Is bad credit a dealbreaker?

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I agree that the payment plan options through DOE are excellent. I would not get a private loan for college unless I was somehow planning to default on them/file for bankruptcy (I believe these may be the only "student loans" you would be able to (easily) discharge via bankruptcy).
Originally Posted by curlyarca
Private and/or federal student loans cannot be discharged. There was a new law passed saying you cannot bankrupt any student loans.
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Having no credit is side-eye worthy - only because too much of what we need to accomplish is dependent on having some kind of credit history. "Cash only" sounds great in theory - and I appreciate the mindset behind it. But in real life, because of how things work, it's not realistic and it seems a tad irresponsible. Your credit history matters...and having a good history is important. It's unfortunate that a person with no credit often has a lower score than someone with tarnished credit.
Originally Posted by Ninjarette
I know we are talking in generalities here and I'm not saying this is pointed at my post about my boyfriend using cash only, but I feel I have to defend him (and others like him).
Cash only and having no credit can certainly be realistic, good credit doesn't always matter and isn't always important.
Cash (and bartering no less) has worked for him his entire career (nearly 40 years). And he isn't the least bit irresponsible. He has had his own small business and owned his property outright for decades and he has raised 3 kids mostly on his own. He will never live in a mansion and will never have a bunch of money in the bank. But that's not everyone's goal in life. It's certainly not mine which is why we get along. I have exceptional credit that really means nothing to me.
I understand that others have different goals and want different things so this 'cash no credit score' life is not for them. But it doesn't mean it's not realistic or responsible for others.
Originally Posted by jeepcurlygurl
Nope, you don't have to defend him. Remember, it's about what's a deal breaker for...me. I would give a guy (in my age group especially) side-eye, with no credit history, in this day and time.

I think it's very good to pay with cash only. The "irresponsibility" doesn't have anything to do with a lack of debt. It more has to do with not understanding that our credit history, or lack of, can be used against us in certain circumstances. I love to pay cash...and most often I do. But if I ever need to borrow money in an emergency, get an apartment/buy a house, or secure employment (in many instances), having a credit history - and a good one will be of great importance.
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...I've noticed with my women friends/acquaintances a willingness to be more open to men who don't have the best financial history - and I know if the situations were reversed, those men wouldn't be as willing.
Originally Posted by Ninjarette
interesting... only one of my girlfriends was like that.

all of my friends who own their homes refuse to have anything to do with men with poor financial histories.

and this could be a function of age, but i find men in my age bracket will still overlook a woman's spendthrift ways - especially if she's *hot* or has the potential to be a trophy wife. the rest of us are simply "gold diggers"...



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...I've noticed with my women friends/acquaintances a willingness to be more open to men who don't have the best financial history - and I know if the situations were reversed, those men wouldn't be as willing.
Originally Posted by Ninjarette
interesting... only one of my girlfriends was like that.

all of my friends who own their homes refuse to have anything to do with men with poor financial histories.

and this could be a function of age, but i find men in my age bracket will still overlook a woman's spendthrift ways - especially if she's *hot* or has the potential to be a trophy wife. the rest of us are simply "gold diggers"...



Originally Posted by rouquinne
I think it's very culturally based. AA and White couples generally have opposite dynamics in this way, from what I've seen.
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I'm not sure bad credit is a dealbreaker, but for me it would be a pretty big red flag. It's possible to be broke and have good credit. It's also possible to be a responsible person who hit some bad luck and end up with bad credit.

I have a LOT of student loan debt, but I'm financially responsible and have earning power that matches/exceeds my debt. It's important to me that whoever I'm with be financially responsible as well, although I don't think I'd be willing to combine finances until my student debt is repaid. Until that point I'd rather just make it my own responsibility.
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Having no credit is side-eye worthy - only because too much of what we need to accomplish is dependent on having some kind of credit history. "Cash only" sounds great in theory - and I appreciate the mindset behind it. But in real life, because of how things work, it's not realistic and it seems a tad irresponsible. Your credit history matters...and having a good history is important. It's unfortunate that a person with no credit often has a lower score than someone with tarnished credit.
Originally Posted by Ninjarette
I know we are talking in generalities here and I'm not saying this is pointed at my post about my boyfriend using cash only, but I feel I have to defend him (and others like him).
Cash only and having no credit can certainly be realistic, good credit doesn't always matter and isn't always important.
Cash (and bartering no less) has worked for him his entire career (nearly 40 years). And he isn't the least bit irresponsible. He has had his own small business and owned his property outright for decades and he has raised 3 kids mostly on his own. He will never live in a mansion and will never have a bunch of money in the bank. But that's not everyone's goal in life. It's certainly not mine which is why we get along. I have exceptional credit that really means nothing to me.
I understand that others have different goals and want different things so this 'cash no credit score' life is not for them. But it doesn't mean it's not realistic or responsible for others.
Originally Posted by jeepcurlygurl
Nope, you don't have to defend him. Remember, it's about what's a deal breaker for...me. I would give a guy (in my age group especially) side-eye, with no credit history, in this day and time.

