The Villages ranked #1 in credit scores

[manaboutown]

Why am I not surprised?

Average FICO score in TV - 785!

The 5 US cities with the best credit scores | Fox Business (https://www.foxbusiness.com/lifestyle/5-cities-with-the-best-credit-scores?fbclid=IwAR1d_UuG1iUOpR-DCAVetCeYCop7V4AkeIRkpWmhGCLHDuuQ4FpnaNJgAwc)

[dewilson58]

credit scores for the old is pretty close to worthless

[Boilerman]

credit scores for the old is pretty close to worthless

Credit scores are commonly used by insurance companies as a factor in premiums. A higher credit score can mean a lower premium.

[twoplanekid]

Interesting to note that The Villages population is 4 to 5 times the size of 3 of the cities listed and more than twice the size of the remaining one.

[dewilson58]

Credit scores are commonly used by insurance companies as a factor in premiums. A higher credit score can mean a lower premium.




Absolutely false.

[Topspinmo]

I sure the villages No. 1 in many things, softball, pickleball, and of course golf comes to mind. My credit rating probably pretty low haven’t had loan or borrowed money for at least 10 years. I hate paying interest.:duck: I know hate is such a hideous word.

[Topspinmo]

Absolutely false.


But, higher credit score can get you lower interest loan, so they say?

[Stu from NYC]

Absolutely false.

I believe that it is true

[CWGUY]

I believe that it is true

I agree - Car Insurance Myths: Credit Score Does Not Affect Rate | Esurance (https://www.esurance.com/info/car/myth-your-credit-score-doesnt-affect-your-insurance-rate) :ho:

[Topspinmo]

I agree - Car Insurance Myths: Credit Score Does Not Affect Rate | Esurance (https://www.esurance.com/info/car/myth-your-credit-score-doesnt-affect-your-insurance-rate) :ho:

But, it affects if they offer to insure you.

[CWGUY]

But, it affects if they offer to insure you.

:ho: Click and read the link. The title of the link is "Credit Score Does Not Affect Rate" But the link explains it does.

[Chatbrat]

The only thing you can say about credit scores--the people with the highest scores-don't need it, really wonder the percentage of people in in TV with no mortages, pay their monthly expenses via auto pay from bank/brokerage accounts via debits from their checking accounts, expenses such as credit card charges, utilities, sunpass, insurance--love it when life is on auto pilot

Only time to write a check- to IRS, DMV & local tax

[Goldwingnut]

It shouldn't be much of a surprise that The Villages tops the list. A lot of very smart people live here, people who were wise with their money, saved, lived on what they earned, and planned for their future and retirements. The number on the list that also isn't surprising is the average debt, the residents here have a fraction of the debt that the others on the list have, mainly due to no mortgages on many of the homes here.

The high FICO score is a fools dream, a grab to be the highest ranking slave. The real superstars are those who live here without a credit score, who've gone without borrowing money or a line of credit of any kind for the last year or more, they pay cash for everything (debit card is the same as cash and is not credit), these are the true masters of their own money and destiny.

[Chatbrat]

Excellent post Goldwingnut--when i was young the following was drummed into my head"interest keeps poor people poor, while it makes rich people richer"

Also, looking at the 3 cities from the people's republic of California--their debt is twice their income--they are living on the ragged edge--bet the Covid crisis has them buy stock in DEPENDS

[caseycasebeer]

Just a thought (not on scores, but somewhat related):

If your OUTFLOW
Exceeds your INCOME,
Your UPKEEP
Will be your DOWNFALL.

[La lamy]

It shouldn't be much of a surprise that The Villages tops the list. A lot of very smart people live here, people who were wise with their money, saved, lived on what they earned, and planned for their future and retirements. The number on the list that also isn't surprising is the average debt, the residents here have a fraction of the debt that the others on the list have, mainly due to no mortgages on many of the homes here.

The high FICO score is a fools dream, a grab to be the highest ranking slave. The real superstars are those who live here without a credit score, who've gone without borrowing money or a line of credit of any kind for the last year or more, they pay cash for everything (debit card is the same as cash and is not credit), these are the true masters of their own money and destiny.
I've been debt free for many years now, but I still use a credit card and pay it down every month. That way I still have a credit score, and get dividends pay back on what I spend. Win win.

