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Can having good credit become an idol? - 11/15/2008 2:49:17 PM
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gatorfan91
Posts: 4
Joined: 5/20/2007
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What I mean by this, is that if I were to pay some credit card debt off at the expense of being a month or two late on my mortgage (which will be paid, just late), and taking the hit on the credit score as a result, am I allowing the fear of what happens to my credit to become an idol? I'm really focused on paying off the credit cards and other consumer debt, but I don't want to do it in an unwise way, either.
Am I just thinking too much?
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RE: Can having good credit become an idol? - 11/15/2008 3:04:14 PM
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GroupW
Posts: 2865
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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The late fees on your mortgage would probably wipe out any savings you would create by paying down the consumer debt early. It's not worth the damage to your credit rating.
Just do your best to pay them both down, focusing on the more expensive debt first.
BT
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Can having good credit become an idol? - 11/15/2008 3:12:25 PM
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gatorfan91
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Thanks for your response. That's what I was thinking as well. I've worked diligently for about 10 years to build it back up from a poor rating. I'd hate to destroy that now.
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RE: Can having good credit become an idol? - 11/15/2008 3:20:36 PM
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GroupW
Posts: 2865
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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Absolutely. You just never know when you might actually need to borrow money. Protecting your credit rating isn't idolatry - it's good stewardship.
Congrats on the progress made in the past 10 years! Good work.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Can having good credit become an idol? - 11/15/2008 6:17:28 PM
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Miss Giggles
Posts: 4372
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From: MI
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It's not only about borrowing money. Many employers pull a credit check and will deny someone with a bankruptcy or an extremely low score. Govt security clearances can be denied or revoked if you start to have a history of nonpayments.
Plus in my state they base our car insurance on our FICO scores too and despite some lobbying, it is yet to be made illegal.
Pay the minimums on your credit cards until you get your mortgage caught up.
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RE: Can having good credit become an idol? - 11/15/2008 9:00:32 PM
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GroupW
Posts: 2865
Joined: 11/16/2007
From: Up in the hills of Colorado (very BIG hills...)
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Good points, Miss G.
Thanks.
_____________________________
“For every problem, there is a solution that is simple, elegant and wrong.” -H.L. Mencken
"Most people would rather die than think; in fact, they do so." -Bertrand Russell
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RE: Can having good credit become an idol? - 11/15/2008 9:11:12 PM
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gatorfan91
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Great points, Miss G. I totally forgot about those type of adverse effects due to poor credit. I have found tonight that in an abundance of counselors there is indeed safety. Thanks to you all!
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RE: Can having good credit become an idol? - 11/22/2008 1:27:55 AM
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vicbhe
Posts: 86
Joined: 4/24/2005
From: Arkansas
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I do understand your wanting to pay off those cards right now. I used to be that way. I had calendars made up that showed when I would have this paid off and that paid off. I was debt free 100% about 5 yrs ago. Then business took a fast downturn. Now I have filed bankruptcy and lost everything. I went from a very high credit score to bk.
I can tell you it’s rather humiliating and I cannot do anything. They even sent me a shut off notice on my electricity and I had to pay a deposit to keep my lights on. I called them because I had been a customer for 20 years and never had a problem paying my bill on time. I was current at the time yet they told me it was based on current credit score, no exceptions. My lawyer said they had a right to do that, they closed my existing account an opened a new one. That is how they got away with it.
Anyway, just pointing out another issue with bad credit, it is a whole different world when you have bad credit.
_____________________________
“You cannot improve your righteousness by tearing down the righteousness of others”. W.O. Vaught
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RE: Can having good credit become an idol? - 11/23/2008 12:11:35 AM
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gatorfan91
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I pray that your situation takes a 180 very soon. Our God is more than able to do more than can we ask or think...according to His power working in us. I also pray that his strategies and wisdom flood your mind to help you do your part in getting past this mess.
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