credit karma and credit sesame


#1

I have been using credit karma for over a year, along with credit sesame.

Both show my credit score at around 650 to 686.

Luckily, I was just approved for a home equity loan of $25,000 to pay off some Outrageous credit cards that have a 25% interest rate!

The new loan is 5.75% which will save me Thousands over the years!

My question: My bank BB&T has my credit score at 750!

Why the difference between the bank and credit karma and credit sesame?


#2

I don’t know if this is the reason or not but here goes. There are at least 3 or 4 major credit rating companies out there & not everybody uses the same one. Each company may have it’s own credit scale that doesn’t match up exactly with other companies. Like some may have a top score of 1,000 while a competitor has a top score of 800. In that example with 1,000 & 800 both being the top score, even though they aren’t equal, they both stand for the highest that the companies gives. So maybe the scores you normally look at are not the company that the people giving you the loan deal with.


#3

What’s even more likely is that they’re looking at different metrics. One is probably looking at all credit worthiness(including high interest, high leverage loans) and one is looking at tighter loans such as mortgages. Your bank gives you a higher score, which is probably something along the lines of how likely you are to get a mortgage. What goes into deciding if you can get a mortgage(or your interest rate) is very different than what goes into deciding if you qualify for a $30,000 limit credit card, or a lease on a BMW.

A bank may think you’re a very safe candidate to purchase a modest home, while a luxury car dealership views you as very risky.


#4

to pay off some Outrageous credit cards that have a 25% interest rate!
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We were behind the power curve there for a while with credit card debt earlier this year. I paid my son’s lawyer for his divorce & at the same time one of our dachshunds was very ill. It seemed like every time we would get close to catching up the lawyer needed another payment or our “boy” needed another transfusion (at $1,000 a pop). I think that we took about 5 months to really get to where we normally are. Generally we have a slush fund of cash sitting in the bank but everything happened within 30 days of us spending a lot on crystal. That’s the worst money shape we have been in for many years.
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Don’t get me wrong, I love credit cards. But if you get behind on them they can kill you. We generally make money on them because we have the reward CC’s & charge everything on them & then pay them off. I even thought about charging our car on one when we bought it but I’ve heard dealers pretty much refuse to do that. You can do pretty well on the rewards cards if you pay them off every month.


#5

I can see where you’re coming from, although I have yet to have to use my credit card. I just had to replace my water pump; I’m guessing that if I had hired a contractor, it would have cost me over $2000. As it was, it was less than $600. A man from our church, who used to do that for a living did all the work, and just charged me what he paid for the parts, and refused to take a penny for his labor - not even when I just offered him some money to “take his wife out for a meal.” My car insurance also came due, and my real estate taxes are due this week. And there is work to be done on my house which may be pretty costly. On top of that, I started smelling gas in my car the other day, so I got to get with my mechanic real quick. And this just since I got my savings account up to the highest point since I dipped into it to put siding on my house. (It’s that high yet!)

Things so often pile up all at once.


#6

and my real estate taxes are due this week.
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Last year was a breeze for our property taxes. We were saving for some home repairs & had lot’s of “extra” money just sitting around. This year is more of a break even year so far because of the stuff I listed above. We did squeak through the major bills part of the year but we are still spending about $500 per month just for medications & special foods for 2 of our dachshunds. That part isn’t all that bad. The one thing that I foolishly thought would happen (that didn’t) was that when the oil boom died down I thought our property values would drop (like a rock). That hasn’t happened yet so that means higher property taxes again this year. Property taxes at the end of a year with so much extra stuff being paid for sure hurt. My wife & I talked about them yesterday & she has done the math & says that there’s no problem. I tend to worry about any bill I know that’s coming so I’m going to be worried until we pay that sucker.
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Usually I’m pretty good with money, bills & most anything to do with finances. Buying this house though I really dropped the ball. I “assumed” that since this house cost double what our old house did we would pay double the taxes. The problem was that we got a very good price on this place (the seller was in trouble) & that’s what I based my estimate on. I didn’t even think about the city not basing the taxes on what we paid for it but what they estimated it was worth. Our taxes were triple our old house & then the oil boom drove them up even more. Something that I really wonder about is this. Everybody’s taxes went up here & I wonder what the city does with all that extra money? So far I haven’t seen any major changes so who knows.