[GoodLife]

The high FICO score is a fools dream, a grab to be the highest ranking slave. The real superstars are those who live here without a credit score, who've gone without borrowing money or a line of credit of any kind for the last year or more, they pay cash for everything (debit card is the same as cash and is not credit), these are the true masters of their own money and destiny.

Not so sure paying cash for everything is the smart play, I pay for everything possible with credit card, then pay entire balance at end of month. Zero interest paid, and I keep my cash where it's earning me something for an extra 30 days.

[retiredguy123]

Not so sure paying cash for everything is the smart play, I pay for everything possible with credit card, then pay entire balance at end of month. Zero interest paid, and I keep my cash where it's earning me something for an extra 30 days.
I do the same thing. Pay for almost everything with a credit card. Never pay interest. To me, the biggest advantage is that you have 60 days to dispute a charge for a defective product or non-performance, even if you have paid off the account. You don't have the same protection with a debit card.

[GoodLife]

I do the same thing. Pay for almost everything with a credit card. Never pay interest. To me, the biggest advantage is that you have 60 days to dispute a charge for a defective product or non-performance, even if you have paid off the account. You don't have the same protection with a debit card.

Yep, good point.

[Chatbrat]

Also credit cards can give 5% cash back on groceries, cable/steaming. gasoline, dining varies minimum 2% cash back--by playing it smart you get several thousand dollars a year free cash by using credit cards smartly and if you sign up for new credit cards you'll get $150-$200 per card but it will be taxable, after you meet their minimum purchase requirements-stop using them and put them in your safe

[Boilerman]

Absolutely false.

Here are three of of many links to articles that explain that higher credit scores lower insurance premiums.

How do my insurance scores affect my car insurance rates? – Credit Karma (https://www.creditkarma.com/auto/i/insurance-scores-affect-car-insurance-rates/)

How a Credit Score Affects Your Car Insurance - Consumer Reports (https://www.consumerreports.org/cro/car-insurance/credit-scores-affect-auto-insurance-rates/index.htm)

How credit scores affect car insurance – Nationwide (https://www.nationwide.com/lc/resources/auto-insurance/articles/car-insurance-credit-score)

[GoodLife]

Also credit cards can give 5% cash back on groceries, cable/steaming. gasoline, dining varies minimum 2% cash back--by playing it smart you get several thousand dollars a year free cash by using credit cards smartly and if you sign up for new credit cards you'll get $150-$200 per card but it will be taxable, after you meet their minimum purchase requirements-stop using them and put them in your safe

Also good points. I got an almost free first class ticket to Scotland by charging a dental implant on their Virgin Air rewards card. Was planning to go play golf there all summer this year but coronavirus messed up that plan. Maybe next year, hope they don't go bankrupt.

[Lindsyburnsy]

This can't be "news". You have over 100,000 people nearly all retired and over 55 living in homes, many second homes. Everybody receives SS and Medicare. Most have pensions on top of it. The Villages is a bubble of sameness. Now move around to pretty much any other city in Florida and check out their average credit score. My mother lives in an assisted living complex. Bet all of their scores are over 800, too. Same kind of a bubble as TV, just on a smaller scale.




Why am I not surprised?

Average FICO score in TV - 785!

The 5 US cities with the best credit scores | Fox Business (https://www.foxbusiness.com/lifestyle/5-cities-with-the-best-credit-scores?fbclid=IwAR1d_UuG1iUOpR-DCAVetCeYCop7V4AkeIRkpWmhGCLHDuuQ4FpnaNJgAwc)

[Boilerman]

Also credit cards can give 5% cash back on groceries, cable/steaming. gasoline, dining varies minimum 2% cash back--by playing it smart you get several thousand dollars a year free cash by using credit cards smartly and if you sign up for new credit cards you'll get $150-$200 per card but it will be taxable, after you meet their minimum purchase requirements-stop using them and put them in your safe

I agree. We’re debt free but use a no-fee credit card whenever we can. Benefits are:

- cash back on all purchases
- ability to dispute charges if product or service is defective
- maintain high credit score for lower insurance premiums
- delays payment by 30+ days
- not having to carry around lots of cash
- faster payment in retail stores

IMO, it’s a no-brainer

[Chatbrat]

Chase Freedom card gives 5% back at various stores /services per qtr/ it varies--Sam's Club MC 5 % back on gas and 2% back on dining, TD Visa 1.5 % on all purchases + another 10% if the cash back is deposited in your TD account (1.65%) total, Suncoast Credit Union car 2% back on all grocery purchases--if you make pit stops @ Wawa use your Sam's club MC you'll get 5% since its a gas station and all of these cards have no fee

[Joe C.]

