I just think it is sort of a sucker score. My understanding is that if you always pay your debts you will have a decent credit score. But the dream customer not only pays, he/she also is prone to getting into debt. Being debt averse (arguably being responsible) will limit your score.
As far as not being able to get credit, so far this has not been a problem. I know the rating agencies say you must have a score. Just like the credit card companies say you need a card. They will say "How will you rent a car?".
If I wanted a score I could get it back quickly. Last time I had one the banks were ridiculous in their offers to me. The amounts they said I could borrow were way too much money. Someone has to be the grown-up and the banks are not up for that task.
As far as not being able to get credit, so far this has not been a problem. I know the rating agencies say you must have a score. Just like the credit card companies say you need a card. They will say "How will you rent a car?".
If I wanted a score I could get it back quickly. Last time I had one the banks were ridiculous in their offers to me. The amounts they said I could borrow were way too much money. Someone has to be the grown-up and the banks are not up for that task.
My past 3 years tax returns have been under $10k and discover still offers me $25k @7% once a month.
Of course they do. Banking is a zero-risk business. They make more or less, but won't end up kicked out in the street or in jail. Some of their customers inevitably will, though, simply because, at any given moment, available money supply does not include future interest yet.
What if they make a lot less, and not all the other banks are going under at once? Discover on its own is not "too big to fail". Lower risk than without any safety net, but not zero.