Originally Posted By: OneEyeJack
When I said my FICO score was zero I should have more properly said no score. I was not listed. My real estate loans were from a non bank lender, that is not a financial institution. I have not consciously avoided more traditional credit it just has never occurred to me to use a traditional credit solution for a financial transaction.
I have always been a private person as I grew up. I was an orphan and lost the family that adopted me as a 10 year old when I was 12. I lived in foster care homes until I was 16 and up until late teens everything I owned could be worn or put into my pockets and a backpack. I purchased my first home by signing a contract with the owner and making payments to him. He based my credit worthiness on his evaluation of me. I was drafted into the military and when I returned from Vietnam I purchased my second home the same way, and my third and so on. Other than real estate I don't want to ever owe anyone or anything ever. If things go bad I think of mortgage payments as rent and try not to worry about real real estate values but feel nervous about it. I have never gone beyond 10 years without paying off a mortgage. If I have a few dollars left at the end of a month it goes into the mortgage if I have one. I'll work extra hours to pay it down and go to great lengths to minimize other expenses. If I owed 10 or 20 thousand dollars on a credit card or other such debt I would not be able to sleep at night. I understand that this kind of thinking is almost un-American and people would call me stupid or uninformed or a financial cretin. I understand that all this financial behavior training has passed me by that's okay with me. Contrary to popular opinion my insurance has not been effected. I have very carefully checked this out. So, I'll just continue, it's too late to change now.
While I can appreciate your story-your life is being affected by not having a credit history. And credit is a factor that insurance companies use to determine risk. People with good credit-happen to file fewer claims-nobody is making that up-that's a fact. You don't fit in to that "box". While you are not being charged excessive insurance rates (according to your research)-I don't think you getting the "good credit" rates either.
BTW-those of us that "play the game" don't have 10 or 20 thousand on our insurance cards-but a balance we can comfortably pay in thirty days.
The bigger question is-Why did you avoid banks as a means to finance real estate? Do you not trust them?
I don't believe "it's not too late to change" either!
When I said my FICO score was zero I should have more properly said no score. I was not listed. My real estate loans were from a non bank lender, that is not a financial institution. I have not consciously avoided more traditional credit it just has never occurred to me to use a traditional credit solution for a financial transaction.
I have always been a private person as I grew up. I was an orphan and lost the family that adopted me as a 10 year old when I was 12. I lived in foster care homes until I was 16 and up until late teens everything I owned could be worn or put into my pockets and a backpack. I purchased my first home by signing a contract with the owner and making payments to him. He based my credit worthiness on his evaluation of me. I was drafted into the military and when I returned from Vietnam I purchased my second home the same way, and my third and so on. Other than real estate I don't want to ever owe anyone or anything ever. If things go bad I think of mortgage payments as rent and try not to worry about real real estate values but feel nervous about it. I have never gone beyond 10 years without paying off a mortgage. If I have a few dollars left at the end of a month it goes into the mortgage if I have one. I'll work extra hours to pay it down and go to great lengths to minimize other expenses. If I owed 10 or 20 thousand dollars on a credit card or other such debt I would not be able to sleep at night. I understand that this kind of thinking is almost un-American and people would call me stupid or uninformed or a financial cretin. I understand that all this financial behavior training has passed me by that's okay with me. Contrary to popular opinion my insurance has not been effected. I have very carefully checked this out. So, I'll just continue, it's too late to change now.
While I can appreciate your story-your life is being affected by not having a credit history. And credit is a factor that insurance companies use to determine risk. People with good credit-happen to file fewer claims-nobody is making that up-that's a fact. You don't fit in to that "box". While you are not being charged excessive insurance rates (according to your research)-I don't think you getting the "good credit" rates either.
BTW-those of us that "play the game" don't have 10 or 20 thousand on our insurance cards-but a balance we can comfortably pay in thirty days.
The bigger question is-Why did you avoid banks as a means to finance real estate? Do you not trust them?
I don't believe "it's not too late to change" either!
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