I grew up poor -- dirt poor. Parents never even had a credit card. And "second mortgage" was a term that was like a death sentence.

HOWEVER -- When I got married, I agreed with my wife to get only one credit card, because we realized that in order to get a mortgage, we needed a good credit rating. I told her that we had to pay our bills on time and NEVER to exceed our limit. We have, over the last 48 years, paid our bills on time, and as a result have a high score (higher than the villages by a long shot).
OH..BTW, we get enough points to fly for free when we go on vacation.

The key is to pay your balance monthly and avoid the interest charge.

[davem4616]

Not surprised with the average FICO rate for TV....we all played the game to win and we're now able to enjoy the good life

I feel blessed to frankly not give a damn about my FICO score....at this stage in my life it means nothing

we live debt free....use a no fee credit card that gives us 2% back on everything....already have enough air miles/hotel points to do what I choose....

we can't spend what we take in every month...so we give back to those in need

heck even when we donate to the Salvation Army with that credit card and get 2% back (and we pay their merchant fee cost too)

it's all good

[dewilson58]

Here are three of of many links to articles that explain that higher credit scores lower insurance premiums.

How do my insurance scores affect my car insurance rates? – Credit Karma (https://www.creditkarma.com/auto/i/insurance-scores-affect-car-insurance-rates/)

How a Credit Score Affects Your Car Insurance - Consumer Reports (https://www.consumerreports.org/cro/car-insurance/credit-scores-affect-auto-insurance-rates/index.htm)

How credit scores affect car insurance – Nationwide (https://www.nationwide.com/lc/resources/auto-insurance/articles/car-insurance-credit-score)




Read the articles and you will learn.

The first report is self-serving. They are a credit reporting service. Duh!!!
The other two reports indicate a carrier might look at credit history, NOT CREDIT SCORE. The number, the score is not used.

[Westie Man]

with a neighbour on auto-pay and an AC on auto. He lay dead in his apartment for a year before his mummified body was found.


The only thing you can say about credit scores--the people with the highest scores-don't need it, really wonder the percentage of people in in TV with no mortages, pay their monthly expenses via auto pay from bank/brokerage accounts via debits from their checking accounts, expenses such as credit card charges, utilities, sunpass, insurance--love it when life is on auto pilot

Only time to write a check- to IRS, DMV & local tax

[biker1]

We hardly ever use cash. Everything goes on a credit card and we pay the balance every month. Why? Four reasons: you get points/money back from credit card companies, you can dispute the charge if things goes south with a purchase, you will often get an extra year of warranty with appliance purchases, and you can often get included travel insurance.

It shouldn't be much of a surprise that The Villages tops the list. A lot of very smart people live here, people who were wise with their money, saved, lived on what they earned, and planned for their future and retirements. The number on the list that also isn't surprising is the average debt, the residents here have a fraction of the debt that the others on the list have, mainly due to no mortgages on many of the homes here.

The high FICO score is a fools dream, a grab to be the highest ranking slave. The real superstars are those who live here without a credit score, who've gone without borrowing money or a line of credit of any kind for the last year or more, they pay cash for everything (debit card is the same as cash and is not credit), these are the true masters of their own money and destiny.

[dewilson58]

We hardly ever use cash. Everything goes on a credit card and we pay the balance every month. Why? Four reasons: you get points/money back from credit card companies, you can dispute the charge if things goes south with a purchase, you will often get an extra year of warranty with appliance purchases, and you can often get included travel insurance.


Yep, Yep, Yep & Yep

:bigbow:


My card also provides insurance on your car rental if the rental is charged on their card.

[rrb48310]

I've been debt free for many years now, but I still use a credit card and pay it down every month. That way I still have a credit score, and get dividends pay back on what I spend. Win win.


:icon_wink: Agree use other people’s money, get rewards. Why cash in investments earning 8 plus percent, and pay income tax when you can get a loan under four percent. That’s at least a four percent gain.

[noslices1]

It will get you a good interest rate if you buy a new car, or if you shop for auto insurance.

