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Posted: 12/12/2022 7:33:36 AM EDT
[#1]
Quote HistoryQuoted: the way we are going credit scores and their use are going to be deemed racist. No, it's just that "social credit scores" are going to hold more weight than actual financial credit scores from responsible conservatives. I just wonder if banking intuitions are going to seriously go through the whole subprime mortgage scandal where the .gov bribes them and then throws them under the bus. If some pink-haired, gender-confused, face-pierced barista with a ton of college debt for a useless partial degree in gender studies with a traditional credit score of -87 BUT has an ESG score of 100 (maximum) for their anti-capitalist FB, Twitter posts, and participation in LGBTQ+ and environmental-Antifa-BLM protests with a few arrests to include child porn charges...they'll get that Ford Raptor loan, not the dude with little-to-no debt, 800+credit score, six-figure full-time job, owns home, and just so happens to be white, no criminal record, Christian, and re-Tweeted a MAGA advertisement on Twitter: ESG Score of -8.7...loan denied.  ROCK6 |
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Posted: 12/12/2022 7:38:29 AM EDT
[#2]
Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it Meh, it used to be that those 36-48 month 0.0% or 1.0% loans were quite reasonable and you could maximize your profits with other investments. That said, I think the day will come when you won't be able to purchase a vehicle. They will all be leased where you are not the beneficiary of the lease agreement to any extent. You will own nothing and love it...I bet the yutes of tomorrow's generation will be conditioned to accept it happily. Quoted: Fuck the credit score system. I have a great credit history, but if I don't have an active loan open my score starts to go down. It's a bunch of bullshit. It really is. Our company moved from NOVA to GA a few years ago. This older (cat) lady sold her home and netted about 400K. She was buying a home in GA, but the loan company gave her shit about her employer not being in GA (yet) to verify employment. The lady was making well over 150K. She got so pissed she just cash for her home in GA, and then she complained how it hurt her credit score  ROCK6 |
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Posted: 12/12/2022 7:43:53 AM EDT
[#3]
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Posted: 12/12/2022 7:43:57 AM EDT
[#4]
Quoted: Black people aren't the target audience when POC are used in commercials, white liberals are the target audience, it's basically virtue signaling by appearing to be marketing to minorities. 
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Posted: 12/12/2022 7:45:46 AM EDT
[#5]
Quote HistoryQuoted: Maybe they are banking on a mad max scenario where credit would be useless? I have excellent credit and that's still my retirement plan.
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Posted: 12/12/2022 7:46:37 AM EDT
[#6]
Quote HistoryQuoted: There is a lot of stuff we do not need. Not teaching your own kids on having a good understanding on when and how to use credit cards is denying them a useful financial tool. Used properly, credit cards are a great financial asset to have. Its like defensive driving. Yep. Shit happens sometimes, especially when you are young and just starting out. Teach them how to make credit cards work for them and how not to fall into the trap of “free money” because it’s not coming out of their bank account the minute they swipe. I wish my parents would have taught me this lesson. Instead I charged everything in my early 20’s. Ummm, “something” rich, as we used to say. Then it got to where the minimum was all I could afford. Then I started using 1 card to pay for another card. By that time, I was way over my head. I filed bankruptcy at 24 years old. Got my new Toyota repossessed and everything. I was a fuckin loser. But I did learn something from it and some 25 years later, still pay off my card every month. No interest, ever. My 20 year old has never paid a dime in interest. We have given his brother the tools to follow the same path. We shall see if he chooses wisely. At this point, I have no doubt he will. The oldest has almost 100k in the bank already as he saves everything from his paychecks and has been working since the Monday after he graduated high school. Plus he saved all gift money throughout most of his teenage years. His goal is to buy a house at the bottom, or there abouts, of this current downturn. He has always known that he will need good credit to do so, unless he buys it outright, because we taught him that. His younger brother is seeing all of this in real time and wants the same at some point. But it all starts somewhere. And it’s usually that first card with a ridiculous rate. Just show them how to do it. Don’t assume they know, because they don’t. I was living proof of that. |
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Posted: 12/12/2022 7:52:47 AM EDT
[#7]
Quote HistoryQuoted: Half the boomers here wonder why their credit score is low because they pay for everything in cash. They can’t put that together. No. Charging $2-5K on CC's monthly and paying it off in full every month will keep you in the 800's. As long as you never carry a CC balance it's the same of paying cash but with the added convenience, cash back, air miles, extended warranty's and protection from loss or theft. You're still paying cash, but in one convenient lump sum. |
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Posted: 12/12/2022 7:53:37 AM EDT
[#8]
Quote HistoryQuoted: I just went bankrupt and a few days later got numerous letters in the mail from dealerships trying to get me to come get a loan. Not sure what's up with that. You can't file bankruptcy again for a number of years, so you are less of credit risk. |
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Posted: 12/12/2022 8:27:59 AM EDT
[#9]
Feel good, live your best life / yolo life style and good financial decisions generally dont go together.
