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Author Topic: Would you seriously date someone who you knew had a bad credit score?  (Read 39349 times)
candidizzle
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« Reply #25 on: June 25, 2008, 04:30:33 PM »

hahahahahahah

what a question


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« Reply #26 on: July 29, 2008, 04:18:35 PM »

It has been argued incorrectly.  The cure for a bad credit score has been discovered.  I once had this disease, now I'm 100% cured.

Wish I could say the same about HIV. 

I didn't mean to say that I wish I had HIV or wish I was cured.  I just wish there was a cure.
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« Reply #27 on: July 29, 2008, 07:17:59 PM »

I didn't mean to say that I wish I had HIV or wish I was cured.  I just wish there was a cure.

Thanks for clearing that up.  Cheesy
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« Reply #28 on: August 01, 2008, 09:54:01 AM »

Creditboards.com is a good place to find out about credit repair.
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« Reply #29 on: August 04, 2008, 08:02:47 AM »

Creditboards.com is a good place to find out about credit repair.

Methinks some people here need make use of that.  Roll Eyes
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« Reply #30 on: December 08, 2008, 03:33:31 PM »

Credit scores get analyzed more than ever
Kevin Cochrane
Special to The Desert Sun

What started in the markets almost a year ago as a reaction to defaulting sub-prime mortgages and the housing slowdown has evolved into what's being termed a “credit freeze.”

Borrowing by corporations in the commercial paper and bond markets is all but nonexistent, banks aren't willing to lend their excess reserves to other banks via overnight funds and the U.S. Treasury has earmarked more than a third of the $700 billion bailout money to invest in commercial banks to stimulate lending.

But are loans available to consumers that want to purchase automobiles and houses or even just get a credit card?

Yes, certainly there is funding available for qualified borrowers with good credit.

And that's the rub — what's good credit?

Most of us are aware that credit bureaus like Experian, Equifax and Trans-Union receive reports from credit grantors on how we handle our obligations and pay our debts.

That information historically was distilled into a single numerical credit score that lenders use to gauge the risk of extending more credit. If you have a high enough score, you get a loan. It's simple and efficient.

But with the sub-prime meltdown and subsequent rising defaults on everything from car loans to department store charge cards, users of credit reports are starting to look beyond just a single number to analyze their risk.

Yes, a high FICO score still counts for a lot when applying for credit, but the actual details of your credit history are being analyzed with more scrutiny now as well.

Just paying your bills on time, responsibly managing your obligations and having a good credit score may not be enough. Who you pay and what type of credit they gave you is becoming a more important factor used by lenders to predict potential future problems.

‘Conjunctive history'

A leading credit card issuer recently began lowering users' credit limits based on what's known as “conjunctive history.”

For example, if you financed your house with Countrywide Home Loans a few years ago (a major sub-prime lender at the time) and also use your credit card to shop at Wal-Mart, you may find your limit severely curtailed. Those two actions in conjunction have been found to result in a significantly higher default rate by borrowers.

It doesn't matter if your loan was not of the sub-prime variety, you've paid it perfectly for years and you shop at Wal-Mart only to save money for your church bake sales and your daughter's soccer team.

The use of computer technology to slice, dice and recombine specific credit details has resulted in new ways for lenders to statistically evaluate risk. Realize that it's not the single fact of where you got your home loan or where you buy cookies and fresh fruit, but those actions in conjunction with each other that portray a higher credit risk.


 Undecided

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« Reply #31 on: December 08, 2008, 05:40:18 PM »

Bay,

Are you familiar with Amex's first purchase model and the insane matrix they are using to judge people's creditworthiness?
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« Reply #32 on: December 08, 2008, 06:46:59 PM »

Bay,

Are you familiar with Amex's first purchase model and the insane matrix they are using to judge people's creditworthiness?

No.  Link?

I’m still amazed at how many people are clueless about their credit score.  I went to a public elementary school that provided a course in financial literacy, but I have come to understand that financial education is very rare in K-12 schooling.

Do you all check your credit report annually?  Do you know your credit score?  Vote here:

http://snappoll.com/poll/303978.php




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« Reply #33 on: December 08, 2008, 09:42:03 PM »

http://articles.moneycentral.msn.com/Banking/YourCreditRating/8SecretCreditScoresThatLendersKeep.aspx

Amex even tracks home prices and foreclosures near where cardmembers live.
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« Reply #34 on: December 09, 2008, 07:48:20 AM »

That (and the related articles) was a good read.  I knew that there were other scores used to track consumers but had not seen them enumerated and explicated before.

