Me and my girl got into a debate about Credit vs Cash

[BrothaZay]

It started with that Freddie gibbs mean going around saying "fucc $1200 give everyone an extra 100 points on their credit score!"

My girl said she would choose the credit increase and found out I would rather take the money(in this situation)

That sparked another debate in which she thinks credit is equal to cash. I felt that is 100% wrong and it really just reminded me how ignorant alot of blacc ppl are when it comes to finances. Ain't even know that you can be denied a loan even with good credit because she didn't know about debt to income ratio but still went so hard about credit

I honestly wish the credit score bullshyt would go away. Blacc ppl would be better without it

 

[Turbulent]

In general i agree witg you. I'll take the cash. Credit can be rebuilt easier. And i barely use credit anyway as. I try to stay away from debt as much as possible (I'm not judging anyone though it's just that i don't like the concept of debt and credit scores).

 

[CodeBlaMeVi]

The people who would take the 100 points in their credit score likely have bad credit. Next, the credit bureaus aren’t government entities. It isn’t something we would want nationalized.

 

[BrothaZay]

The people who would take the 100 points in their credit score likely have bad credit. Next, the credit bureaus aren’t government entities. It isn’t something we would want nationalized.

 

[R.E.N. Spells Ren]

Lmao @ anyone not taking the cash. Unless you’re about to get approved for a loan, it’s a silly risk to take. They could “reevaluate” your score at any time....like they currently do.

 

[rlg]

I could see both sides. if you are broke and have no job then what does the credit do for You?

on the flip side, if you are a business owner and you need access to credit at better rates to cash flow and grow your business then this could be a great be help from going to paying in the high teens to low single digits.

Most women are just thinking about buying stuff though.

 

[FLATOP]

Everyone getting a 100 point increase on their credit score would cause the scale of bad or good credit to slide 100 points to the right

That's called inflation

 

[colicolicoli]

100 points to my credit score would be better for me than $1200 cash, but I still have my job and savings. It really just depends on the person.

 

[RTF]

I have a 999 credit score and I’ve never done anything for the purpose of building credit.

I pay my bills. I use credit cards and pay them back in full every month. That’s it.

I’ve used a credit card as a interest free loan and always paid the minimum amount then paid in full when I could.


That’s how you build credit. It’s easy with decent money management.

 

[Rell Lauren]

A credit card is essentially a mobile loan. You are paying it back with interest. Depending on the card and company, that interest is disgusting .

Discover.

 

[NotAnFBIagent]

Always take the money

 

[Jekyll]

Credit is a valuable tool, more so in certain situations. Right now, with interest rates as low as they are credit is crazy valuable. Most wealthy people will use opportunities like this to refinance past loans and use the extras they gain to re-invest.

But arbitrary shyt like 100pt score increases are meaningless. A 800 credit score doesn't automatically mean you have access to the lending you would need to fully leverage it. A credit score is basically like a degree, its the bare minimum required before alot of places will even look at you.

 

[BrothaZay]

Credit is a valuable tool, more so in certain situations. Right now, with interest rates as low as they are credit is crazy valuable. Most wealthy people will use opportunities like this to refinance past loans and use the extras they gain to re-invest.

But arbitrary shyt like 100pt score increases are meaningless. A 800 credit score doesn't automatically mean you have access to the lending you would need to fully leverage it. A credit score is basically like a degree, its the bare minimum required before alot of places will even look at you.

 

[humminbird]

why would someone do that?
if it's that important take the cash to pay of your debts then.
like someone else said if everyone's score goes up by 100 then it really doesn't change your credit standing

 

[humminbird]

you can pay for it and keep the cash in your pocket.

Yeah for 30 days