Any credit gurus here?

[Shakel65]

Yes, it is unfortunately. Identity theft from ones parents can do it and I know of a case that this happened.

This isn't unwillingly incurred debt. This is a crime. You or whoever isn't responsible for these actions. To incur debt one must WILLINGLY sign their name to have debt.

 

[Shakel65]

Ever been in a car wreck where you had to be life-flighted to a hospital? BAM! even with insurance, only a portion was covered.[/QUOTE]

By definition this isn't debt. This is a bill. Only becomes debt when you cant pay the bill.

 

[vvvvvvv]

How much interest does one end up paying while establishing credit prior to the mortgage? No way to know that but its probably substantial in some cases.

.....

And if you're fiscally responsible, you'll pay little to no interest along the way, meaning it didn't cost you a dime.

 

[vvvvvvv]

By definition this isn't debt. This is a bill. Only becomes debt when you cant pay the bill.

As long as there is an outstanding balance, it is a debt.

 

[CHenry]

As long as there is an outstanding balance, it is a debt.

Yep..

 

[aviator41]

Ever been in a car wreck where you had to be life-flighted to a hospital? BAM! even with insurance, only a portion was covered.

By definition this isn't debt. This is a bill. Only becomes debt when you cant pay the bill.

Bill: a statement of money owed for goods or services supplied:

Debt: something that is owed or that one is bound to pay to or perform for another:


So basically, a BILL is a statement of a DEBT owed. Doesn't matter if you can, cannot, choose to or choose NOT to pay it. still a debt. As has been stated by VM and Chenry. - splitting hairs doesn't work with debt collectors, and you're splitting hairs.

Interestingly though, medical debt has been re-classified recently by the CRA's and no longer holds the same weight as other debt when calculating credit scores. I haven't seen what the net effect is on credit scores. but it would seem to be promising for many that are straining under the burden of medical debt.

 

[ChoZen1]

all of the credit bureaus now have online accounts and you can dispute things on your credit online versus mailing a dispute in. This works great in most cases. it will cost you a monthly fee but you can cancel when done.

 

[dennishoddy]

Well at some point I would assume it goes away?

Nope. Been debt free for 14 years now, meaning no house payment in that same length of time.
Back on page 1 of this thread I talked about being denied credit at PayPal because I didn't have a current credit history.
That's what happens when you live debt free.
Here is a pic of the letter turning me down and the reason why.

 

[COZICAN]

Nope. Been debt free for 14 years now, meaning no house payment in that same length of time.
Back on page 1 of this thread I talked about being denied credit at PayPal because I didn't have a current credit history.
That's what happens when you live debt free.
Here is a pic of the letter turning me down and the reason why.


View attachment 46088

We use one credit card for almost every penny of our monthly expenses (gas, food etc) but never cary a balance. We have a 2nd credit card that has 3 reoccuring monthly expenses (charity) attached. I guess those two cards keep our credit active. Just checked my credit score and its 808 after having no mortgage for almost 10 years. no other credit history in the past 10 years.

 

[vvvvvvv]

We use one credit card for almost every penny of our monthly expenses (gas, food etc) but never cary a balance.

That's the important part.