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Posted: 12/12/2022 8:47:05 AM EDT
[#10]
Quote HistoryQuoted: Half the boomers here wonder why their credit score is low because they pay for everything in cash. They can’t put that together. No, I wonder why I need a credit score at all because I pay for everything in cash.  Nobody checks my credit score when I pay in cash. |
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Posted: 12/12/2022 8:50:11 AM EDT
[#11]
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Posted: 12/12/2022 8:53:38 AM EDT
[#12]
Yes there are people who assume that all the time. They pay astronomical rates and buy crappy old cars.
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Posted: 12/12/2022 8:59:39 AM EDT
[#13]
Quote HistoryQuoted: This. Get a loan to go into debt to get a better FICO score so you can finance more shit to go further into debt and raise your FICO score more........ Go for a 0 score, then make them do their work (manual underwriting) to get a mortgage, if needed. Quote HistoryQuoted: Quoted: Credit scores are a scam. This. Get a loan to go into debt to get a better FICO score so you can finance more shit to go further into debt and raise your FICO score more........ Go for a 0 score, then make them do their work (manual underwriting) to get a mortgage, if needed. We found someone who knows nothing about FICO. 
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Posted: 12/12/2022 9:01:34 AM EDT
[#14]
Quote HistoryQuoted: Fuck the credit score system. I have a great credit history, but if I don't have an active loan open my score starts to go down. It's a bunch of bullshit. Not necessary. I have no active loans. When you have an active loan come to an end, there is a short period of 1-3 months where your score drops, then quickly recovers. With nothing but credit cards that are paid in full every month, you can easily maintain 800+ FICO scores. |
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Posted: 12/12/2022 10:09:28 AM EDT
[#15]
Quote HistoryQuoted: We found someone who knows nothing about FICO. FICO has only been around since 1989. It is designed to keep people in debt. Keep the hamsters in a cage and on that wheel......... 
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Posted: 12/12/2022 1:06:51 PM EDT
[#16]
Quote HistoryQuoted: FICO has only been around since 1989. It is designed to keep people in debt. Keep the hamsters in a cage and on that wheel......... https://www.myfico.com/credit-education-static/images/education/ce_FICO-Score-chart.png Quote HistoryQuoted: Quoted: We found someone who knows nothing about FICO. FICO has only been around since 1989. It is designed to keep people in debt. Keep the hamsters in a cage and on that wheel......... https://www.myfico.com/credit-education-static/images/education/ce_FICO-Score-chart.png It has nothing to do with debt. That's a common myth and misunderstanding. It is designed to use previous history and recent events to evaluate the probability that a person will pay back any debt they wish to take out. You do not need to pay a single penny of interest to have an excellent credit score. |
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Posted: 12/12/2022 1:30:25 PM EDT
[#17]
I didn’t have a credit card till I was in my 30’s. 25% APR and getting paid shit from boomer bosses. So it was an excellent idea NOT having one.
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Posted: 12/12/2022 1:42:38 PM EDT
[#18]
.........
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Posted: 12/12/2022 2:11:29 PM EDT
[#19]
Mild brag.
I am closing in on 60 years old. I have never had an auto loan and I don’t owe money on anything. I currently drive a 22 F350. Make good financial decisions throughout your life and you won’t need to worry about what your credit score is. |
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Posted: 12/12/2022 2:12:01 PM EDT
[#20]
There are people on this very site who believe you don’t need credit.
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Posted: 12/12/2022 2:26:32 PM EDT
[#21]
Just need Daddy to sign this note.
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Posted: 12/12/2022 2:45:01 PM EDT
[#22]
A credit score is a target on your back for companies looking to sell stuff to you.
