FICO reveals 'damage points'

[cupcake]

They definitely want us to live in terror of a :gasp: low fico score. The fact is, once I realized 1) my high FICO score was meaningless because the credit cards companies were rate-jacking me and closing accounts anyway despite a perfect payment record, and 2) I realized that evil elves weren't going to appear in my house in the middle of the night and take me away if I filed, the decision to file for bankruptcy became easy. I refuse to live in fear of a low FICO score.

This is so true. So many people are slaves to their credit scores. It's absolutely absurd because those people are living exactly the way the credit card companies want them to live. The reason CC companies have so much power is because society gives it to them. I admit that, to an extent, I was one of the sheep who used to be worried about having a high credit score. But, I quickly realized that having a lower credit score really means nothing.

[limage]

I used to be slave to my credit score. I was so proud of it. I remember reading somewhere about having a good record of saving is much more beneficial than having a good record of debt. A high fico just means you can get in deeper trouble.

Now if I could only make enough to save!!!

[sguerra923]

I used to be slave to my credit score. I was so proud of it. I remember reading somewhere about having a good record of saving is much more beneficial than having a good record of debt. A high fico just means you can get in deeper trouble.

Now if I could only make enough to save!!!

word!!! dang my health benefits at work just increased!!! How can we save when things are going up! lol what can we do right but just pay for it.. nothing we say can change anything bleh..

[momisery]

Interesting.. I can see why you may not be able to get a loan or a card for a while after a BK or being late and maxed out. But to FINE someone for that when maybe it is medical or they are laid off seems unfair. We will be punished for being stupid and being laid off or sick.. We do not need to pay fines for it too.

[AngelinaCat]

Interesting.. I can see why you may not be able to get a loan or a card for a while after a BK or being late and maxed out. But to FINE someone for that when maybe it is medical or they are laid off seems unfair. We will be punished for being stupid and being laid off or sick.. We do not need to pay fines for it too.

But we do, and it isn't right.

[joek]

where is the least expensive place to get your fico score? I have no clue right now what mine is. Figured it wasn't worth viewing during bk. I am 4 years into bk.

[mermaids614]

Mine was already bad

My credit score was low, in the low to mid 500s to begin with. I couldn't get approved for anything, except a car loan. Couldn't get approved for unsecured credit cards, unsecured bank loans, furniture financing, nothing. I noticed when I filed Ch. 13, that my score went up a bit. So in regards to bankruptcy and credit scores, it's sort of a win/win if you go into it with a low credit score.

[flyinbroke]

The piece does say this though; those with sky high scores are hit the hardest when late/defaulted/BK. Those who are already damaged are not hit as hard.

For the record, I was supposedly around 700, all payments on time and could not get financing for anything. It probably does not matter that I have stopped paying on five of 18 accounts. I had heard from one company that "my credit will be ruined" and I said that apparently it is already in the crapper so why worry now. (Yeah, he wanted to scare me into giving my bank account info. I am not remotely scared enough to do that.)

[onwards]

LOL.. mine only dropped 100 points too after I filed. The funny thing here is they can be as stringent as they want to be with credit. It will be only so long before they get greedy and relax all these credit restrictions allowing people with lower scores to obtain credit easily

My FAKO (I don't know my FICO, but still) dropped from around 730 to around 590 after I filed... and jumped up to 660 or so after I was discharged. Honestly, trading away 1.3M in debt sure seems like it was worth it for this, ah, drop.

[Phoenix2010]

If I remember correctly too much credit that got me and some of us into this fine mess in the first place. The FICO score Debt to income works great when you've got the income and you are able to pay your obligations on time. The problems began when I had an abrupt change in employment. Since I had saved and a fair amount of unused credit lines, I was able to hang in there for 1.5 years. After the Cobra ran out insurance was $1500 per month. Bankruptcy was inevitable after all of that. I'll take CASH over a FICO score any day of the week