[noslices1]

I am debt free, but use credit cards every month. AMEX card gives me 6% back on all the groceries I buy and when I buy a $50 Gas Card from Publix for $40, I get another 6% off the $40. When I go out to eat, and get Military discounts and BOGO’s and other special meal deals, I get 3% cash back with my B of A Master Card. Also have a Chase Visa card through Amazon that I get Cash back on also. Pay them ALL off every month and some get used a lot. Last year I got $425.00 back from AMEX alone. Credit score last month 833. Paid off my car 3.25% car loan this month, 3 years early, so maybe score will go up again next month. Who knows, but I like using credit and most people do too.

[huange@verizon.net]

Credit scores are commonly used by insurance companies as a factor in premiums. A higher credit score can mean a lower premium.

Is that what your insurance agent told you?

[Velvet]

Life is good when you don’t need to check your credit score because you already know what it is... for years.

[Boilerman]

Read the articles and you will learn.

The first report is self-serving. They are a credit reporting service. Duh!!!
The other two reports indicate a carrier might look at credit history, NOT CREDIT SCORE. The number, the score is not used.

It’s unfortunate when people here try to dispute facts and confuse everyone.

You’re saying that the credit history is important but the credit score is not? The credit score is a reflection of your credit history. Duh!!!

Even the title of all three links I provided have “credit score” in the title of the article. The second link is from Consumer Reports and the third link is from Nationwide Insurance. If you don’t think these are reputable sources, search for yourself and you’ll find dozens of other sources that all say the same thing. Your credit score affects your insurance rate.

[dewilson58]

It’s unfortunate when people here try to dispute facts and confuse everyone.





It's okay, we still love you.

[dewilson58]

Even the title of all three links I provided have “credit score” in the title of the article. The second link is from Consumer Reports and the third link is from Nationwide Insurance. If you don’t think these are reputable sources, search for yourself and you’ll find dozens of other sources that all say the same thing. Your credit score affects your insurance rate.




If you read past the title, you read:
Your score is used to measure your creditworthiness—the likelihood that you’ll pay back a loan or credit-card debt. But you might not know that car insurers are also rifling through your credit files to do something completely different: to predict the odds that you’ll file a claim. And if they think that your credit isn’t up to their highest standard, they will charge you more, even if you have never had an accident, our price data show.
Cherry-picking about 30 of almost 130 elements in a credit report, each insurer creates a proprietary score that’s very different from the FICO score you might be familiar with, so that one can’t be used to guess the other reliably.


This is one example from the link you suggested.


This concludes the education for today. :1rotfl:

[EdFNJ]

Absolutely false. Actually true. There is also an "INSURANCE SCORE' which is partially derived from your CREDIT SCORE.

Edmunds (https://www.edmunds.com/auto-insurance/does-your-credit-score-affect-your-car-insurance-rate.html)

Insurance Score Definition (https://www.investopedia.com/terms/i/insurancescore.asp)

Edit: So by logic, your insurance score is (partially) determined by your credit (score) therefore you credit rating affects your insurance rate.

[EdFNJ]

Not so sure paying cash for everything is the smart play, I pay for everything possible with credit card, then pay entire balance at end of month. Zero interest paid, and I keep my cash where it's earning me something for an extra 30 days. Yep, plus get 2% back on every purchase.

[dewilson58]

Actually true. There is also an "INSURANCE SCORE' which is partially derived from your CREDIT SCORE.

Insurance Score Definition (https://www.investopedia.com/terms/i/insurancescore.asp)


Yes there is an insurance score, however it is not derived by your credit score. Technically, insurance score does not use the credit score number.


Thanks for the definition example.

[dewilson58]

Going deep here.......From NAIC:


In most states, insurers can use your credit-based insurance score to determine your premiums. However, a regular credit score and your credit-based insurance scores are not the same.

[EdFNJ]

Yes there is an insurance score, however it is not derived by your credit score. Technically, insurance score does not use the credit score number.

Thanks for the definition example.
Oh geez. LOL. You'll really dig deep to prove your point. Insurance SCORE is partly based on CREDIT RATING. Good credit RATING = higher credit score ergo higher credit score affects insurance rates. You're parsing words to make the same point look different than 3 other people but you're still agreeing.



What Is an Insurance Score?

An insurance score, also known as an insurance credit score, is a rating computed and used by insurance companies that represents the probability of an individual filing an insurance claim (https://www.investopedia.com/terms/i/insurance_claim.asp) while under coverage. The score is based on the individual’s credit rating and will affect the premiums they pay for the coverage. A higher score will result in lower premiums and vice versa.