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Posted: 12/12/2022 2:58:00 PM EDT
[#23]
Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it this never have ever borrowed $1 in my life my first car was a Ford Pinto with 100,000 + miles on it my second was worse as I was living on my own and trying to make ends meet, my third was "mildly better" if you consider primer brown bondo covered / rusted out 280z better "but I DESERVE a NEWER car", no, no you don't you whinny little shit, you DESERVE what you have worked for |
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Posted: 12/12/2022 3:00:09 PM EDT
[#24]
Quote HistoryQuoted: Mild brag. I am closing in on 60 years old. I have never had an auto loan and I don’t owe money on anything. I currently drive a 22 F350. Make good financial decisions throughout your life and you won’t need to worry about what your credit score is. Did you buy a house without a mortgage? I'm ready to learn if you'll share your secret. |
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Posted: 12/12/2022 3:02:50 PM EDT
[#25]
Quote HistoryQuoted: There are people on this very site who believe you don’t need credit. please enlighten me why exactly do I "need credit" (btw for clarity I do use a credit card, but have never carried a balance so I don't equate that to borrowing money, your opinion may differ on that point) |
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Posted: 12/12/2022 3:04:14 PM EDT
[#26]
It seems like I recall hearing radio ads from those dumpy used car lot saying "bad credit, no credit, no problem". Maybe that's the issue.
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Posted: 12/12/2022 3:04:48 PM EDT
[#27]
Quote HistoryQuoted: Did you buy a house without a mortgage? I'm ready to learn if you'll share your secret. yes live below (way the fuck far below) your means I lived in my car for a while |
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Posted: 12/12/2022 3:04:48 PM EDT
[#28]
Quote HistoryQuoted: lol If you can’t buy it outright, you can’t afford it This is actually quite poor financial advice in many cases. Smartly leveraging borrowing is far superior to outright buying things. That is not to say anyone should overborrow or finance silly things. |
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Posted: 12/12/2022 3:06:23 PM EDT
[#29]
Quote HistoryQuoted: I just went bankrupt and a few days later got numerous letters in the mail from dealerships trying to get me to come get a loan. Not sure what's up with that. |
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Posted: 12/12/2022 3:10:57 PM EDT
[#30]
I don't use credit. It has probably cost me some money, but it's a price I'm happy to pay for the convenience of simplified household economics.
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Posted: 12/12/2022 3:16:54 PM EDT
[#31]
Quote HistoryQuoted: please enlighten me why exactly do I "need credit" (btw for clarity I do use a credit card, but have never carried a balance so I don't equate that to borrowing money, your opinion may differ on that point) Quote HistoryQuoted: Quoted: There are people on this very site who believe you don’t need credit. please enlighten me why exactly do I "need credit" (btw for clarity I do use a credit card, but have never carried a balance so I don't equate that to borrowing money, your opinion may differ on that point) Need may have been a poor choice of a word. I’m not an ARF millionaire so I use credit to buy stuff I don’t necessarily need but want. But I generally pay them off shortly after using them. But to buy large items like a car I need a loan because I’m not rich. I don’t buy used cars anymore because around here they are always clapped out pieces of unreliable shit. My wife and I used to buy used all the time but we’ve switched to new because fuck repairing beat up rusted out high mileage pieces of shit. |
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Posted: 12/12/2022 3:26:55 PM EDT
[#32]
CREDIT SCORE: my score (not that I care or it ever matters because I use almost no credit) has long been in the low 800s: 825, 830, etc. This month, my cc bill is some $15K, instead of the usual 1-3K. I also applied for a new cc this month, just to get 1.5% cashback instead of 1%. Part of new cc told me my credit score, which i was amazed to see dropped to like 650 just from those 2 things. Doesn't matter, but interesting to note.