#7

Our property tax bill always itemizes just exactly what percentage goes to what. For example, xx% to the fire department (they always get the biggest chunk), xx% to the local elementary school, etc. Usually, they even dress it up with a pie chart.

If you don’t get any detail like that (and it sounds like you don’t), then I expect a call to your county treaurer (or whoever is in charge of your property tax bill . . . for us, it’s the county treasurer) will do it.


#8

I was in a similar situation. Huge vet bill for my wife’s cat, and $8,000 on new windows. If you have decent credit, what you do is get a new credit card that has a 0% year long introductory rate. Charge everything to that card (or do a balance transfer from an old card) and slowly pay the balance down.

But if you do that too often, your credit rating will take a hit.


#9

So you advocate gaming credit card rules while female-canining about Trump gaming tax laws? Hypocrisy much?


#10

I’m not really sure what this is, but this is how I imagine it


#11

DHL isn’t running for President…Just say’in.


#12

I was in a similar situation. Huge vet bill for my wife’s cat,
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I look at animals very much like children. If you have them you have a responsibility to take care of them. We’ve been lucky in that we never had to say no because we didn’t have the money. I would give an example of our biggest vet bill but honestly most people wouldn’t believe it. We did have to take one of our dachshunds to a neurosurgeon in Dallas for an operation & it was somewhat expensive but well worth the money.
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As for credit cards I’ve had a newer higher paying one for about a year. I “should” go ahead & change all of our auto charges over to it but I just hate the thought of calling everybody & switching things. It’s just a PITA. Now of course those that pay the most tend to charge the most if you have a balance but we almost always pay them off so it doesn’t matter. Oh & we got our new tax bill for this year I was told. I “assume” that they didn’t go up again or at least go up much because my wife didn’t bring it up. Some states get you through income tax, here in Texas it’s home taxes & of course school taxes. Where my folks lived they at least capped them when you reached a certain age. I don’t think they do that around here. Oh well, death & taxes will always be there.


#13

LOL, seriously? You realize there’s a reason credit card companies do promotional offers, right? They don’t just make money on interest payments. You know that right?


#14

Credit card companies play the odds. Give people zero interest for a certain period of time & mostly they won’t pay them off. Or get them to switch over to your credit card & sooner or later (usually sooner) they will end up paying interest. Really this is America & most people live at least a couple of months in front of their paychecks. Like insurance, it’s a numbers & probability game in which the consumers usually lose. The secret to credit cards is you have to use them & don’t let them use you. If you think about it all you have to do is cut back until you catch up & then keep cutting back until you get ahead. Depending on the person it might only take 6 months to get ahead & then your using their money free for 30 days PLUS if you have the right card they will pay you & that small percent back mounts up. Over the years they have paid us somewhere between 8 & 10 thousand dollars back (we charge everything).
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Married to my ex we did just what I described not to do above. After she was gone I vowed never to live that way again. I even sat my future wife down & told her that we WON’T be paying interest after we were married (& scared her to death because she wasn’t used to living that way). Fast forward a few years & she was a believer & we lived on less than we made for 20 plus years. We didn’t scrimp, we just used our money to our advantage. Oh & now days my wife is a complete convert & worse than I am.
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About a month ago my youngest (who sucks at money management) was bragging about his TV & described it to me. As it turned out I have the same TV. He got a great deal & got $200 off but paid $400 more for his. Then I dropped the bomb on him & told him that we moved that TV to our bedroom because we bought a 70 in for our living room. And our 70 in was still $500 less than he paid. The secret is to take your time. The first TV took me 4 months to find the right deal. The 2nd took me about the same 4 months. Both are Samsung btw.


#15

Character only matters when you’re running for President?


#16

I get the whole credit card moving the balance around to save on interest & have known a lot of people that do it. As far as it being somehow “wrong” I would point out that the CC companies made the rules & people doing it are within the guidelines of those rules. So how is it really wrong?
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So if I don’t see anything wrong with it why haven’t I (or won’t I) do it? Well first off I make plans so that I will never be caught having to do that. Yes, every now & then we have gotten ourselves into trouble. When that happens knowing that I’m going to be paying interest (remember my cards were picked because they pay cash back, not because they have a low interest rate) we cut back all spending until we catch up. To me it’s a great incentive to not only pay them off but to try to never do it again.
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Most people I know that do the balance transfer thing have trouble with handling finances. There are some in my wife’s family that do it. Some of them tend to live higher than they can afford & if they get a windfall of some sort it generally goes on man toys or something like that. That tends to be normal for a lot of people. I would point out that those that are very money savvy also do it because they like the use of free money for long periods of time. While I understand that concept, that’s not something that I could be comfortable with. Same thing applies to those money advances on credit cards that you can use their money for a certain number of days with out interest. Borrow $50,000, put it in a savings account for 5.5 months & earn the interest, cash out & pay the loan off before the 6 month deadline & you have made money on other peoples money. Perfectly legal but again something that I wouldn’t be comfortable with.


