How much of a deposit do folks put down?
#46
I can't believe how far this thread has gone. Porsche owners are amongst the wealthiest people in America and so few understand how the FICO score works. You need to educate yourself. Go to myfico.com (or some similar site) and start reading. Most sites also have forums but just like Rennlist, read with a degree of skepticisim.
You should check your report at least yearly. Be meticulous. Have mistakes corrected or removed. Learn how the FICO works. Learn how to manipulate it. BTW, don't trust those outfits that claim to remove negative items from your report. They can't unless it didn't belong there in the first place. What they will do (and you can do this yourself) is negotiate the removal or downgrading of negative items by offering to pay the debt.
You should check your report at least yearly. Be meticulous. Have mistakes corrected or removed. Learn how the FICO works. Learn how to manipulate it. BTW, don't trust those outfits that claim to remove negative items from your report. They can't unless it didn't belong there in the first place. What they will do (and you can do this yourself) is negotiate the removal or downgrading of negative items by offering to pay the debt.
#47
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#50
Not only that but obtaining credit should be a process and absolutely never immediate. That would prevent most identity thefts. One way it could work is that you apply for credit and are then notified by the method you set up originally to allow the credit inquiry and then it would proceed. Right now if someone knows your SS# and mother's maiden name, he could start buying on your credit today!
#51
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The real crime is that the 3 reporting companies are 'FOR PROFIT' companies and will not divulge the 'exact' ways that they arrive at their credit scores. I've never seen 2 scores exactly alike between two, very similar individuals.
Personally I think it's a damn crime at what they do to some people. And good luck getting your credit fixed once it's been illegally, neg. affected. Such a load......
Personally I think it's a damn crime at what they do to some people. And good luck getting your credit fixed once it's been illegally, neg. affected. Such a load......
#52
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There is also a point of clarification that needs to be made for some: there is a big difference between obtaining a copy of your full credit report (which IS illegal without your consent), and simply getting your score (which is not illegal and does not impact your score negatively unless it is an application for credit). The score is what most companies are interested in, including your car dealer, so it should be no big deal at all if your dealer obtains it. They have a legitimate reason for doing so - you're out driving their $100k piece of property and they'd like to know if you're a legitimate prospective customer or if you're just out joyriding. If I were a dealer, I wouldn't let you sit in it without finding out who you are first.
#53
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It would be like having a private investigator tell you beforehand that he's going to be spying on you, vs. just doing it secretly. If you knew he was spying on you, you would put your halo on to try to fool him.
#55
credit card offers are from banks, not "credit card companies". And they pre-qualify people to receive their offers based, in part, on the credit scores (FICO) that they obtain LEGALLY and WITHOUT YOUR KNOWLEDGE OR CONSENT. Take a look at your credit reports next time you get them and notice how many "inquiries" were made that you had no knowledge of. Banks, insurance companies, department stores, and I think I even saw a local utility or phone company once or twice.
There is also a point of clarification that needs to be made for some: there is a big difference between obtaining a copy of your full credit report (which IS illegal without your consent), and simply getting your score (which is not illegal and does not impact your score negatively unless it is an application for credit). The score is what most companies are interested in, including your car dealer, so it should be no big deal at all if your dealer obtains it. They have a legitimate reason for doing so - you're out driving their $100k piece of property and they'd like to know if you're a legitimate prospective customer or if you're just out joyriding. If I were a dealer, I wouldn't let you sit in it without finding out who you are first.
There is also a point of clarification that needs to be made for some: there is a big difference between obtaining a copy of your full credit report (which IS illegal without your consent), and simply getting your score (which is not illegal and does not impact your score negatively unless it is an application for credit). The score is what most companies are interested in, including your car dealer, so it should be no big deal at all if your dealer obtains it. They have a legitimate reason for doing so - you're out driving their $100k piece of property and they'd like to know if you're a legitimate prospective customer or if you're just out joyriding. If I were a dealer, I wouldn't let you sit in it without finding out who you are first.
Seriously I don't think we are disagreeing on anything here at this point. Somewhere in all the typing there's been a misunderstanding.
And no need to nitpick on "credit card companies" or "here here", in both cases I think people here knew what we were talking about. Banks do have separate legal companies setup to run their credit card business BTW, if you really want to get specific. But that kind of specificity is not adding much value to this discussion.
#56
Don't you realize that if they publicized the calculation that people could manipulate their scores deliberately? That's the whole point of keeping it secret. A credit history and score is meaningless unless it gives a reasonably accurate picture of a person's behavior and attitude towards credit.
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Don't you realize that if they publicized the calculation that people could manipulate their scores deliberately? That's the whole point of keeping it secret. A credit history and score is meaningless unless it gives a reasonably accurate picture of a person's behavior and attitude towards credit.
It would be like having a private investigator tell you beforehand that he's going to be spying on you, vs. just doing it secretly. If you knew he was spying on you, you would put your halo on to try to fool him.
It would be like having a private investigator tell you beforehand that he's going to be spying on you, vs. just doing it secretly. If you knew he was spying on you, you would put your halo on to try to fool him.
...and as far as giving an 'accurate picture of a persons's behavior and attitude towards credit'- You couldn't be more delusional on it's "accuracy".
It's a Farce- Only no one, but the people who stand to gain from other's misfortune are the only one's laughing.
Accurate? That's laughable.
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I had a client last night buy a CPO'd Mercedes Benz SL500 from me. Ripped jeans, trashy sneakers, and not so well fitting T Shirt.
Oh by the way.....
He makes $1.3M a year. - Treat a guy like that and he'll not only NOT buy a car from you; he'll make sure his friends - who make a lot of money as well- don't buy from you either.
#59
I'll bet his FICO was above 700. I agree that I would want to know a FICO before I gave a $100k vehicle for a test ride. Where I shop, I go on test rides without the salesman. I wouldn't do it any other way. I wouldn't blame the dealership for at least getting a sense of me before they let me drive one off the lot. Of course, I wouldn't let them run a full credit check but if they want to pull a FICO without my permission (which I don't think they need for an unsolicited FICO), that would be acceptable.
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I'll bet his FICO was above 700. I agree that I would want to know a FICO before I gave a $100k vehicle for a test ride. Where I shop, I go on test rides without the salesman. I wouldn't do it any other way. I wouldn't blame the dealership for at least getting a sense of me before they let me drive one off the lot. Of course, I wouldn't let them run a full credit check but if they want to pull a FICO without my permission (which I don't think they need for an unsolicited FICO), that would be acceptable.
Actually, his FICO was not over 700. Not even close. He's lived in the same area for 40+ years, paid everything on time. Didn't have much debt at all, and didn't have a single derogatory.
And if anyone is interested, he's made over a $1M/year for several years.
So, I ask you- The fact that he's not over 700 or close: Does that seem like an ACCURATE system to you?
I think not.