I have a major aversion to paying interest, so I've never had a car payment, paid off mortgage early. |
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Posted: 12/12/2022 3:46:31 PM EDT
[#33]
Quote HistoryQuoted: please enlighten me why exactly do I "need credit" (btw for clarity I do use a credit card, but have never carried a balance so I don't equate that to borrowing money, your opinion may differ on that point) Quote HistoryQuoted: Quoted: There are people on this very site who believe you don’t need credit. please enlighten me why exactly do I "need credit" (btw for clarity I do use a credit card, but have never carried a balance so I don't equate that to borrowing money, your opinion may differ on that point) Well you'd be wrong. You are borrowing money. It is literally defined that way in the agreement you signed, digitally or otherwise. A grace period is debt. I pay my balance in full as well, but I am not going to pretend it isn't borrowing money, even if done for my convenience. |
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Posted: 12/12/2022 3:51:43 PM EDT
[#34]
Quote HistoryQuoted: CREDIT SCORE: my score (not that I care or it ever matters because I use almost no credit) has long been in the low 800s: 825, 830, etc. This month, my cc bill is some $15K, instead of the usual 1-3K. I also applied for a new cc this month, just to get 1.5% cashback instead of 1%. Part of new cc told me my credit score, which i was amazed to see dropped to like 650 just from those 2 things. Doesn't matter, but interesting to note. I have a major aversion to paying interest, so I've never had a car payment, paid off mortgage early. This is cognitive dissonance. You say you don't care about credit score, but then you got a new credit card to get better cash back. That REQUIRED a good credit score. Your huge drop is due to utilization - that will hammer you way more than opening a new line of credit. It will recover as fast as it dropped. It is correct, because a sudden increase in utilization especially nearing line of credit maximums, demonstrates risky activity..... even if it is not risky in your specific case. When you get quotes for car insurance, your credit score very much can impact what you pay. |
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Posted: 12/12/2022 3:58:22 PM EDT
[#35]
Quoted: No. Charging $2-5K on CC's monthly and paying it off in full every month will keep you in the 800's. As long as you never carry a CC balance it's the same of paying cash but with the added convenience, cash back, air miles, extended warranty's and protection from loss or theft. You're still paying cash, but in one convenient lump sum. No you are still paying with a CC. Period. Do you have any stores or ever buy items off of Gunbroker? The type of store I am speaking of have a cash price and credit card price, which is typically 3% higher. You are either paying with a CC or currency. That is it. Quoted: No, I wonder why I need a credit score at all because I pay for everything in cash. Nobody checks my credit score when I pay in cash. Guess what, no one checks my credit score when I pay with a credit card. What is your point? Quoted: this never have ever borrowed $1 in my life my first car was a Ford Pinto with 100,000 + miles on it my second was worse as I was living on my own and trying to make ends meet, my third was "mildly better" if you consider primer brown bondo covered / rusted out 280z better "but I DESERVE a NEWER car", no, no you don't you whinny little shit, you DESERVE what you have worked for I’ve worked hard for my credit score as well. |
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Posted: 12/12/2022 4:02:02 PM EDT
[#36]
Quote HistoryQuoted: Well you'd be wrong. You are borrowing money. It is literally defined that way in the agreement you signed, digitally or otherwise. A grace period is debt. I pay my balance in full as well, but I am not going to pretend it isn't borrowing money, even if done for my convenience. I agree with this. Add to it, not only is it a grace period, but most of us are incentivized to use the grace period. In the form of cash back, miles or whatever. What doesnt have a grace period is directly borrowing cash off a credit card. I dont care if you think its a good or bad idea, just stating the fact. |
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Posted: 12/12/2022 4:08:24 PM EDT
[#37]
Quote HistoryQuoted: Hmmm is right. It's a little odd to be obsessed with being called a racist if you aren't one. And bringing it to unrelated conversations is a sign of obsession.  Attached File |
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Posted: 12/12/2022 4:19:42 PM EDT
[#38]
My son bought his house 2 years ago when he was 18y/o with a zero credit score and 20% down. 2.7%
Yeah I know the bank president.
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Posted: 12/12/2022 4:32:43 PM EDT
[#39]
They are snowflakes raised by an overprotective parent, probably a single mother.
I just got another urgent message to the previous owner of my cell # to contact a collection agency, no matter how many times I tell them that I have had this number for over 10 tears they never relent. |
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Posted: 12/12/2022 4:37:07 PM EDT
[#40]
I remember when we bought my wife's jeep at the Chrysler dealership, dude had a whole list of lenders on a sheet taped to the side of his desk.
Lenders who do not require social security numbers. So our title says Juan and Juanita Valdez. |
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Posted: 12/12/2022 4:49:07 PM EDT
[#41]
Quote HistoryQuoted: Schools and parents fail to teach kids useful information, obsessing over stupid shit instead. Zero information about credit, filing taxes, etc, but loads of info on rhistorical acism, lgbtq, etc. While suggesting taking out $60,000 in student loans for a degree that is worthless for earning money, and parent and child alike too stupid to do 5 seconds of research to see what a liberal tard degree earns in real life. I was a idiot at 18, but even i knew to research job opportunities and income of potentional careers / degrees before jumping in with both feet. Banks never would help explain to me how to raise mine either, I was 40 before someone sat me down and gave me advise. The problem was after I figured it out, I was so far in debt when covid hit i lost a lot. Now i preach to my kids what to do, but they don't listen or take advise well. Some will have to figure it out the hard way. |
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Posted: 12/12/2022 4:51:06 PM EDT
[#42]
I remember a time when you turned 16 and got to drive that day.
