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Author Topic: Would you seriously date someone who you knew had a bad credit score?  (Read 36626 times)
BayGBM
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« Reply #50 on: February 16, 2009, 04:04:40 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.

If all is well and you two are happy then this thread needn't concern you.  Not every thread is relevant to everyone.

The point of this thread is to inform.  Many people—especially young people—have no idea how important a credit score is and the many ways it impacts you without you even knowing it: cost of borrowing, cost of auto insurance, getting or not getting job offers, etc.  Before you read about it in this thread, did you know that many employers pull your credit report before offering you a job? Or that a bad score can disqualify you for a job?  You may not have the type of job where that will happen to you right now, but you might in the future.

How many people reading this thread know their low, middle, and high score (it is important to know all three) from Trans Union, Equifax and Experian?  Your goal should be to get your score above 800 at all three agencies and keep it there! Wink

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« Reply #51 on: February 16, 2009, 06:18:13 PM »

I knew of the checking of scores, sure, but imagined it to apply only to upper management/high paid positions.
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« Reply #52 on: February 17, 2009, 12:11:08 PM »

If being rejected because of your bad credit score makes you unhappy just be glad you are living now and not in the future.  In the near future, people will be screening partners based on their genetic make up. 

As we saw in the movie Gattaca, it will soon be possible to take a simple blood test and get a genetic profile that details your probability for heart disease, cancers, high athleticism, high intelligence, and lots of other factors.  The screening service will be offered by private companies like the Fertility Institutes.  They are already bragging about what they can or will soon be able to offer.

If you can brandish a good or superior genetic profile, people will consider you more desirable.  If you cannot afford the test or have a poor test result, you will be considered less attractive.  At least you have some control over your credit score; like it or not the genetic score is coming...  Undecided


PREDICTIVE GENOMICS TO BE AVAILABLE: Eye color, hair color, cancer tendency and more*
December 12, 2008

We are pleased to announce the pending availability of a greatly expanded panel of available genetic tests that may be combined with our world renown aneuploidy and gender selection testing. For the first time ever, patients having genetic screening for abnormal chromosome conditions in their embryos will be able to elect expanded testing that can greatly increase the odds of achieving a healthy pregnancy with a preselected choice of gender, eye color, hair color and complexion, along with screening for potentially lethal diseases, screening for cancer tendencies (breast, colon, pancreas, prostate) and more. Not all patients will qualify for these tests and we make NO guarantees as to "perfect prediction" of things such as eye color or hair color.


http://www.fertility-docs.com/news_events.phtml?ID=22
https://www.23andme.com/ (this company was founded by the wife of one of the guys who founded Google and he is bankrolling it.)
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« Reply #53 on: February 17, 2009, 12:18:30 PM »

Worried about the discriminatory use of such tests; society will likely move to make them illegal, but they will flourish in a black market and everyone who can afford it will still pay to get their genetic score.  People will then use a high score as a way to market themselves to potential partners—or even employers.

Does anyone doubt this is going to happen?  If you had a good genetic score wouldn’t you try to use it to your advantage (even if doing so were against the law)?

Forget about race, gender, sexual orientation, or religious beliefs. The future will be about genetic advantage/discrimination!

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« Reply #54 on: February 19, 2009, 01:30:41 PM »

Money and Marriage
Jean Chatzky, Author and Money Coach
Mixing love and money can result in a mess. Author and money coach Jean Chatzky was online to help couples sort through a tangle of financial questions, from combining bank accounts to setting a wedding budget. Chatzky is the financial editor for NBC's Today, a contributing editor for More Magazine, a columnist for The New York Daily News, and a contributor to The Oprah Winfrey Show.


Q&A with Jean
http://www.washingtonpost.com/wp-dyn/content/discussion/2009/02/13/DI2009021302909.html?hpid=smartliving


* Jean.jpg (38.64 KB, 519x420 - viewed 3602 times.)
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« Reply #55 on: February 25, 2009, 10:46:32 AM »

Market for Romance Goes From Bullish to Sheepish
Crash has had a particular impact on young adults who developed dating skills in better times.

