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Title: FICO Credit Scoring - A Conspiracy?
Post by: AC Slater on November 04, 2012, 09:19:08 AM
Who else thinks that the big 3 FICO bureaus (Transunion, Equifax, Experian) are just a racket/scam organization run by the jews to deny credit to worthy borrowers and grant credit to unworthy, deadbeats?  My friend defaulted on his mortgage and his score only went down 30 points, while I recently shopped around to get a better rate on my car insurance (Lamborghini's are expensive you know) and my score dropped 20 points due to the hard inquiries by the insurance companies.

This FICO number rules everything - whether you can get a car or home loan, or even a job nowdays.  Why is it so secretive as to how it is calculated?  Why are there so many variations (FICO / FICO Plus / FAKO)?  Is this just a big jewish conspiracy to take advantage of the common man?


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Hulkotron on November 04, 2012, 09:24:36 AM
Not sure man will think about it.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Red Hook on November 04, 2012, 09:28:24 AM
You need some kind of a system to assess the credit worthiness of people. One that is based on your payment history and income level.

Guess what, that is what the FICO score represents.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: lovemonkey on November 04, 2012, 09:29:00 AM
In before BayGBM posting links to old threads.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: quadzilla456 on November 04, 2012, 09:31:19 AM
(http://i.imgur.com/ItuTk.gif)


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Hulkotron on November 04, 2012, 09:34:13 AM
Are these scores culturally biased?


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Roger Bacon on November 04, 2012, 09:52:01 AM
20 points due to the hard inquiries by the insurance companies.

I'm pretty certain that inquiries only temporarily drop your credit.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: POB on November 04, 2012, 10:38:29 AM
You want good credit:

1- pay bills when the come in never late

2-open 4 credit cards with at least 25k each, put 3 away and use the one that gives u most awards all the time. Pay it in full every month,these 4 cards should be your oldest(member since). Close all Other credit cards especially dept stores.

3-pay cash for your car, if you can't make double payments or pay extra on a separate check as much as you can

4- buy a house


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: calfzilla on November 04, 2012, 10:55:39 AM
FICO is merely a tool to rate how good you are at going into debt.  A person can be wealthy and never take on any debt and have a shit FICO score.  Fuck FICO.  Daveramsey.com


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: BayGBM on November 04, 2012, 11:00:35 AM
Going forward, I think you're going to see your beloved credit scores not meaning squat.

Don't take financial advice from Thin Lizzy. ::)


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: arce1988 on November 04, 2012, 12:15:47 PM
  Fight Club


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Mattyh7688 on November 04, 2012, 12:20:19 PM
Who else thinks that the big 3 FICO bureaus (Transunion, Equifax, Experian) are just a racket/scam organization run by the jews to deny credit to worthy borrowers and grant credit to unworthy, deadbeats?  My friend defaulted on his mortgage and his score only went down 30 points, while I recently shopped around to get a better rate on my car insurance (Lamborghini's are expensive you know) and my score dropped 20 points due to the hard inquiries by the insurance companies.

This FICO number rules everything - whether you can get a car or home loan, or even a job nowdays.  Why is it so secretive as to how it is calculated?  Why are there so many variations (FICO / FICO Plus / FAKO)?  Is this just a big jewish conspiracy to take advantage of the common man?
The hard inquiries is what hurt my score a bit too.. I don't have insanely awesome credit because of my student loans, but it is still pretty good.. The score still is bullshit though. At one point I was an unemployed college student with better credit than my parents because they paid off all their credit cards and cancelled them.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Coach is Back! on November 04, 2012, 12:39:07 PM
Put down the bong and pay your bills on time. Oh, and stop crying.

Even you pay your bills you get dinged. We paid all our debts off except our home and we would have a hard time because we now lack credit. How FUCKING dumb is that. Home with equity, cash in the bank and we would still have a hard time.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: arce1988 on November 04, 2012, 12:40:11 PM
  Coach is correct.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: The Abdominal Snoman on November 04, 2012, 01:30:42 PM
http://www.youtube.com/watch?v=nuYxp7-Au4E


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: POB on November 04, 2012, 01:36:04 PM
Even you pay your bills you get dinged. We paid all our debts off except our home and we would have a hard time because we now lack credit. How FUCKING dumb is that. Home with equity, cash in the bank and we would still have a hard time.

