A Mini Rant - Tire Purchase... FICO Score

[blktoptrvl]

One of my tires 19" Dimaras has a slow leak from a patch that was put in too close to the sidewall (as a favor to me - otherwise I would have been stuck). After about 4 months that leak is starting to become troublesome. So I went to Sears today to get new tires.

$1500+ for 4 new boots.

OK, I can deal with that. Here is the rub...

Before completing the purchase, I was told that Sears would place that purchase on a 6 month same as cash plan if I like.

Thinking that since I will be traveling, it would be nice to just wait until I get home to make the payments I opted to do so. But after calling in the application I was told Sears would only grant $350. in credit. After nosing around I have come to learn that this is because I have a low fico score.

I have a low fico score because I really have no need to use credit anymore. However, my credit records show all the payoffs of revolving credit, 6 car loans, and 2 houses that I have paid off over the years.

But because Sears (like almost all other lazy entities these days) just looks at a raw fico number instead of doing a real credit analysis they do not see the great credit experience I have. Just the lone number that continues to shrink because I DON'T USE CREDIT ANYMORE.

So, not only is Sears potentially going to lose a sale for no good reason, now I must also start using credit again although I have no need.

If not them I could potentially (1) not get a job, (2) not be able to get my next house, (3) get higher insurance rates, etc...

The lazy people/corporations of this country are their own worst enemies - and mine.

[AzNMpower32]

Yeah, that's kind of the raw deal with credit scores. It depends not only on timely payments, but also the amount of credit you've been granted and the credit:debt ratio. I don't use credit much (don't believe in it) but still maintain a credit card for that reason. You won't get far in the US when it comes time to borrow money if you've never done so in your life.

[motordavid]

I hear you on FICO scores...but, it is "the system", although it does not take all situations & "performances"
into balanced or "equal" consideration and, tends to skew some aspects of one's "history", especially current
running history, imo.

Like you, we have two houses with no mort., a couple of CC cards used for ~$2Gs a month, paid off on time monthly,
and no debt; alas, our FICO score has eroded downward over the past few years, from the high 700s to barely 700.
Also, the newer parameters being installed in the FICO assessment process may have had some affect on the reporting
collation and the "score" itself.

Sears, imo, is not in great shape and they may be offering the come on of 6 months same as cash, but their bean counters
are under considerable pressure from the Street, and the coin flipping analysts, in my view.

Back at the Tire Shopping Ranch, I hope that $1500 is installed and done with great care; I just got a set of 19" Michey Dias
through my Indie, installed like an eye operation, for $1250 out the door.
GL,mD

[blktoptrvl]

Yea, the Diamaris I had installed at Sears in Wilmington, NC two years ago went on for ~$1200.

The Northwest (Seattle area) on the other hand is an entirely different kettle of fish as far as prices go...

So, when I get back to the East I will 'price match' and get the difference back.

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I'm actually tempted to write my congressman (an unfortunate joke) to complain about the usage of the FICO scores.

They should be just one more peice of data. But to use them to determine if someone should be hired, or have to pay higher insurance, that's just plain old wrong.