Comments on: Is there a time to ignore your credit score? http://www.gatherlittlebylittle.com/2010/03/is-there-a-time-to-ignore-your-credit-score/ Proverbs 13:11 - "...he who gathers money little by little makes it grow." Thu, 09 Feb 2012 17:31:49 +0000 hourly 1 By: Ginahttp://www.gatherlittlebylittle.com/2010/03/is-there-a-time-to-ignore-your-credit-score/#comment-16059 Gina Tue, 09 Mar 2010 17:12:58 +0000 http://www.gatherlittlebylittle.com/?p=2892#comment-16059 I think you gave the right advice. I've been a DR fan for a few yrs and I would think he would have said "get a beater car & pile up cash until you get on your feet". Remind your friend that $166 a month payment and the car is paid off in 1 yr. A good credit score is "a necessary evil" as Jolyn mentions. However, I think DR's message is more of don't borrow money just to have a good score; borrowing money does not make you wealthy. It makes the banks wealthy and we've seen, with the recent economic situation, what they think of us. We have to remember FICO made a market for itself and at some point, someone else will come along, change the rules and make a market for themselves. The big 3 credit reporting agencies are already rolling out their own scores. I think you gave the right advice. I’ve been a DR fan for a few yrs and I would think he would have said “get a beater car & pile up cash until you get on your feet”.

Remind your friend that $166 a month payment and the car is paid off in 1 yr.

A good credit score is “a necessary evil” as Jolyn mentions. However, I think DR’s message is more of don’t borrow money just to have a good score; borrowing money does not make you wealthy. It makes the banks wealthy and we’ve seen, with the recent economic situation, what they think of us.

We have to remember FICO made a market for itself and at some point, someone else will come along, change the rules and make a market for themselves. The big 3 credit reporting agencies are already rolling out their own scores.

]]> By: Jolyn@Budgets are the New Blackhttp://www.gatherlittlebylittle.com/2010/03/is-there-a-time-to-ignore-your-credit-score/#comment-16032 Jolyn@Budgets are the New Black Mon, 08 Mar 2010 17:34:08 +0000 http://www.gatherlittlebylittle.com/?p=2892#comment-16032 I am a mixed bag when it comes to DR's advice about the importance (or lack of) regarding our credit score. You summarized my thoughts on it quite nicely, I must say: a good credit score is a necessary evil for most of us. That being said, I think your advice to "Vince" was spot-on. Good on you. Would love to read an update on what he decides to do and how it works out for him. I am a mixed bag when it comes to DR’s advice about the importance (or lack of) regarding our credit score. You summarized my thoughts on it quite nicely, I must say: a good credit score is a necessary evil for most of us.

That being said, I think your advice to “Vince” was spot-on. Good on you. Would love to read an update on what he decides to do and how it works out for him.

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