Read my above post that's why you leave 4 cards open, part of the score is based on what % of your available credit is being used

Also having credit history is important,that's why you leave your 4 oldest cards open

Come on a "conserv" like you should be teaching these principals stud :D


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: BayGBM on November 04, 2012, 01:57:19 PM
Read my above post that's why you leave 4 cards open, part of the score is based on what % of your available credit is being used

Also having credit history is important,that's why you leave your 4 oldest cards open

Come on a "conserv" like you should be teaching these principals stud :D

There really are adults who don't know this, aren't there?  :'(


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Internet Tough Guy on November 04, 2012, 02:01:04 PM
There really are adults who don't know this, aren't there?  :'(

just like there are adults who don't seem to know that choosing to be ghey results in aids 


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: lovemonkey on November 04, 2012, 02:11:25 PM
There really are adults who don't know this, aren't there?  :'(

C'mon Bay, post links to threads about credit failures. We all know you want to. No one's stopping ya  ;D


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: POB on November 04, 2012, 02:12:59 PM
Even you pay your bills you get dinged. We paid all our debts off except our home and we would have a hard time because we now lack credit. How FUCKING dumb is that. Home with equity, cash in the bank and we would still have a hard time.

Another thing they look at is DTI(debt to income),so if you carry a 3k mortgage they want you to show 12k a month income to qualify for a mortgage. So lets just say a trainer were to put half his training fees in the bank and or pocket rather than pay tax on it, they would only be showing half of their income to prospected lenders.

Im not talking about you coach, I know such a staunch republican would never commit such crimes...


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Mr Anabolic on November 04, 2012, 02:17:10 PM
People need to stop enabling these criminal banksters.  Opt out of the system and don't abide by their rules.

One day the entire US will end up like NY/New Orleans after a large weather event, but it will not recover.  



Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Irongrip400 on November 04, 2012, 02:20:24 PM
I had a student loan that I missed two payments on, and it dimmed my credit pretty bad. When I started my first job out of college it was a 730, then because of those student loan misses, it went to 689. I wrote to the credit bureau and it went to the low 700 when I bought my house. Not sure what it is now, as I don't need to borrow. I did just get a vehicle loan for my wife from navy federal, but they don't go by credit score. Pay your bills, and you should be okay.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Coach is Back! on November 04, 2012, 03:34:55 PM
Read my above post that's why you leave 4 cards open, part of the score is based on what % of your available credit is being used

Also having credit history is important,that's why you leave your 4 oldest cards open

Come on a "conserv" like you should be teaching these principals stud :D

Yes POB, you're correct, I wouldn't.do that. We have our clients on EFT. I'm.not in the bill collection biz. At this point I could care less about loans or cc debt. If I don't have the cash, I don't buy it, simple and effective concept especially in this era of Obama.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Straw Man on November 04, 2012, 03:56:37 PM
You want good credit:

1- pay bills when the come in never late

2-open 4 credit cards with at least 25k each, put 3 away and use the one that gives u most awards all the time. Pay it in full every month,these 4 cards should be your oldest(member since). Close all Other credit cards especially dept stores.

3-pay cash for your car, if you can't make double payments or pay extra on a separate check as much as you can

4- buy a house


credit scores are a composite of payment history (i.e make your payments on time)  and length of credit history (which is why someone with a 20 year history will have higher scores than someone with a 2 year credit history - with both having a perfect payment history)

cards with no activity ever or within the most recent 12-24 month period won't do you any good.  You'd be better off using each of those cards at least one time every 12 months then never using 3 out of the 4 cards.   Personally I think a VISA or MC + an AMEX is all you need.   Credit scores will improve based on the lenght of time of your credit history + good payment history

I agree with paying cash for a car but it does nothing to help your credit so if one is trying to establish a credit history it would be better to finance the car and then pay it off within 12-24 months if possible

My personal advice is to NEVER get store cards from Macys, Nordstrom, etc..  They all have absolutly shitty administration of payment/statement processing.   If you buy something at, for example Macys, used your regular credit card and pay it off  the next month

Use your credit card but pay it off each month and if you must carry a balance try to keep it at less than 35% of the credit limit.   Credit utilization  > than 35% will start to have a negative impact on your scores


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: cswol on November 04, 2012, 09:38:40 PM
all your credit score or credit rating is, its a score that shows how good of a slave you are to the system


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Coach is Back! on November 04, 2012, 09:41:39 PM
all your credit score or credit rating is, its a score that shows how good of a slave you are to the system

k


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: cswol on November 04, 2012, 09:43:23 PM
proverbs 22:7 i believe it is


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Natural Man on November 04, 2012, 09:46:32 PM
dont buy shit if you cant afford it, shitstains. All problems solved.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: BIG ACH on November 04, 2012, 09:51:20 PM

Coach mentioned this... but I Want to reiterate....  Your credit score improves when you pay all your bills on time, but its also dependent on actually having credit and using credit...  I tend to pay for most things up front (or pay them off as quick as I can), and of the mentality like some other people on here, if you can't afford it, don't buy it... (just how I was brought up), but I was having a hard time actually building credit as a result of this. I would very rarely use credit card, and paying for everything with debit card or cash... but forced myself to go get credit cards because I straight up need to build credit!  Its very frustrating at times, because you're trying to be responsible but its not really working for your benefit!  If you get what I'm saying!


