I carry 8 figures of debt on my commercial properties.
I pay several hundred thousand a month in debt service every month....never late...going on two decades
I’m 50....5 kids.....home(s) mortgages etc.....never late
I pay about ten thousand a month in leases on equipment and vehicles.....never late
No tax liens (yet..lol)
I had 2 heart surgeries for a deformed heart/obstruction in 2004/2005 and assumed around 60,000 in my end after insurance....a few thousand here and there late a few months but all paid off.
I get probably 20-30 credit inquiries annually just in the course of doing business and private life. If my LLC or C or S corp borrows and I do at least three times a year and always through 4-5 banks then they all run credit.
hence in spite of having fairly robust history of paying off pretty large debt month in month out..(they don't count that)..I get penalized for paltry sums late on medical and on inquiries...about 8-10 points per inquiry.
I doubt my credit is over 630 right now yet some kid in an apartment who pays his car and target card on time may be at 800.
Which means guys like me end up paying cash a lot or we stick with banks and leasing agents that know us beyond a credit score.
I also bet (and I’m going to go look right now) that somewhere is an incorrect entry on one of the Big 3 on my report. I found one last time where they were still charging me for an AMEX card from the early 80s which I had canceled but they kept running the fee and claimed I owed it...for 22 years....I called some hack in India and he took it right off.
The credit scoring system in ripe for some tort lawyers to sue for class action damages. I hear there are law and paralegal firms out there that repair credit like mine...?
as I said in post 155....i pay back millions..literally over 500K/year on time
and my score is 605
two late radiology bills from 2 years ago totaling 875 bucks
and 63 credit inquiries since august 2004
someone told me there is so much more exposure on inquiries now
used to just be inquiries for car and home
now it’s on and on.......it’s actually kind of silly