Michael Jackson Had Bad Credit
It was apparently the least of his problems, but the late King of Pop had less than stellar credit, says TMZ.
TMZ says:
TMZ has learned that in 2007, Jacko's average credit score was 563.67 (Equifax 592, Transunion: 524, Experian: 575) which most experts consider very low. (According to creditreport.com, the average credit rating for people in California is 672.)
He apparently had some delinquent accounts and Barney's supposedly shut down his credit line after he charged more than $224,000 in on a single billing cycle.
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Comments:
@Oranges w/ Cheese in rainy Central FL: It had nothing to do with Neverland Ranch or Disney. He didn't do it to make money - Neverland Ranch was his home, and a private amusement park. Disney did it as a personal favor to him, and promptly removed the rides because the agreement regarding the rides was between the company and Michael Jackson. Disney did not want the next owner of Neverland Ranch to have the rides.
@Oranges w/ Cheese in rainy Central FL: Also wanted to add that he named it Neverland Ranch. It wasn't as if Neverland was a company.
Having tons of money doesn't automatically make you financially responsible, and since credit scores are a mostly a show of how responsible you are. Sadly, I'd expect quite a number of entertainers and sports stars to have shaky credit. Why do you think so many of them end up bankrupt as soon as their career ends, and some even before that? They're known for spending lavishly and wastefully, making mostly bad financial decisions, and trusting the wrong people.
@wagenejm: Word to the wise :) When you rearrange your post, go back and proofread it again just to make sure your changes didn't screw anything up. Haha!
@pattiesmart: Good luck with that. I've had less than stellar success at having a few incorrect items removed from my credit report that are totally messing up my credit score.
:(
@wagenejm: Credit scores are just a reflection of how well you pay bills to the institutions that report to the 3 credit agencies. Yes, that can generally be an indicator of fiscal responsibility, but it's not always. *Insert personal anectdote* My dad had a friend that was a trucker and had always paid cash for everything. He wanted to buy a sports car and decided to try to finance it. He got denied, so he told the dealer to have the car ready, went to his bank, pulled out cash, and bought the car outright. If you save up cash for everything you buy you'll have no credit history, which is almost as bad as crappy credit history.
@wesa: Clearly, you don't understand the public fascination with celebrity. It's a sad and dangerous thing, yes, but OH DEAR GOD WHY CAN'T WE LOOK AWAY?!
@wesa: You're right. However, it does feel good that my long letter-writing campaign demanding to know Michael Jackson's credit score got results.
@HiPwr: my celebrities are like the animals in animal farm, all are created equally, but some are more equal than others.
I think bad credit was one of the least of his problems. He was an entertainer and he spent on some weird stuff (those matching chimp outfits couldn't have come cheap), but he had assets to cover his debts if necessary. At the same time, I don't blame Barney's or any other company for not wanting to extend too much credit to him for fear of delinquency. Conclusion: none.
@wesa: I think it's like "the game"...you're telling us to look away...it's not hard to look away...but yet, you look to tell us. Like "the game".
The worst part of this entire article is that I immediately mistook the Bad album for the Weird Al parody "Even Worse" album.
I think that says a little too much about my childhood upbringing.
Although as far as this article is concerned, I don't think this is much of a surprise to anyone. He was in a lot of money trouble the past few years, and it wasn't exactly a secret.
@GitEmSteveDave_♥'sRenegadeIrishman: Ha, I saw that last night. I'll believe it when he comes up to me and says "Hi there, I'm Michael. It's good to see you."
On second thought....
@pecan 3.14159265: Maybe now that he's gone we can finally Heal the World from the sight of the newer pictures.
No surprise. The guy killed himself with drugs. He was a knucklehead. About 12 years ago, I worked for a finance company that dealt with many so-called rich, famous people. At least 1/3 of those "rich people" had poor credit. They stiffed many companies. ... By the way, after 2 months, isn't it time to bury this guy, already?
@Mr.Duke:
A rather shady friend of my father's used to (and probably still does - I just haven't talked to or asked about the guy in the better part of a decade) run some ever-so-slightly dubious financing company. His clientele was pretty much entirely made up of people making the most of their fifteen minutes of fame, or those whose rather-more-than-fifteen minutes didn't seem to have helped their bank balance or money management skills much. I grew up hearing the guy blab his mouth after one too many drinks over dinner about which one-hit-wonder was buying a Lamborghini this week, and which Z-list celeb was about to get their diamond-encrusted (OK, so I exaggerate here) Roller repo'ed on Monday. The guy was, well, a friend of my Dad's.
Mmmm, the 80s. Classy times.
@MsAnthropy: OOPS! Oh, for an edit button...
... it was meant to continue "The guy was, well, a friend of my Dad's, and rarely had a clue who these people were that he was lending to. Although presumably he had to check them out somehow - 'you're right, that IS your face on that record sleeve! Now, how does 49.99% APR sound, son?' "
Then I decided to delete the last couple of sentences, and messed up. Oh well.



















Um, duh? Isn't this why he entered into a joint venture with Neverland, and they removed the rides?