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Coach is Back! on November 04, 2012, 09:51:51 PM
dont buy shit if you cant afford it, shitstains. All problems solved.

This.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: POB on November 04, 2012, 10:09:10 PM
Coach mentioned this... but I Want to reiterate....  Your credit score improves when you pay all your bills on time, but its also dependent on actually having credit and using credit...  I tend to pay for most things up front (or pay them off as quick as I can), and of the mentality like some other people on here, if you can't afford it, don't buy it... (just how I was brought up), but I was having a hard time actually building credit as a result of this. I would very rarely use credit card, and paying for everything with debit card or cash... but forced myself to go get credit cards because I straight up need to build credit!  Its very frustrating at times, because you're trying to be responsible but its not really working for your benefit!  If you get what I'm saying!

Stop using your debt card ASAP only use it at the bank.The hot thing now is skimming,it's been happening at grocery stores,gas stations,and restaurants. I guess the idea behind it is they put a card reader over or under the current one that reads your card. Once you slide your card they have all ur info and start draining your bank account. You have to file and win a claim with ur bank before you get any of the $ back. With a CC they give the $ back right away while the claim goes thru the process.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: BIG ACH on November 04, 2012, 10:19:34 PM
Stop using your debt card ASAP only use it at the bank.The hot thing now is skimming,it's been happening at grocery stores,gas stations,and restaurants. I guess the idea behind it is they put a card reader over or under the current one that reads your card. Once you slide your card they have all ur info and start draining your bank account. You have to file and win a claim with ur bank before you get any of the $ back. With a CC they give the $ back right away while the claim goes thru the process.

Yes I know (Its not really a hot new thing, well not for me at least because I saw it happen a lot when I traveled to Asia)... - its already happened to both me and my wife very recently here in the US though!  Regardless, our bank was awesome, they provide 100% fraud protection, wasn't charged a single thing, didn't have to file a claim or anything, they handled everything... all they did was confirm a few charges with me and then go "Your new card is on the way"


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: phreak on November 05, 2012, 03:45:25 AM
The hard inquiries is what hurt my score a bit too.. I don't have insanely awesome credit because of my student loans, but it is still pretty good.. The score still is bullshit though. At one point I was an unemployed college student with better credit than my parents because they paid off all their credit cards and cancelled them.
Which makes perfect sense. FICO is a tool for bankers to measure how valuable you are to them. People without cards are less valuable to bankers, hence that result.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: El Diablo Blanco on November 05, 2012, 07:43:41 AM
Stop using your debt card ASAP only use it at the bank.The hot thing now is skimming,it's been happening at grocery stores,gas stations,and restaurants. I guess the idea behind it is they put a card reader over or under the current one that reads your card. Once you slide your card they have all ur info and start draining your bank account. You have to file and win a claim with ur bank before you get any of the $ back. With a CC they give the $ back right away while the claim goes thru the process.

I go to Ralphs for groceries, and it's the only place I use my debit card. The ONLY place.  A couple month back I see a $500 charge for gas in North Carolina. I call the bank and I yelled at how the fuck they would let a $500 charge go through for gas.  Apparently guys who drive big rigs use stolen numbers all the time to fill up.  I complained to Ralphs and they denied they have had any thefts of numbers, but it's bullshit because it's the only place I use it.  I called the news for a story about it but they never got back to me.  The bank did refund my $500 and changed the card number.
Let me explain the skimming even worse.  Almost all stores use wireless networks to transmit the payment.  People setup laptops and filter the wireless and can steal all transactions in the air. Most try to encrypt it but hackers know how to decrypt.  Another thing is people carry magnetic readers in little devices and can read all of your cards while still in your wallet.  Fucking crooks are out there all over.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Straw Man on November 05, 2012, 09:37:59 AM
I go to Ralphs for groceries, and it's the only place I use my debit card. The ONLY place.  A couple month back I see a $500 charge for gas in North Carolina. I call the bank and I yelled at how the fuck they would let a $500 charge go through for gas.  Apparently guys who drive big rigs use stolen numbers all the time to fill up.  I complained to Ralphs and they denied they have had any thefts of numbers, but it's bullshit because it's the only place I use it.  I called the news for a story about it but they never got back to me.  The bank did refund my $500 and changed the card number.
Let me explain the skimming even worse.  Almost all stores use wireless networks to transmit the payment.  People setup laptops and filter the wireless and can steal all transactions in the air. Most try to encrypt it but hackers know how to decrypt.  Another thing is people carry magnetic readers in little devices and can read all of your cards while still in your wallet.  Fucking crooks are out there all over.