[EdFNJ]

Yes there is an insurance score, however it is not derived by your credit score. Technically, insurance score does not use the credit score number.

Thanks for the definition example.
The price of peanuts has dropped on the open market.

[Boilerman]

Oh geez. LOL. You'll really dig deep to prove your point. Insurance SCORE is partly based on CREDIT RATING. Good credit RATING = higher credit score ergo higher credit score affects insurance rates. You're parsing words to make the same point look different than 3 other people but you're still agreeing.



What Is an Insurance Score?

An insurance score, also known as an insurance credit score, is a rating computed and used by insurance companies that represents the probability of an individual filing an insurance claim (https://www.investopedia.com/terms/i/insurance_claim.asp) while under coverage. The score is based on the individual’s credit rating and will affect the premiums they pay for the coverage. A higher score will result in lower premiums and vice versa.

Don’t bother arguing with dewilson - he won’t be swayed by facts

[dewilson58]

Don’t bother arguing with dewilson - he won’t be swayed by facts




:clap2:

[OlifOlif]

It always pays to be of our kind and nothing more!

[CFrance]

I am debt free, but use credit cards every month. AMEX card gives me 6% back on all the groceries I buy and when I buy a $50 Gas Card from Publix for $40, I get another 6% off the $40. When I go out to eat, and get Military discounts and BOGO’s and other special meal deals, I get 3% cash back with my B of A Master Card. Also have a Chase Visa card through Amazon that I get Cash back on also. Pay them ALL off every month and some get used a lot. Last year I got $425.00 back from AMEX alone. Credit score last month 833. Paid off my car 3.25% car loan this month, 3 years early, so maybe score will go up again next month. Who knows, but I like using credit and most people do too.
How much is your yearly Amex fee? Amex keeps wanting me to upgrade to a higher level, but the fee is $300+/year plus a fee for another family member's fee. I stick with my gold card, but even there the fee is high. The reason why we have kept it is because it never gets frauded, so we keep all our monthly automatic pays on there. I should probably ditch it, but we've had it for decades. Back in the day, my husband had so many miles on it we flew everywhere business or first class. Miss those days!

[NotFromAroundHere]

Oh geez. LOL. You'll really dig deep to prove your point. Insurance SCORE is partly based on CREDIT RATING. Good credit RATING = higher credit score ergo higher credit score affects insurance rates. You're parsing words to make the same point look different than 3 other people but you're still agreeing.



What Is an Insurance Score?

An insurance score, also known as an insurance credit score, is a rating computed and used by insurance companies that represents the probability of an individual filing an insurance claim (https://www.investopedia.com/terms/i/insurance_claim.asp) while under coverage. The score is based on the individual’s credit rating and will affect the premiums they pay for the coverage. A higher score will result in lower premiums and vice versa.

As much as I dislike agreeing with Mr. Wilson... An Insurance Credit Score is used in determining your premiums. And an Insurance Credit Score is derived, at least in part, by your Credit Score. But, as was pointed out in the CR article, the insurance companies pick and choose what information they use to make up their proprietary Insurance Credit Scores.

The mistake many are making is assuming that a higher Credit Score will automatically result in a higher Insurance Credit Score, and thusly lower premiums. Depending on what factors from your Credit Score they use, the Insurance Credit Score could be lower, resulting in higher premiums.

[noslices1]

How much is your yearly Amex fee? Amex keeps wanting me to upgrade to a higher level, but the fee is $300+/year plus a fee for another family member's fee. I stick with my gold card, but even there the fee is high. The reason why we have kept it is because it never gets frauded, so we keep all our monthly automatic pays on there. I should probably ditch it, but we've had it for decades. Back in the day, my husband had so many miles on it we flew everywhere business or first class. Miss those days!

AMEX ANNUAL FEE is $95.00, and is the only card I have that charges. I get that back several times during the year.

[dewilson58]

Depending on what factors from your Credit Score they use, the Insurance Credit Score could be lower, resulting in higher premiums.




The credit reporting companies have tools to help people increase their credit scores. For entertainment, last month I played with the tool. I have one credit card and if I called the credit card company and lowered my credit limit (the limit, not my usage) by $20,000.....it would increase my credit score. :ohdear: Insurance companies are smarter than to buy into that "logic".