Now kids are in their 20s with no license. WTF? |
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Posted: 12/12/2022 5:03:21 PM EDT
[#43]
Quoted: Obviously there are some but is it that common that there needs to be a commercial for it on TV? Holy fuck we are fucking doomed. Some of them can't figure out which bathroom to use, others want litter boxes in their school bathrooms... |
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Posted: 12/12/2022 5:10:20 PM EDT
[#44]
Quote HistoryQuoted: Half the boomers here wonder why their credit score is low because they pay for everything in cash. They can't put that together. Hmmm, GenX here, but I haven't had a loan other than a mortgage in more than 2 decades and my score is over 800 still. 
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Posted: 12/12/2022 5:28:37 PM EDT
[#45]
Quote HistoryQuoted: Hmm. The commercial featured a young black couple and the male was wearing a shirt had "Unity" on it. Quote HistoryQuoted: Quoted: the way we are going credit scores and their use are going to be deemed racist. Again? |
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Posted: 12/12/2022 5:31:36 PM EDT
[#46]
Quote HistoryQuoted: Did you buy a house without a mortgage? I'm ready to learn if you'll share your secret. I bought a bare piece of land without a mortgage. Then spent 3 years building my own house. I lived next to it in a stinky old singlewide that whole time. Cold, drafty, ugly.. lots of words describe that hovel. It was a sacrifice. But I was okay with waiting and building it slowly as I had the funds. I just am not a fan of almost any debt. I like to have the ability to tell an employer to piss of if necessary. I can’t stand the thought of being a debt slave. |
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Posted: 12/12/2022 5:32:39 PM EDT
[#47]
Quote HistoryQuoted: Just need Daddy to sign this note. This… Boomers be rich. |
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Posted: 12/12/2022 5:52:56 PM EDT
[#48]
Quote HistoryQuoted: FICO has only been around since 1989. It is designed to keep people in debt. Keep the hamsters in a cage and on that wheel......... https://www.myfico.com/credit-education-static/images/education/ce_FICO-Score-chart.png Quote HistoryQuoted: Quoted: We found someone who knows nothing about FICO. FICO has only been around since 1989. It is designed to keep people in debt. Keep the hamsters in a cage and on that wheel......... https://www.myfico.com/credit-education-static/images/education/ce_FICO-Score-chart.png "That's how they get you, man!" The only debt I've had for years is a mortgage at 3% (because using the cash that I'm getting a MUCH higher long-term rate of return on for buying a house would have been stupid) and my score hovers around 835, give or take. That doesn't count the couple of credit cards I use to pay for everything because I pay them off in full every month (yes, I know...still technically a short-term debt, but one that I don't pay any interest on, so it's free debt). I get between 1%-5% cash back on all of it, and I'm a grown-up with the self-discipline to not buy things just because I have credit cards. I'd be worse off to the tune of thousands of dollars every year if I directly paid cash for everything (with the exception being the occasional purchase at a business that offers a cash discount that exceeds what my card gives me back). And even when I had an auto loan I was still ahead of the game because my credit union's loan rates were low enough to make keeping the cash invested the smarter move. People need to learn the very significant difference between low-cost debt that can be used to their advantage vs higher-cost debt that results in a net loss. Also, learn how personal finance really works rather than just blindly accepting and repeating gun store counter-level bullshit. |
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Posted: 12/12/2022 6:10:20 PM EDT
[#49]
One of the first things I did when I got out of college in 1978 was get some credit cards; gas stations, department stores, etc.
Make a charge, pay it off. Rinse and repeat. Then use that credit history to get a Visa and a Mastercard. Make a charge, pay it off. Rinse and repeat. Use that credit history to get a new car loan at an acceptable interest rate. Make all 36 payments. Use that credit history to get a home loan. Buy a house. Pay your mortgage each month. And so on. They didn't teach this in school. My dad and my older brother explained it all to me. |
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Posted: 12/12/2022 6:11:36 PM EDT
[#50]
You don't need credit for a car, as long as you're comfortable with a 20% interest rate and a 100% markup on the price.
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