See the tall, gregarious young man in the Eighteenth Street Lounge, moving easily toward a group of receptive women as the floor vibrates with reggae music? He's dressed in a sharp Hugo Boss suit, and he knows that the minimum for a table is $240.

But he's not offering to buy the drinks. And the suit? He bought it a year ago, when he had a six-figure salary.

Dating in the time of the pink slip means feeling the squeeze of the drastically reduced paycheck, the sudden sting of the layoff. From investment bankers to real estate developers to construction workers, no job means no buying rounds of $15 martinis for a pretty woman and her girlfriends. No hosting parties in the bachelor loft. And often, no idea how to present one's new self on the dating market.

"It's been incredibly stressful for me," said Neil Welsh, 27, the guy in the suit, who until last year was marketing director for a booming real estate company. "I was so used to using my financial situation to leverage my dating."

For many affected by the recession, dating is the least of their worries. But the market crash has had a particular impact on young adults who developed their dating skills in fat times, the twentysomethings who spent lavishly to show that they could afford the finer things. Now, with national unemployment rates at 8.8 percent for people 25 to 34, they are looking for more creative ways to attract partners -- and reassessing what all that big spending really meant.

Formal studies on the matter are hard to find, and Washington area employment rates are still higher than those of many other metropolitan areas. But interviews with young singles in area nightclubs and cafes and at parties reveals that financial stress is affecting the romantic lives of those who have lost sizable disposable incomes.

Alexandria native Niko Papademitriou, 27, became an investment banker with a Cleveland firm soon after he graduated from college. The money was steady enough for him to fly regularly to Manhattan to see his girlfriend and take her to upscale restaurants such as Bond Street and Cafe Gray.

"A large aspect of my life -- three out of the first five conversations that we had -- I told her, 'You're not going to see much of me in the next 15 years if we start dating, because I'm going to be making a lot of money.' " He thinks that worked in his favor, "not so much for the money, but for the drive. It's one of those things in men that women find attractive."

Since being laid off in November, he has moved back to Alexandria to live with his mother. He now takes the Chinatown bus -- for as little as $5 each way -- to visit his girlfriend. Round-trip airfare between Cleveland and New York City averages more than $200.

"It's definitely putting stress on our relationship," he said recently, sitting in an Old Town cafe. "It comes back to this whole manhood thing. Like, can you be the provider, not just for yourself but for others?"

It's been tough on his girlfriend, he said. "She knows that she needs to be this understanding, positive influence in my life. At the same time, there is a lot of fear on her part, knowing that my industry and the one that we had kind of mentally projected ourselves and our way of life on could be over, or at least on pause for a while."

For Natalie Huddleston, 27, a marketer at a law firm, dating itself is on hold. Standing with her girlfriends on an outdoor deck of the Eighteenth Street Lounge, nursing a Manhattan, the Arlington resident said men ask her out much less since the market crash.

"They're spending more time at networking events, happy hours, with their guy friends -- trying to get leads on jobs, rather than spending it on women," she said. "I feel bad for the guys who don't have jobs."

Bad enough to date them? She smiled and shook her head. "I guess I'm kind of traditional. So if a guy can't really take you out or doesn't have the money or the state of mind to take girls out, then it's not going to go anywhere."

Even in this post-feminist age, the vast majority of those interviewed said men pick up the tab on dates. But some women said they have lowered their expectations. "I look for free things that we can do together, and I'm more conscious about the money that he is spending," said Laura Sambataro, 22, of Bethesda.

Jamie Fabrizio, 26, a Catholic school teacher from Arlington, said a man doesn't have to spend a lot, but he has to act like an Alpha male.

"Guys should be bold; whether or not they have money doesn't matter," she said. But if a guy asks her out, she added, she expects him to pay for dinner.

