Credit Scores, Financial Responsibility and a Challenge

Josh and I have been hard at work on our newest project, the blog at www.havegoodcredit.com.

If you read my blog post on this site about whether credit scores really matter, you know where I stand on this issue. If you also read the comments on that post, you also know that Josh and I have differing ideas on whether credit scores matter.

Josh’s theory is that most consumers will pay higher interest rates because they need a car, or whatever it is they have to finance. I see where he’s going on that line of thinking, but I’m not sure I agree, and here’s why.

If 25% of the people in the US now have credit scores below 600, and the FICO score doesn’t really distinguish between people who strategically default on their mortgages and people who can afford to pay, I think it’s likely that there are a lot of people in that group who had good credit at some point and who probably were financially responsible before the economic mess. I think there are a lot of Americans who avoid debt, even though they may be in the minority or we don’t hear about them because they aren’t in trouble.

So, how many of you out there consider yourselves financially responsible? Have your ideas changed since the bottom dropped out of our economy? What is your idea of fiscal responsibility now? I am personally all for paying for things for cash these days, but there might be some of you out there who think differently.

I certainly don’t think there’s anything wrong with having a high credit score, and in case I’m totally wrong about credit scores not being of any value (does anyone else see the humor in betting against myself? Sounds like something we’ve talked about before…), we’ve decided to launch our “90 Day Credit Repair Challenge” which will start around mid-August.

We invite you to play along with us. What do you have to lose? I’m going to start the process by working on our scores myself to show you how we do it, and you can DIY your own credit repair.

Stay tuned for more details!

Christine
christine@desertedgelegal.com

DISCLAIMER:

****CHRISTINE SPRINGER IS NOT A LICENSED ATTORNEY. THIS BLOG IS COMPRISED OF HER OPINIONS, OBSERVATIONS AND INTERPRETATIONS AND IS NOT INTENDED TO BE CONSTRUED AS LEGAL ADVICE. PLEASE CONSULT WITH AN ATTORNEY BEFORE RELYING ON OR TAKING ANY ACTION BASED ON THE INFORMATION IN THIS BLOG.****

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