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Originally Posted by amanda6035
I agree....but the problem is, simply put most people do NOT use credit responsibly. They don't pay it off immediately. And even those that "do", the credit card industry is finding ways that they are still going to make money off of you. You can't temporarily borrow money from a credit card company and not pay some kind of fee for it. Credit card companies aren't charity. They are in it to make money. The consumer has no way to pull a fast one on the credit card company; the CC company WILL make a profit off of you somehow. One day, you'll slip up. You'll have an "emergency" and you won't be able to pay it in full that month. Then it becomes a slippery slope.
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If you're not managing your
credit properly, there's a good chance you won't manage your finances
PERIOD properly, making this tool useless.
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Now, if FICO would get their CRAP together and determine credit worthiness on a scale that was based on financial responsibility rather than "how well you played the game" with debt, then people wouldnt feel like they had to get a credit card and play with debt in order to prove credit worthiness for large scale purchases, such as a car or house. Or you could just be totally weird and save up to pay cash for those kinds of purchases and credit wouldn't even be a factor.
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Amen @ the bold. That's always been my beef with FICO.