I dislike agreeing with myself as well. :ho:

[CoachKandSportsguy]

you all realize that charging all purchases on a credit card increases prices on items, because the merchant pays the credit card company a fee as a percentage of the sale, average about 4%. And because a merchant can't reliably predict, except by the logic that the trend is your friend, how many customers will pay by credit card, they have raised their prices about 3-4% to pay the credit card company 4% of the sale. They do this to keep their required minimum margin to remain profitable. And that cash back? You got that because you forced the retailer to raise prices so credit cards are splitting the increase with you. So if everyone actually paid cash, prices would be lower. And if you get 2% back, that means net you forced a raise of 2 %. . . credit card companies are just economic rent seekers for convenience. . . nice job raising prices 4% for everyone. . .

You ever thought about why gas prices are lower cash vs credit? Take the credit cash difference and divide by the cash price, and you get the markup. So you pay extra 2% plus with kickback for gas because you don't want to walk in to pay cash? Is that right? And you don't own Visa company stock? which is making money off of you and the retailers, and you could be part of the scheme to extort the retailer and share in the extortion gains? if not, you all aren't as smart investors as you think you might be.

sportsguy

[Jerry101]

Dear God! We do ❤️ love TV ... but man oh man these people sure do think they are the ‘sharpest ������ tools in the shed’! I wonder if they know their Bible as well as they know everything else!!!???

[biker1]

Regarding gas, we pay with $50 Marathon Gas cards bought at Publix at a 20% discount and we get the cash price at the pump. The cards are bought with a credit card so we still get points.


you all realize that charging all purchases on a credit card increases prices on items, because the merchant pays the credit card company a fee as a percentage of the sale, average about 4%. And because a merchant can't reliably predict, except by the logic that the trend is your friend, how many customers will pay by credit card, they have raised their prices about 3-4% to pay the credit card company 4% of the sale. They do this to keep their required minimum margin to remain profitable. And that cash back? You got that because you forced the retailer to raise prices so credit cards are splitting the increase with you. So if everyone actually paid cash, prices would be lower. And if you get 2% back, that means net you forced a raise of 2 %. . . credit card companies are just economic rent seekers for convenience. . . nice job raising prices 4% for everyone. . .

You ever thought about why gas prices are lower cash vs credit? Take the credit cash difference and divide by the cash price, and you get the markup. So you pay extra 2% plus with kickback for gas because you don't want to walk in to pay cash? Is that right? And you don't own Visa company stock? which is making money off of you and the retailers, and you could be part of the scheme to extort the retailer and share in the extortion gains? if not, you all aren't as smart investors as you think you might be.

sportsguy

[Two Bills]

Dear God! We do ❤️ love TV ... but man oh man these people sure do think they are the ‘sharpest ������ tools in the shed’! I wonder if they know their Bible as well as they know everything else!!!???

But the Bible doesn't improve my credit rating, or give me cash back like a credit card.
But, I must confess my credit card has probably more ambiguous rules than the Bible!!!

[NotFromAroundHere]

you all realize that charging all purchases on a credit card increases prices on items, because the merchant pays the credit card company a fee as a percentage of the sale, average about 4%. And because a merchant can't reliably predict, except by the logic that the trend is your friend, how many customers will pay by credit card, they have raised their prices about 3-4% to pay the credit card company 4% of the sale. They do this to keep their required minimum margin to remain profitable. And that cash back? You got that because you forced the retailer to raise prices so credit cards are splitting the increase with you. So if everyone actually paid cash, prices would be lower. And if you get 2% back, that means net you forced a raise of 2 %. . . credit card companies are just economic rent seekers for convenience. . . nice job raising prices 4% for everyone. . .

Many things wrong with this post. The average credit card processing charge is nowhere near 4%. More like 2% is average. .5% or so more for cardless transactions (online, etc.). In return for that, the business doesn't have to deal with/pay for bounced checks and a myriad of bookkeeping/money handling chores that go along with "traditional" payments. I haven't yet "forced" anyone to accept credit cards or raise their prices. They make those decision themselves, in the best interest of their business.