I don't even have a debit card

I worked at Wells Fargo years ago when they first came out and it was obvious to me then that it was a flawed and unnecessary product.   There is no reason to have Visa or Mastercard involved with giving an 8 hour loan with the funds eventually being swept out of your checking account at the end of the day.   The fact that anyone can pick up yoru debit card and acces your money in your checking account without evey having to show and ID and often withouth even having to know a PIN is crazy. 

I only use an ATM card which requires a PIN for every transaction no matter how small and alwsy write check ID on the back of both ATM and credit cards


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: cswol on November 05, 2012, 09:40:47 AM
if you pay on time, and always pay everyone that lends to you, it just shows your a good slave


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: El Diablo Blanco on November 05, 2012, 10:50:56 AM
if you pay on time, and always pay everyone that lends to you, it just shows your a good slave

Spend $25000 on your credit card and you may have enough money for a free flight to Tucson, Arizona as long as you fly on a wednesday at midnight and return 24 days later.

Fucking credit card points are so stupid.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Tre on November 05, 2012, 11:03:16 AM

Joe Biden was one of the many banker boys who backed the universal default provision.  It's another addition to the poor tax.

Both Barack Obama and Mitt Romney are supported by Bank of America.   


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: cswol on November 05, 2012, 11:18:55 AM
ROMNEY, AND OBAMA ARE BOTH BACKED BY GOLDMAN SACHS AND WALL STREET AND THEY ARE PUPPETS OF THE NWO ILLUMINATI, ROMNEY IS OF THE MORMON MAFIA, SATANIC, AND OBAMA IS A PAGAN SATANIST ELITIST, MANY OF YOU REFUSE TO RESEARCH AND FIGURE OUT WHAT IS REALLY GOING ON BUT ITS NOT HARD TO FIND OUT, HERE IS A STARTING POINT http://www.illuminati-news.com/moriah.htm


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Marty Champions on November 05, 2012, 02:48:08 PM
Who else thinks that the big 3 FICO bureaus (Transunion, Equifax, Experian) are just a racket/scam organization run by the jews to deny credit to worthy borrowers and grant credit to unworthy, deadbeats?  My friend defaulted on his mortgage and his score only went down 30 points, while I recently shopped around to get a better rate on my car insurance (Lamborghini's are expensive you know) and my score dropped 20 points due to the hard inquiries by the insurance companies.

This FICO number rules everything - whether you can get a car or home loan, or even a job nowdays.  Why is it so secretive as to how it is calculated?  Why are there so many variations (FICO / FICO Plus / FAKO)?  Is this just a big jewish conspiracy to take advantage of the common man?

probably cause you dont own any property man. stop renting and accumulate some wealth


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Marty Champions on November 05, 2012, 02:51:54 PM
ROMNEY, AND OBAMA ARE BOTH BACKED BY GOLDMAN SACHS AND WALL STREET AND THEY ARE PUPPETS OF THE NWO ILLUMINATI, ROMNEY IS OF THE MORMON MAFIA, SATANIC, AND OBAMA IS A PAGAN SATANIST ELITIST, MANY OF YOU REFUSE TO RESEARCH AND FIGURE OUT WHAT IS REALLY GOING ON BUT ITS NOT HARD TO FIND OUT, HERE IS A STARTING POINT http://www.illuminati-news.com/moriah.htm

they are backed by people like them because jp morgan bailed out the country a 100 years ago.

usa OWES big buisnesses

big time


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: Yev33 on November 05, 2012, 07:42:46 PM
I never use my debit card for purchases, I use the ATM maybe once every 3 months. I use a credit card for just about every single purchase I make. It's convenient, and safer than carrying around a tion of cash. I get the bill at the end of the month and pay the whole thing off.

As a result of this as well as having a mortage and multiple car loans paid off I never had to worry about my credir score.

If some of you guys are so good with making and managing money, you should have no issue using a credit card on a regular basis and not going overboard spending money you don't have.


Title: Re: FICO Credit Scoring - A Conspiracy?
Post by: kh300 on November 05, 2012, 07:51:45 PM
I never had a credit card before I bought my house. Lived forever buying with cash. I go to apply for a mortgage and the guy tells me I have no credit. I go I know, I own 2 motorcycles, a car, and a condo I paid for with cash. So I had to get 4 credit cards and used them for 2 years before I had a good credit score. How fucked up is that? Shouldn't having no credit be the perfect credit score? By their logic a guy who can barley make his mortgage and car payments, and gets by with his credit cards is better then a guy who owns everything and has money saved up.