FYI when using Yamaha Finance

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  #1  
Old 05-10-2021, 05:23 PM
fixit6404 fixit6404 is offline
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Cool FYI when using Yamaha Finance

We bought a new 2020 Yamaha last year at The Villages Golf car Store. We were offered 3 year 0% financing if we wanted. I figured what the hey no interest to pay so leave our money in the bank. What happened was they issued us a Yamaha credit card with just enough credit to buy the cart. Low and behold my credit score went down 10 points because I now have a credit card charged to the limit. Even though we have no other debt and money in the bank. I paid it off immediately and closed the card. Live and learn!
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Old 05-10-2021, 05:57 PM
justjim justjim is offline
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This is not uncommon. Happen to wife about 3 years ago when purchasing furniture.
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Old 05-10-2021, 06:00 PM
retiredguy123 retiredguy123 is offline
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Originally Posted by fixit6404 View Post
We bought a new 2020 Yamaha last year at The Villages Golf car Store. We were offered 3 year 0% financing if we wanted. I figured what the hey no interest to pay so leave our money in the bank. What happened was they issued us a Yamaha credit card with just enough credit to buy the cart. Low and behold my credit score went down 10 points because I now have a credit card charged to the limit. Even though we have no other debt and money in the bank. I paid it off immediately and closed the card. Live and learn!
I don't get it. First of all, 10 points is almost nothing. How do you know it was the new card that caused your score to go down? Credit scoring is top secret, and often not logical. Did your score go up when you paid off the card? Do you need to make monthly payments on the card? If not, why would they issue you a credit card that you cannot buy anything with?
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Old 05-10-2021, 06:12 PM
Stu from NYC Stu from NYC is offline
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Originally Posted by fixit6404 View Post
We bought a new 2020 Yamaha last year at The Villages Golf car Store. We were offered 3 year 0% financing if we wanted. I figured what the hey no interest to pay so leave our money in the bank. What happened was they issued us a Yamaha credit card with just enough credit to buy the cart. Low and behold my credit score went down 10 points because I now have a credit card charged to the limit. Even though we have no other debt and money in the bank. I paid it off immediately and closed the card. Live and learn!
I suspect you did not read the fine print.
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Old 05-10-2021, 07:22 PM
CoachKandSportsguy CoachKandSportsguy is offline
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Unless you are actively shopping for a mortgage, once retired with or without a mortgage, your credit score is meaningless. . . and if you own your forever home, your credit score still meaningless.

finance guy
  #6  
Old 05-10-2021, 07:33 PM
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dewilson58 dewilson58 is offline
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Unless you are actively shopping for a mortgage, once retired with or without a mortgage, your credit score is meaningless. . . and if you own your forever home, your credit score still meaningless.

finance guy
Insurance companies care.
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Old 05-10-2021, 07:56 PM
starflyte1 starflyte1 is offline
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Unless you are actively shopping for a mortgage, once retired with or without a mortgage, your credit score is meaningless. . . and if you own your forever home, your credit score still meaningless.

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I think the insurance company checks your credit score. If you score is low, your rates go up.
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  #8  
Old 05-10-2021, 08:43 PM
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I think the insurance company checks your credit score. If you score is low, your rates go up.
Never could understand a logical reason for that.
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Old 05-10-2021, 08:54 PM
retiredguy123 retiredguy123 is offline
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Never could understand a logical reason for that.
It makes perfect sense to me. People with a high credit score are more responsible with debt and that translates to other areas of responsibility, including how well they take care of their property. Also, they are less likely to file an insurance claim, which could cause their insurance rates to increase.
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Old 05-10-2021, 08:59 PM
Stu from NYC Stu from NYC is offline
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I think the insurance company checks your credit score. If you score is low, your rates go up.
But if it only changes by 10 points does not really matter.
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Old 05-10-2021, 09:16 PM
tophcfa tophcfa is offline
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Originally Posted by CoachKandSportsguy View Post
Unless you are actively shopping for a mortgage, once retired with or without a mortgage, your credit score is meaningless. . . and if you own your forever home, your credit score still meaningless.

finance guy
Not true, you get discounts on things like homeowners and auto insurance with a good credit score.
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Old 05-10-2021, 10:30 PM
Garywt Garywt is online now
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I would agree that 10 points is nothing and would also bounce back in a month if not weeks. Mine bounces around 20 or so points every week but when your credit score is pulled for something it is usually 50 or more points than reported.
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Old 05-11-2021, 05:28 AM
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Never could understand a logical reason for that.
Statistically, there is a correlation between insurance risk & credit risk.
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Old 05-11-2021, 05:29 AM
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Originally Posted by Stu from NYC View Post
But if it only changes by 10 points does not really matter.
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Old 05-11-2021, 05:35 AM
airdale2 airdale2 is offline
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My credit ratings are locked out so what can be the effect on this??
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