#17

The reason they allowed the balance transfer thing in the first place, is because it often helps people get even more entangled in the long run. Credit cards are so high interest, they do a lot of stuff that makes default risks jump up, because it happens infrequently enough to offset the profit made from it.

You can’t really “game” credit card companies, outside of actual fraud. They have mounds of data poured over by actuaries and spliced a hundred different ways to maximize profits. Credit card companies can’t be “gamed” any more than a table at a Vegas casino. A few people might figure something out that works for them, but the system is rigged for the lender.


#18

Look, I have my liberal views, but I’m willing to admit there isn’t much there there when it comes to Trump and his taxes. It’s more of a media and publicity nightmare than a significant scandal. I can’t help but think the Dems are taking a page out of the Republican playbook and turning everything into a hell worthy trespass, which is of course why we have such division in the nation.

As far as DHL…How does moving money around on credit cards make you a person of low character? I mean, to DHL’s point, they offer it, they make money on it and depending on your credit (if memory serves) as you pay a small 1-time fee, plus interest unless your offer is 0% and you repay within the introductory period. Trying to draw a parallel between DHL and DT is false equivalence.

I think you really reaching on this, at worst DHL is having money trouble, Trump lost almost $1 billion dollars and didn’t pay any taxes for (allegedly) 18 years. He didn’t lose that (almost) $1 billion to the government, he lost it in his business dealings and people are mad as hell at the system. I get that you feel it’s unfair that Mt. Trump is the focus of that frustration, however, I can’t help but think if it was Clinton or Obama had exploited the system in a similar way, that most of the people here wouldn’t be lock step denouncing it.

What is obvious to me is that Trump said he’d release his tax returns. We all know he is full of excrement when he said he was going to release his returns, but couldn’t because he is under audit. He wanted to hide it and he got caught. If he was really interested in fixing the system, he would have acted like the non-politician he claims to be and shocked the country by releasing his returns on his own, showing everyone how he has leveraged the tax system for his own gain and then vowed to fix it. But that’s not what he did. He tried to hide it, got caught and now, like every other politician, is trying to spin it.

All of this on top if the GOP declaring a winning of the debate 1.5hrs before the debate started. Now I’m no fool, I know everyone does it, but it’s just another nail in the coffin of what a joke this election cycle has become.


#19

The reason they allowed the balance transfer thing in the first place, is because it often helps people get even more entangled in the long run.
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I “think” long ago I either saw an article or looked at the literature of one of those balance transfer offers. It seems to me that when you make payments on them they go on the balance transfer part “only” until it’s paid off. It that normal, I don’t know. But that means that anything you charge after that transfer will be paid on LAST & they will be charging you interest until you pay it off. So if you take a long time to pay it off & still charge stuff on that card they are going to make a heck of a lot of interest off of you.
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As for the Trump thing, not a problem for me. He did something legal. Hillary does things illegal. Two totally different things.


#20

Agreed, but at best, they’ve both done things that are illegal.

Having said that, sometimes things you do aren’t illegal, but just as bad, perhaps even worse if you’re running to represent everyone in the nation. Hiring workers on contracts and then stiffing them. Yeah, that’s pretty crappy. I think that’s a whole lot worse than this tax mess. But I guess him stiffing companies out of their pay is just smart business, huh?

Example 1

Example 2

Example 3

And the list goes on.

Now before you write me a laundry list of Hillary’s transgressions, I’m not defending her. She’s not my candidate and I’ve already said she’s made some terrible decisions, but it just surprises me that anyone here could, in good conscience, defend DT given these allegations. I mean, point out Hillary’s flaws all you want, but I would have a lot more respect for this group of they were consistent in their moral outrage…