So I received a free 9 month credit monitoring package from TransUnion as part of some class action lawsuit I was unknowingly involved in. I have to say, having the ability to access my credit report whenever the heck I want is pretty dang convenient. I still don’t think I’d pay the $12/month the credit monitoring regularly costs, but I could see why some people might.
As I was poking around and exploring all my credit details, I stumbled upon my credit score. Here’s what I saw…
Cool. My credit score isn’t crazy high by any means, but it’s probably not too shabby compared to most other 24 year old males. I got a good chuckle out of the next section titled “Ways to improve your credit score.” Here was their suggestions…
Okay bucko, I’m on to your clever tricks. You want me to get in more debt. Well I got two words for you… Suck it!!!
I love that the first piece of advice suggests that I do not have enough revolving debt. Apparently my $16,000 student loan debt isn’t sufficient.Their solution? Go take out a bank loan, an auto loan, a business loan, and maybe finance some plastic surgery. Surely then, my credit score will increase! Think about it, I can go rack up a good $30K in debt to raise my, already good, credit score a few points higher. Where do I sign up!?
The second recommendation kind of shocked me. I knew multiple credit accounts helped boost your credit score (see point one), but I never really thought I would be told I needed MORE credit cards! Like I said, I’m 24. I already have three CCs (all with zero balances). Do I really need to go sign up for another two or three just to give my credit score an artificial bump? Hell to the No I don’t.
There really isn’t much I can do about the third recommendation. I’ve only been legally allowed to have a credit card for six years, but apparently that isn’t good enough for the credit score gods. Perhaps I should have considered illegally applying for a credit card when I was 8 years old so I had a “longer” credit history. Stupid, stupid, stupid.
I have no plans in the immediate future to accumulate any more debt or open any new credit accounts. I guess this means I will never break the 800’s as far as my credit score is concerned. Sure having a good credit score is important, but there is no way in H-E-double-hockey-sticks I am willing to take on stupid debt just to do it. I’d rather have $50K in the bank and a 760 credit score than$50K in debt with an 820.
Have you ever had experience with a credit monitoring program? Do you know your credit score? Do people actually follow this crappy advice? Has anyone out there ever actually accumulated debt simply for the sake of improving their credit?