I'll grab this one the next time I'm in the library.
http://www.amazon.com/Youre-Nothing-but-Number-strategies/dp/1424335124/ref=pd_bbs_sr_1/105-1363661-1728435?ie=UTF8&s=books&qid=1193682581&sr=8-1


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« Reply #35 on: December 22, 2008, 12:08:48 AM »

12 secrets your car insurer won't tell you
http://articles.moneycentral.msn.com/Insurance/InsureYourCar/12hiddenWaysToSaveOnAutoInsurance.aspx

If you have good credit, you'll pay less. Almost all auto insurers -- including the top five -- pull your credit report. Why? Studies have shown a direct correlation between your credit score and the likelihood that you will file a claim. Insurers also know that if you pay your bills in a timely fashion and have had the same credit accounts for a long time, you're more stable than someone who pays late and frequently opens and closes accounts. They use this information to create your "insurance risk score," which is one factor that determines your auto-insurance rate.

Tip: Your insurance-risk score is not available to you, but it may be similar to your credit score. If you have unusual credit activity, wait a month for it to return to normal before buying auto insurance. If your credit history is shaky, clean it up as soon as you can.


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« Reply #36 on: January 30, 2009, 07:51:17 AM »

New model for credit scores, FICO 08, touts sharper analysis
Fair Isaac Corp.'s system penalizes habitually late payments
By Kayce T. Ataiyero
January 30, 2009

The company that operates the nation's major credit scoring system has retooled how it calculates those numbers, allowing lenders to better predict the likelihood of default and penalizing consumers who are chronically late making payments.

The new model rolled out by Fair Isaac Corp., called FICO 08, is similar to previous versions in that it uses the same scoring range of 300 to 850 and incorporates familiar credit history factors in its calculation. But Fair Isaac said FICO 08 offers sharper analysis, allowing lenders to home in on indicators that predict default, particularly for consumers with negative information on their reports.

Fair Isaac said Thursday that TransUnion is the first credit reporting agency to offer the score to lenders. Equifax spokesman Tim Klein said his agency will offer the new score in coming months. An Experian representative said the firm could not comment because of pending litigation with Fair Isaac.

Careen Foster, director of scoring product management at Fair Isaac, said a key difference with the new credit score is that it penalizes people who have a history of habitually late payments. But consumers who have had isolated financial troubles might see improvements in their scores because the new model will cut them some slack.

The change is a routine update of the scoring model and not a response to the current economic crisis, she said.

"The good news is that a lot of things that lenders are struggling with are being addressed. The things that we are looking at are going to help lenders make better decisions on consumers that have blemished credit histories," Foster said. "That's good not only for lenders, but for consumers too."

Jim Carr, chief operating officer of the National Community Reinvestment Coalition, doesn't favor tweaking credit scores. He said the foreclosure surge arose from lenders giving borrowers more credit than their scores indicated they could afford, for the sake of increased profits. "We … have to be very cautious in this environment of not penalizing the consumers by saying that people with less than 700 credit scores were bad risks," he said.

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« Reply #37 on: January 30, 2009, 09:56:53 AM »

Bay,

Amex also has a psychological profiling program built in to pick up 'risky' changes in customer spending habits. There are even codes for different types of medical providers. For example if you see a marriage counselor... they know. Smiley
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« Reply #38 on: January 30, 2009, 01:49:02 PM »

I saw that in the paper today... but I'm not an AmEx cardholder... Smiley


http://www.nytimes.com/2009/01/31/your-money/credit-and-debit-cards/31money.html?hp

A (Very) Watchful Eye on Credit Card Spending

By RON LIEBER
You probably know that credit card companies have been scrutinizing every charge on your account in recent years, searching for purchases that thieves may have made. Turns out, though, that some of the companies have been suspicious of you, too.

In recent months, American Express has gone far beyond simply checking your credit score and making sure you pay on time. The company has been looking at home prices in your area, the type of mortgage lender you’re using and whether small-business card customers work in an industry under siege. It has also been looking at how you spend your money, searching for patterns or similarities to other customers who have trouble paying their bills.

In some instances, if it didn’t like what it was seeing, the company has cut customer credit lines. It laid out this logic in letters that infuriated many of the cardholders who received them. “Other customers who have used their card at establishments where you recently shopped,” one of those letters said, “have a poor repayment history with American Express...
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« Reply #39 on: January 30, 2009, 04:02:04 PM »

Bay,

I was just coming to post the link, LOL!
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« Reply #40 on: February 01, 2009, 10:40:15 AM »

Quote
Today, my fiance "thought I should know" that she has a $125,000 student loan debt.
Just read this on another site and made me think of this thread.

Dump her or keep her???

