I saw my score decline, and as you, I have a business to run which in some ways depends upon my business associates preconceived “credit worthiness” using the FICO score. I fought with my mortgage company to keep reporting a zero balance for instance, same thing for the last car I purchased on credit, but finally the fight to keep reporting zero balances just wasn’t worth it any more and I watched the score decline. I had some casket companies who all of the sudden started requiring a deposit, which they were going to keep for me and pay interest on the deposit at the end of 36 months – when I (the business) had been working with them for 40 years. I dropped them and went with different vendors. The same thing happened when it came time to renew a vehicle insurance policy which had been in force for 16 years at the time and at times during that tenure, had over 20 cars on it. At first I appealed their decision to, in my estimation, arbitrarily raise rates not on our policy history, but on a score which might suggest that we were a risk. I won the appeal, then decided that it would probably be something which would occur again so I dropped them and moved my business to another carrier. Lot of work, but it was the principle which wouldn’t allow me to stay.
I said all of that to say that I pay more for car insurance than I probably need to but I like the idea of a company which looks at the business/person regardless of a three digit score.
As I said we usually say “no” excep the washer and microwave we bought a couple of years ago when we bought our current home. The microwave is so heavy and has so much in the way of electronics, dh insisted.
The washer is an “HE” washer and also very computerized. The maintenance agreement/extended warranty had more than paid for itself. Sears has been out about 4 times fixing the washer. They could have given us a new washser for what they have spent fixing it. No joke, very literal. However, as dh tells me … the maintenance division is very separate from the sales department to the point that it’s like an invisible impenetrable wall. Apparently one does not know what is going on with the other. For our washer at least 1/2 the repairs have been after the manufacturer’s warranty ran out.
Dh said back in teh 80’s when he managed a Sears catalog store a lady bought a water distiller. It was about $100 to purchase at that time. Sears spent about $1000 … yes, $1000 fixing this thing. It is amazing Sears is still in business! LOL
However, we have a working washer and that is all I care about.
I would say that 90% of the time extended warranties are not needed and are a waste of money …. except for that once in a blue moon lemon appliance or car. Figuring out if the one you’re buying is the tricky part. It is not so easy. One might say to read reviews. However, I don’t put a lot of stock in reviews if they are very mixed. I’d be more inclined to look at them if they are on one extreme or another, like if no one was pleased with a particulur appliance model or car. Or if almost everyone was pleased with said appliance or car.