I had never bought that place and read MJs book earlier, then I could've struck out on my own years ago. But that falls in the "coulda, woulda, shoulda" territory.
 

papi016

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If you're in debt that isn't business debt, get out immediately. Attack it with persistence akin to Andy Dufresne tunneling his way out of Shawshank with a tiny hammer. That's what you're doing. You're getting out of jail
Never say it that way btw this made me lol

Ask me how I know.
How do you know?
 

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5. It's time for you in your growing up phase to realize that your father likely isn't stupid, and probably has some things you can learn from him due to the fact that he has a lot more miles on him than you do. You haven't made the transition yet.

Ugh, I still remember coming to the realization that my Dad was right more often than not when I was growing up. And now I find myself saying the same things to my kids as he said to us. Damn him. :playful:

I had subscribed to the whole "credit is only for things you can't afford" philosophy, and its bit me in the a$$ more than a few times. Had to have my wife co-sign my student loans at a time they were loaning liberal art students 40k a year. Quicken Loans wouldn't approve a loan for a $30k fixer-upper house even after I had submitted my past 2 years of tax returns showing 6 figure W2 income. Capital One approved me for a $2k business credit card (since you don't want to commingle your funds) at a time I was doing tens of thousands of dollars of business a week. All because of my short to non-existent credit history. And yes, I could (and did) use cash/EFT as much as possible, some vendors still require a credit or debit card. And the last thing I want is my business debit card information floating around the internet.

So like it or not, many places will use your credit score exclusive of any other information. So your options are either:
1. Good Credit
2. Bad/No Credit

It's much easier to simply keep a good score than to (re)build it later in life. Listen to your Dad on this one.
 
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G-Man

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How do you know?

In a 4 year time period, I went from roughly 1k in debt on a credit card with a $1,500 limit to 0 debt and over $100k in limits. I'll never use credit cards most likely, but that's not the point. Because I look good on paper, my bank called me and offered me an unsecured line of up to 80k a few days ago. There again, I don't need it now, but I've built that up, so that if I ever need it to take advantage of an opportunity, it's there.

Basically, it's like carrying jumper cables in the car. I can't even remember the last time I had to actually jump my car, but it takes no effort to keep them in the trunk, and I'd rather have them and not need them, than need them and not have them.

It's just a game. If the system wants to reduce you to a number, game the number.
 
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AgainstAllOdds

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Everyone’s talking about how credit is used to buy things you can’t afford..

But we’re forgetting how credit is a tool to leverage in business. If you’re moving big volumes, lines of credit are a necessity and a tool to use. If you have a bad credit score, good luck getting a bank to issue your new business a credit card.

Don’t need a credit card? You might if you’re buying your first production run to sell on amazon.

Good or bad, stop looking at credit as a score or a indication of Fastlane/slowlane.

Look at credit for what it is. Another tool.

This.

Good credit = leverage.

  • If I want to invest in real estate and buy up to a million dollars worth of property, I can because I have good credit.
  • If I want to finance a semi truck, and expand my distribution business, I can because I have good credit.
  • If I want to get a loan so that I can stock more inventory and add clients that I've been turning away, I can because I have good credit.
Like @Scot said: credit is a tool.
 

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