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Daughter Learned Somthing New This Week

J

John B.

Well-known Member
Our 24 yr old daughter works for a Federal Reserve Bank. She had training the last two weeks in Kansas City Mo. The classes learned that if a person buys used tires on a their credit card it hurts your credit score. It indicates you're willing to take high risks.
 
John B.

I am of high risk, then. But, what does it say if I drive on balding tires instead?

D.

Sarcasm meant nicely.
 
This whole credit score thing is pure BS. Pay cash,act responsible,low credit score and you pay more for insurance.
 
My credit card statement doesn't show any purchase details, just the place of business and the total.

How would the credit card company know?
 
You all have good questions that I can't answer. I would have asked them too if I were in class. No sarcasm taken here..
 
Having sat through many college and in-service classes I have no doubt that she was told that unsupported crap. There is no way a credit reporting company would know what tire that you bought or for that matter giving you a lower credit rating for being frugal.
 
I'm agreeing with you 2underage.... But it is much easier to get your credit score lowered than it is to get it back up...seems like even most lame ideas do hurt us some how...
 
Any balance on a person's charge card will slightly lower the credit rating until its paid off even if its paid off on time,a credit check will lower the rating slightly.The number
of charge cards a person holds has an effect on credit rating.Utility bills that are paid late will also lower the rating.The wife has a fixation on her and my credit rating even though we don't plan on borrowing any money.We do charge most everything we buy from retail outlets because we get between 1% and 5% back on all purchases with our master card.We get %5 back on fuel we buy which over a year adds up pretty good they send a check in February.
 
There is no way to win here. If you are a farmer and buy new tires for your old hay wagon or bat wing shredder, they will lower your credit score because you are crazy.
 
There is so much corruption in this country I don't know where it's going to end. How the H does the bank know the condition of a used tire. I've bought used tires that look like they had never been on the ground.
 
Hmmm, after the Equifax data breach I wonder if buying used tires still matters?
 
John,
I think the 3 credit reporting agencies, not credit card companies, determine credit scores. I don't think the card companies tell the reporting agencies what people buy. They tell them account balances and payment history.
 
I'm with Bruce from Canada....

Like others have said, creditors report to the big 3 reporting companies your payment history, account status, etc not what you buy. And how would a credit card company even know what you bought? When you swipe your card at a Wally World, it doesn't send an itemized list of stuff to your card company. Just the amount of the total purchase. If you ever disputed that charge, your card company would have to go back to the vendor for the details.
 
Well I guess that buying beer and liquor will do the same thing, along with purchases of whacky tabakky (soon to come up here).

I can see the letter from MasterCard now ..... "Dear Mr. Crazy Horse, due to your recent purchase of Canadian Club rye whisky, your credit rating has now been dropped so you can no longer buy marijuana at the corner store until you stop drinking" ....... etc.
 
Creditors are only one of the many places the reporting agencies get information,I'd imagine they can find out with very little effort anything anyone buys with a credit card and
a whole lot they don't use the card for.
 
You don't necessarily have to have an itemized list to know what people are buying, just WHERE they bought it from. If there's a charge from "Leon's Used Tire Emporium" on the card, it's not likely that you are buying flowers for your wife.
 
I buy used tires all the time for my small wagons and implements and sometimes my vehicles and my credit rating is fine.
 
No recent credit history,no recent payment history,your credit score is in the toilet. Add in stupid things like this whole used tire thing effecting credit score and its all a meaningless scam.
 
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