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Credit score as proxy for bandmate reliability?

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#123
Well, as we all know a traditional 'credit score' is supposed to track your responsibility financially, and as the recipient of a loan or other money related situation.

What about a 'music credit score' where you get rated on your reliability as a musician? If you're late to gigs or cause trouble etc. your score drops a certain amount. If you can write arrangements or have mega killer chops etc. it goes up a certain amount. If you've had 'credit' for a long time it helps.

I think in Oz there are music hiring groups that do this..
 
#125
Credit as bandmate measurement.
What an interesting concept. Sounds like a reasonable, if slightly limited factor. As others have said, it might not tell the whole story. After being a great debtor and regular payer, when our situation changed we nearly lost our house before we got a modification which included principal reduction. This reduction hit our credit score hard, yet it doesn't take into account for the fact that the Bank thought we were trustworthy enough to offer a modification. Reading over our full credit report would probably show this, but just seeing a credit score would not reflect all this.

All this to say a Credit Report may be a good factor to consider, a raw credit score not so much.
 
#126
I've too many family and friends with errors on their credit reports to ever give them much attention. The fact that it takes 5 minutes for a company to destroy your report with a mistake and 90 days to fix it means the accuracy is questionable at best. I've had billing departments completely admit their mistake on me and still make very minimal effort to fix it. It's fine when looking at a large statistical picture, home loans, car loans, etc. But one on one like a band setting? References work far better for that.
 
#128
RichSnyder said:
You're changing your argument. What I was replying to was your statement that if one person was flagged incorrectly, it's a bad system. I disagree with that, it would be an incredibly good system if only one person was flagged incorrectly.
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1 person out of 2?
Or 1 person out of 1 million?

What if that person was you?

I am that person. Bills paid, zero debt, new 2012 car paid for years in advance and it lowered my credit rating to the point I can't get a home loan now.

I think I have a pretty good reputation for band reliability as well.
 
#131
engedi1 said:
If you truly have no credit card, car loan or mortgage you will end up with a 0 score. A 0 score does NOT equal bad credit and you can get a mortgage with a 0 score as long as you have a down payment, a stable life and money in the bank.
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Thanks for clearing that up.
I have a credit score of 0. I always thought that was bad. I own my own business, have some cash in the bank but most of my savings is in my safe. I use my business check card for accounting reasons and my personal check card when I can not use cash.
 
#133
Nev375 said:
But doing so would lower your credit score...
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Using your card & paying it off every month strengthens your credit score. It must, because that is how I use mine & my credit is diamond.


Sixgunn said:
Mine were private parties lol.
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Ah, so you're talking about used. I traded my old one in & got a new one, paid the balance in cash.
 
#134
engedi1 said:
Common misconceptions here. If have a credit card with a limit of $10,000 and you pay it down to 0 every months, you will end with a super high score. Why? Because the credit card company will report that you are making an on time payment every month and that you have $10,000 of credit and are using hardly any, thus implying your income is sufficient for you to avoid debt. What kills your score is keeping a balance of $9500 on that card and only paying the minimum. This implies you are living beyond your income. The lower the % of credit that you use VS the amount you have available pushes your score up.
If you truly have no credit card, car loan or mortgage you will end up with a 0 score. A 0 score does NOT equal bad credit and you can get a mortgage with a 0 score as long as you have a down payment, a stable life and money in the bank.
Bad credit scores of 400 to 620 usually mean judgements, delinquent credit cards, over limit credit cards, bankruptcies and collection accounts. These things are what lenders look at NOT just the score.
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Im not sure anyone knows precisely how the formula works. Maybe my experience doesnt reflect yours because Ive never had a credit limit over $1000 on any card, but then I never keep more than 1 card anyway, 2 at the most.

During the time I had little money but was able to keep up on the card with slightly over minimum payments my rating went up. (I was paying interest)

After I had a better income and started paying off charges every week my rating went down. (Was not paying interest)

But again, its a complicated code. And after reading about *redlining* practices I would not be surprised if your address and ethnicity figured into the formula.
 
#137
There's already too many things going on when choosing a band mate. Can they play? Do they want to play? Do they have all the equipment they need? Do the have the right attitude? And many more. Last thing I am going to do is add yet another requirement to the list.

What's the best credit score for metal?
 
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#138
bobcruz said:
This thread is only half serious, so maybe I should have put it in Off Topic or Humor, but this morning's newspaper had an article reporting that people with higher credit scores who pair up with a partner with a similar score are far more likely to stay together over the long haul, whether married or not. There was a lot of speculation about the characteristics that make a person achieve a higher credit score and how that plays out in a relationship. So it naturally occurred to me that maybe people in a band with widely varying credit scores might not be able to keep it together for the long haul. What a strange thing it would be to interview someone for the band and ask them for a credit score! (Or to ask for that information before a date, for that matter, but that was the newspaper article and this is TalkBass, not TalkDate!) Thoughts? ;)
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i dont really feel credit score says much. I didn't have great credit until I was in my 30s. Wasn't that I didn't pay my bills, it was that I didn't finaince anything. You have to use credit to build credit. After I got married (at 30 years old) my wife wanted me to work on my credit score so when we buy another house and or new cars down the road we could get better deals. I started using credit cards for everything I could. My credit score has nearly doubled in a couple years even though I actually had much less debt when my credit score was lower. So that's something to think about. Our guitar player probably doesn't have as good of credit rating as I do because he just doesn't use it. But Id say he's more responsible with money than I am.

I've seen some of my bandmates go through rough finaincial situations as well. For example Ex wives that screwed up their credit. Breaking apartment leases after breakups and stuff.
 
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