I'd be fucking pissed.
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« Reply #41 on: February 01, 2009, 10:44:52 AM »

If this girl was willing to even talk to me...much less give me a little somethin' somethin', I would give a shit about her credit score. 

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« Reply #42 on: February 01, 2009, 03:00:13 PM »

Today, my fiance "thought I should know" that she has a $125,000 student loan debt.

Just read this on another site and made me think of this thread.

Dump her or keep her???

I'd be fucking pissed.


Yikes!  That is not good news but it is not disqualifying ether; in the right context one could deal with it.  For example, why are her loans so big?  Did she just finish medical school?  That would not be an unusual loan amount for a new M.D. degree recipient.  If she were top of her class in a first tier law school that would also be fine. 

Unfortunately, these days many college graduates have huge loan debts from earning a bachelors degree at no name colleges or undistinguished institutions with majors that do not lead to well paying careers.  This was recently the subject of a story on 20/20.

http://abcnews.go.com/Business/Economy/story?id=6654468&page=1


So what would you do Faust?  Dump her or keep her? Huh
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« Reply #43 on: February 01, 2009, 03:20:34 PM »

$125K isn't bad depending upon what her job pays.
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« Reply #44 on: February 01, 2009, 03:31:21 PM »

So what would you do Faust?  Dump her or keep her? Huh
I don't know, i'm not that familiar with the american system. Education is very cheap here in Europe, so we don't usually get loans for that.
Top wages are also lower so i guess in the end it equals out.

Still, 125k seems like a lot of money and i'd seriously re-evaluate everything, especially if you are already engaged and she never told me (which strikes me as a bit odd that you don't know that).

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« Reply #45 on: February 01, 2009, 04:41:48 PM »

$125K isn't bad depending upon what her job pays.

Get real!  If she has that kind of debt and felt the need to disclose/confess it to her fiancé, chances are her income alone could never easily dispatch it.

My brother’s best friend got married several years ago.  Before they wed, she told her husband-to-be that she had $30K in credit card & student loan debt.  He was unhappy to put it mildly, but he ate it and married her.  Lucky for her, he had the cash and then some; they are still happily married. Smiley

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« Reply #46 on: February 01, 2009, 09:20:50 PM »

Get real!  If she has that kind of debt and felt the need to disclose/confess it to her fiancé, chances are her income alone could never easily dispatch it.

My brother’s best friend got married several years ago.  Before they wed, she told her husband-to-be that she had $30K in credit card & student loan debt.  He was unhappy to put it mildly, but he ate it and married her.  Lucky for her, he had the cash and then some; they are still happily married. Smiley



I have no revolving CC stuff going on but have an assload of student loans. I'll make enough money to cover them but it really is the cost of being a doctor. There's a minimum amount I have to get from a contract (after residency) or things don't work. That will probably be the determining factor on taking a job more than anything else. I'd rather stay in the home town but it may not be affordable. I will consider one of those 7 year programs in poor areas where they pay down student loans but it depends upon the specialty and if someone offers enough 'real' money to make up for having the loans paid off.
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« Reply #47 on: February 16, 2009, 12:43:35 PM »

that's ridiculous. I see your point somewhat...but often times people's credit gets messed up from events out of their control. Like when the factory I worked at for 12 years shut down...Many people lost jobs and were forced to start over somewhere else for less pay. I think it just depends on the situation.Sometimes bad things happen to good people.

Is it? Huh


well i've never borrowed money in my life or had any bad dealings with a bank so mine is fine, but i honestly think that treating a potential partner as a financial investment is one of the dumbest things i've ever heard and openly saying that to 9/10 people would just leave you on the sidewalk, fair enough you don't want to be some bum, but it doesn't take a credit check to see if someone is financially sound or a homeless bum you know what i mean.

Apparently your view is not as popular as you may think.  Even CNN is reporting on the intersection of love, debt, and credit.

Got debt? Forget love.
CNN's Carol Costello reports on how a mountain of debt can destroy love faster than even an STD.

http://www.cnn.com/video/#/video/living/2009/02/16/cc.dating.debt.dnt.cnn
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« Reply #48 on: February 16, 2009, 12:49:03 PM »

Finances are why most marriages fail.

I would bang the shit out of a hottie with bad credit but maybe not seriously date her. Hard to say because the formula is flawed and can easily be manipulated with authorized used status and so on. Also, it's dependent on utilization percentage and other factors s even though I get the argument that FICO scores are a measure of financial management ability but it's a little lame and there are probably a lot of circumstances that can mess someone's shit up.
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« Reply #49 on: February 16, 2009, 02:03:31 PM »

I am dating someone with significant debt from school loans. My credit score is decent too. Whats the big deal? We are great together.
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