030 Financial Excellence: Why I Want a Bad Credit Score

20 Oct 030 Financial Excellence: Why I Want a Bad Credit Score


Living In Financial Excellence

Living In Financial Excellence Episode 30: Why I Want a Bad Credit Score. Oct 20, 2010.

My personality style is best described as a Challenger. I constantly challenge the status quo and look for new ways to do thinks. It helps keep me thinking. So when someone tells me the modern banking system requires me to have a good credit score, I turn my nose to finding a way to beat the system. Listen to the show to find how (and why) we live without the all-important FICO score.

Show notes:

– Bank of America recently suspended all its foreclosure proceedings due to a “technical error” in their process. Basically they were signing hundreds of foreclosures a day without verifying the information. There are other banks in the same boat, and some people are even being foreclosed on when they don’t have a mortgage.

– What is our ideal credit score? Our answer may surprise you.

– There are lots of articles out there giving bad advice, like getting more credit cards to get a better credit score. And there are a lot of peopleMatt & Janelle Recording the Financial Excellence Podcast telling you to keep spending with plastic, also to keep a higher credit score.

– A bad credit score can affect your insurance rates. Listen in to see why we don’t care!

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4 Comments
  • Heather E. Ross
    Posted at 10:17h, 01 November

    Something that you haven’t mentioned is the cost to the businesses every time a credit card is used. There is a charge for swiping the card in the machine, then a charge based on the total sale. In the event the card used was a “Rewards” or other premium card, there are additional fees to the business owner. Before I owned a business, I thought the credit card company paid those fees from THEIR profits (from interest and fees paid by the consumer)! I have decided to refrain from the use of credit cards, in part, to follow the “Golden Rule” of treating others the way I would like to be treated.

    • Matt Wegner
      Posted at 10:53h, 01 November

      Great point Heather! Thanks for sharing that. I wasn’t aware of that myself. That might be another reason merchants are willing to give a discount for cash purchases. There’s something about paying with cash – it just seems to be a more powerful transaction for both the customer and the vendor.

    • Matt Wegner
      Posted at 10:57h, 01 November

      Great point Heather! Thanks for sharing that. I wasn?t aware of that myself. That might be another reason merchants are willing to give a discount for cash purchases. There?s something about paying with cash ? it just seems to be a more powerful transaction for both the customer and the vendor.

  • Can You Live Debt Free and Still Have Credit Cards?
    Posted at 00:03h, 27 January

    […] turn helps you build your credit score. Wait a minute, there’s a trend here. Do you need a¬†credit score if you don’t borrow money? […]