You might find this a little strange.

iVillage Member
Registered: 11-17-2007
You might find this a little strange.
30
Sat, 06-07-2008 - 11:22pm

A week or so ago I was surfing around some of the boards and I found this link to a board that are fans of Dave Ramsey. So today I had some time after I finished making some curtains for the office and I decided to check it out.


Them guys over there are having about the same problems we are over here.


There was this one woman talking about high interest credit cards and how she was trying to get the interest down.

iVillage Member
Registered: 03-17-2003
Mon, 06-09-2008 - 11:50am
That's so sad!
iVillage Member
Registered: 11-17-2007
Mon, 06-09-2008 - 12:03pm

Thanks for the kind words Carolyn.
You know we all should write a book. Each of us take a chapter and write our story and how we manage money. Becky, You, Me, Dana and the lot even Sue should put in a chapter. Call it the ladies and even a gent maybe of the IVillage support group.
I would bet it would come our being a best seller. make us all some money to put on our debt.

I lived in North Carolina for a few years. Flood insurance and if you get private or government backed does depend on your Fico score. Hard to believe but it is true.

Raymond is fixing pancakes for breakfast Blueberry ones going to eat.
Love to all.
Mary Ann

iVillage Member
Registered: 03-26-2003
Mon, 06-09-2008 - 12:20pm

Nevermind.


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iVillage Member
Registered: 04-09-2003
Mon, 06-09-2008 - 2:32pm

This conversation reminds me of something ... many of you have seen the documentary "Maxed Out." Did you notice the clip of Suze Orman going on and on and on about how your FICO score is the end all, be all of your credit and the most important thing to protect?


And then the caption says "Suze Orman has an endorsement deal (or something like that) with Fair Isaac, the company that operates the FICO score."


So it stands to reason that if Suze has the deal, and Dave doesn't, he is going to downplay its importance. Of course he and his supporters will say, "Oh, that's not why he ignores it."

 

iVillage Member
Registered: 11-17-2007
Mon, 06-09-2008 - 3:16pm

From where I started this thing or tread the postings have gotten a little sidetrack as sometimes things do. My thing was that this poor woman was canceled (a paid off card)by the company for whatever their reasons. On her credit report since it was done by a big bank will show ON HER CREDIT REPORT company not customer canceled the card. Now personally I have canceled a few cards in the pass on mine and my husband has also on his. But always it was by the customer not the company.

I have no idea what effect this will have on her score I think it will bring up questions by some creditors or insurance companies why this happen.

In my posting I advised the lady to call the company and ask them to reinstate the card. Then if she had to charge a tank of gas and pay it off to do so. Then in 6 months if she was not going to use the use the card anymore for HER PERSONALLY call the company and cancel the account. So that on her credit report it would state CANCELED BY CUSTOMER

This was the posting I made to the woman. The board manager said I was going against everything that Dave preached and would not post my advice to the board.

I went back and did read a few of the postings after me before I canceled my membership to that board. Mostly people were telling this poor woman that it didn't matter and that Fico score was not important. I consider this very bad advice to her but there is nothing I can do about it.

It is a sad world when numbers count that much but they do. Her worry was if she could get government hurican insurance or had to go to private insurance because she had a bad score. A real worry because the difference could be as much as a 1500.00 a year.

I just recently got a cd at a local credit union the first thing they did is ran a credit check on me. I was told later if I had not had a good report I could not have gotten the cd at the rate I did. I was not asking them for money I was giving them MY MONEY To me that was downright silly but that is the world we live in and must do business in.

Some has said I should have read the rules of the board I did and what I posted I did not think and still do not think I did wrong. What I think is wrong in any board is when narrow minded people with hold information from people who need help on what to do.
I am so glad we have this board where all is posted right or wrong are posted and it is up to the people that read the posting to decide.

Mary Ann

iVillage Member
Registered: 08-13-2003
Mon, 06-09-2008 - 10:51pm

I've been lurking a lot, but had to post that I agree w/you Mary Ann.

iVillage Member
Registered: 11-17-2007
Tue, 06-10-2008 - 2:29am

Thanks for your posting and don't lurk around, speak up we all do all the time.

Yes your credit score is very important. Some years ago my son lost his job in Dallas and almost his house but we all worked together. It took all his 401k and took some of our money to feed him but he sold his house finally without missing a payment even though it sold at a terrible loss. Part of this debt he is still paying on to this day. But we made sure all of us that he never missed a payment on anything.

Reason we did all of this is because my son is an engineer. The jobs he was applying for was middle management 75,000 to 100,000 range. We all knew that his credit report and score was key to him getting another job. Each time he applied his credit was checked by the company. I believe his good credit is in part why he got this job. He is now in Florida a little house scared I don't think he will ever buy another house. He has been on this job now for three years and he has started a small 401 again. So much time is lost building a retirement and money but his credit was saved.
Stay around we are a lot of fun
Mary Ann

iVillage Member
Registered: 03-26-2003
Tue, 06-10-2008 - 5:48am

My whole point in posting to Mary Ann in the first place is this..I don't think those who do follow the teachings of DR should be criticized..especially when what they're doing is working.

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iVillage Member
Registered: 12-07-2003
Tue, 06-10-2008 - 7:49am
Since I was just pre-approved for a mortgage, I have to disagree a little bit with his advice. Because our credit scores are high, we got an excellent interest rate and were approved for more than we might have been had our score been bad or even average. It also meant we qualified for half PMI, instead of the whole amount despite not having 20% to put down. Dave Ramsey would probably criticize our move for more than one reason, but there are reasons to make sure your FICO score is in fairly good shape. Especially for those of us who are just starting out.
baby in clothes basket
iVillage Member
Registered: 06-18-2004
Tue, 06-10-2008 - 9:02am

I have followed this thread with great interest, especially since I download Dave Ramsey's podcast everyday.