[retiredguy123]

Many things wrong with this post. The average credit card processing charge is nowhere near 4%. More like 2% is average. .5% or so more for cardless transactions (online, etc.). In return for that, the business doesn't have to deal with/pay for bounced checks and a myriad of bookkeeping/money handling chores that go along with "traditional" payments. I haven't yet "forced" anyone to accept credit cards or raise their prices. They make those decision themselves, in the best interest of their business.
I agree. And, I think that the merchant's banking cost to accept credit cards greatly increases their gross income and profit. They would lose a lot of business if they required customers to pay cash. For example, McDonald's found that their average tranaction amount increased substantially when they installed credit card swipe machines at the counter. Another benefit to credit cards is the reduction in crime, both in store robberies and street muggings, because a lot of people don't carry any cash. I believe that the trend is to reduce cash transactions, and I don't think it will change because of banking transaction fees.

[CoachKandSportsguy]

I guess respondents have never worked in sales and marketing at a multi billion dollar company with millions of customers and millions of dollars in Visa fees for offering credit cards. And likewise have never been part of pricing program designs to raise prices to offset the costs, and to hide the cost increases from the customers. Such actions include playing around with shipping charges, and shipping charges by destination, transaction fees, multi year pricing changes to long term contracts, short term pricing changes. You probably have never worked at a company where theft of product in the tens of thousands of dollars happened with credit card fraud. Its not like the bank says "oh sorry, we'll just credit your account 50K since you can't get your product back." That doesn't happen. Thinking that credit cards save because of local thugs stealing cash was a larger problem than international customers phishing and using fake cards, etc, you have lack of experience.

So think what you want, but until you actually have to design customer loyalty programs, customer pricing programs, customer pricing models and price elasticity models, and measure customer retention and profitability analysis to the company president, and yes, public companies, and answer pricing questions to the board of directors, then maybe you can raise your hand and disagree with my actual experiences.

Oh, and when you have done customer behavioral analysis on invoice design to realize that a lump sum invoice with no detail is paid 2 days faster than an itemized invoice, and that 2 days saves $30 million in cash flow, then maybe you might realize that although common knowledge might be x, but the data analytics might say otherwise, and some of the implications are very large dollars. That analysis was to the president and it shot down the "back of the envelope analysis of cherry picked 300 customers from one of the VPs, with 30,000 customer transactions from the true customer population of the proposed change."

sportsguy

[dewilson58]

I like



:popcorn:
:popcorn:
:popcorn:

[skyking]

The credit reporting companies have tools to help people increase their credit scores. For entertainment, last month I played with the tool. I have one credit card and if I called the credit card company and lowered my credit limit (the limit, not my usage) by $20,000.....it would increase my credit score. :ohdear: Insurance companies are smarter than to buy into that "logic".



I dislike agreeing with myself as well. :ho:

Wrong. You have it backwards.

One of the most significant factors in determining your credit score is the percentage of your available credit you are using. The higher your credit limits the better. (And the lower your reported balance the better.)

"A credit limit increase may affect your credit score.
A credit line increase “can, many times, help your credit score,”. If you increase your credit line and keep your usage the same, you automatically shrink the utilization ratio."

[dewilson58]

Wrong. You have it backwards.

One of the most significant factors in determining your credit score is the percentage of your available credit you are using. The higher your credit limits the better. (And the lower your reported balance the better.)

"A credit limit increase may affect your credit score.
A credit line increase “can, many times, help your credit score,”. If you increase your credit line and keep your usage the same, you automatically shrink the utilization ratio."


SkyQueen you are missing one important factor..............I AM USING NO CREDIT. ZIP. I have nota debt. Zip..

So you are wrong about saying I am wrong.



Your apology can either be in a post or a PM..............I look forward to it.

(I was just sharing the results of using an online tool)


:ho:

[skyking]

You pay cash for everything? Most of us pay off monthly and get money back on every purchase.

[dewilson58]

You pay cash for everything? Most of us pay off monthly and get money back on every purchase.


Debit card, what else do you need to know?? Shoe size??? :loco:

[NotFromAroundHere]

I guess respondents have never worked in sales and marketing at a multi billion dollar company with millions of customers and millions of dollars in Visa fees for offering credit cards. And likewise have never been part of pricing program designs to raise prices to offset the costs, and to hide the cost increases from the customers. Such actions include playing around with shipping charges, and shipping charges by destination, transaction fees, multi year pricing changes to long term contracts, short term pricing changes. You probably have never worked at a company where theft of product in the tens of thousands of dollars happened with credit card fraud.

Yet, somehow, after all these Presidents and Vice Presidents and Boards of Directors do all this research and designing and stuff... I forced them to accept credit cards. Little ole me down in The Villages. Wow.