I think it's very good to pay with cash only. The "irresponsibility" doesn't have anything to do with a lack of debt. It more has to do with not understanding that our credit history, or lack of, can be used against us in certain circumstances. I love to pay cash...and most often I do. But if I ever need to borrow money in an emergency, get an apartment/buy a house, or secure employment (in many instances), having a credit history - and a good one will be of great importance.
Originally Posted by Ninjarette
I get what you're saying, but I guess the word 'irresponsible' bothers me because irresponsibility and not understanding credit history has nothing to do with it. We just chose different paths. We are both the same age, are from the same area, had the same education. I am in debt and have a great credit rating. He has no debt and 'bad' credit. I think he (and the others I know who live like that) made the smart choice. If I could go back in time I would do things differently and not give 2 rats about credit.
Again, I know credit matters to some people and doesn't matter to others. But it doesn't mean those people are irresponsible or unintelligent or uneducated about how things work.
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I know we are talking in generalities here and I'm not saying this is pointed at my post about my boyfriend using cash only, but I feel I have to defend him (and others like him).
Cash only and having no credit can certainly be realistic, good credit doesn't always matter and isn't always important.
Cash (and bartering no less) has worked for him his entire career (nearly 40 years). And he isn't the least bit irresponsible. He has had his own small business and owned his property outright for decades and he has raised 3 kids mostly on his own. He will never live in a mansion and will never have a bunch of money in the bank. But that's not everyone's goal in life. It's certainly not mine which is why we get along. I have exceptional credit that really means nothing to me.
I understand that others have different goals and want different things so this 'cash no credit score' life is not for them. But it doesn't mean it's not realistic or responsible for others.
Originally Posted by jeepcurlygurl
Nope, you don't have to defend him. Remember, it's about what's a deal breaker for...me. I would give a guy (in my age group especially) side-eye, with no credit history, in this day and time.

I think it's very good to pay with cash only. The "irresponsibility" doesn't have anything to do with a lack of debt. It more has to do with not understanding that our credit history, or lack of, can be used against us in certain circumstances. I love to pay cash...and most often I do. But if I ever need to borrow money in an emergency, get an apartment/buy a house, or secure employment (in many instances), having a credit history - and a good one will be of great importance.
Originally Posted by Ninjarette
I get what you're saying, but I guess the word 'irresponsible' bothers me because irresponsibility and not understanding credit history has nothing to do with it. We just chose different paths. We are both the same age, are from the same area, had the same education. I am in debt and have a great credit rating. He has no debt and 'bad' credit. I think he (and the others I know who live like that) made the smart choice. If I could go back in time I would do things differently and not give 2 rats about credit.
Again, I know credit matters to some people and doesn't matter to others. But it doesn't mean those people are irresponsible or unintelligent or uneducated about how things work.
Originally Posted by jeepcurlygurl
FWIW, my dad's the same way. Has no credit whatsoever. He doesn't have a checking account either, just savings. He pays for everything with either cash or a money order. He's not very materialistic so he's never wanted or needed anything that would require a credit history. He's always been very responsible with his bills. My mother, OTOH, managed to trash her credit. She filed for bankruptcy 12 years ago and was on the verge of having to file again. It's sickening that sometimes somebody with bad credit is looked on more favorably than someone with no credit. My father has never paid any of his bills late, but if he should ever want credit, the banks would ignore him.
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I get what you're saying, but I guess the word 'irresponsible' bothers me because irresponsibility and not understanding credit history has nothing to do with it. We just chose different paths. We are both the same age, are from the same area, had the same education. I am in debt and have a great credit rating. He has no debt and 'bad' credit. I think he (and the others I know who live like that) made the smart choice. If I could go back in time I would do things differently and not give 2 rats about credit.
Again, I know credit matters to some people and doesn't matter to others. But it doesn't mean those people are irresponsible or unintelligent or uneducated about how things work.
Originally Posted by jeepcurlygurl
But see, that's by your definition of irresponsibility...which isn't necessarily mine. Again, there's no need for you to defend your man's choices - they're his, and that's fine.

For me, part of being responsible is preparing yourself for circumstances that may not be ideal...those situations that don't necessarily fit with your preferred way of doing things. There are plenty of folks who have the "cash only" mentality, but they also have a few cards that they charge just enough to keep a history. They make small purchases, and they don't keep a balance. You can establish credit history, and not owe up the wazoo.

Good for your man that he can pay cash for everything...house, car, land. But for me, I would want an established credit history, as backup, because sometimes the cash flow may be stopped up, for whatever reason. That's how I think, which is "right" for me. It doesn't have to be right for you. For the record, I need to correct something: I didn't mean to say no credit is a deal breaker, but it is definitely side-eye worthy.

It's just like anything else..it's about personal convictions and choices. Oh...and for the record, I never said/implied that folks with no credit are "uneducated" or "unintelligent". The staunchest "no credit" folks know how things work, but they refuse to comply - and I have a problem with that stance because in my mind it's just not the best position to have.

That's all I have to say. Peace.
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Last edited by Ninjarette; 01-02-2013 at 09:56 PM.
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Last edited by wild~hair; 01-03-2013 at 12:49 AM.

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