It's unlikely then that either she or Huddleston would date Paul Almeter, 25. Since business at the Annandale construction company he owns has fallen 50 percent, he has come up with innovative ways to cut down on the $600 to $700 he used to spend each month on dates.

He takes his dates hiking, which is free other than gas. He takes them on his motorcycle to visit wineries, or to a baseball game.

"I'm more inclined to tell my girlfriend to come over to my house and hang out with me than take her to D.C., definitely. "

In the end, he said, a loving relationship should be able to thrive without the rib-eye steak and Moet.

"How much you spend on a girl, I think that's superficial," he said. "If you call her at the end of the day, send a text message in the middle of the day and ask her how her day's going, that's more important than spending money."

Lindsey Schwalb, 22, of Arlington said the financial crunch has made men she knows more amenable to settling down. "People are looking for some form of stability. Instead of someone you have to impress monetarily, they want someone they can concentrate on spending quality time with."

Welsh said he is scaling back on dating costs while he builds a new business, an Internet marketing company.

"Now I'm more inclined to take a girl to a good ethnic restaurant," he said, whereas before, "I was constantly worried about being judged for how much money I was spending."

Not that there isn't judging. "One of the first questions is: 'What do you do? You own your own company? How many people work for you? Are you working at home or do you go to an office?' They are literally sizing you up." And, he said, he doesn't blame them -- especially if the girl is beautiful. "They can afford to be picky."

And although he used to go on several dates a week, he said, he's now pickier about whom he asks out. "It's shown me that it was silly to spend money on girls that I may or may not like."

Papademitriou has delayed plans to buy his girlfriend an engagement ring. He is considering a career in government, which pays much less than investment banking but is less volatile. And his unexpected financial straits have led him to look harder at himself.

"Inadequacy," he said. "I can't harp on that word enough. I just feel inadequate. Why have I not found a job yet? And what if this happens eight years from now when I'm married and have a 2-year-old? Do I go through this again? Do I trust myself that I can pull it off? And I do, but in the midst of it, you definitely question yourself."

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/24/AR2009022403925.html?hpid=topnews
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« Reply #56 on: March 31, 2009, 01:11:26 PM »

Credit scores were the primary determining factor for giving out sub-prime loans. How'd that work out?

Going forward, I think you're going to see your beloved credit scores not meaning squat.

Do you also believe people will trade in their computers for typewriters or their cars for a horse and buggy?  Computers have made it easier than ever for credit bureaus to crunch numbers, hence the rise in use of things like Conjunctive History.  I think going forward scores are going to be used more and more—not less.

Banks use these scores, insurance companies use these scores, employers use these scores.  For better or worse, the use of these scores is going to proliferate not contract.  I predict that some version of a credit score is going to start showing up on dating services and dating sites. Undecided

Do yourself a favor: get your score up and keep it up.

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« Reply #57 on: June 07, 2009, 07:56:39 AM »

Trapped: It's hard to get a job if your credit is bad
If you're unemployed, falling behind on bills can make it tougher to find work
By Tiffany Hsu

Dan Denton is stuck in a vicious cycle: He's behind on his bills after losing his job. But lousy credit is spoiling his chances of finding new employment.

Recruiters from a St. Louis-based investment company recently rescinded an offer after looking at his credit history, which has been mauled by overdue card payments and an impending foreclosure on his Inland Empire house. He and his wife, Dana, filed for bankruptcy protection this month to try to hang on to their home.

"Of course your credit's going to look bad when you've been unemployed for months," said Denton, 60, a former fundraiser for the Crystal Cathedral in Garden Grove. "But what relevance does that have on your performance?"

The credit report is becoming the latest hurdle for unemployed workers in a dismal U.S. job market. Up to half of employers use credit screening to weed out potentially troublesome hires, though estimates vary, and the practice is on the rise.

Money woes could signal disorder in an individual's personal life that could translate into slipshod work habits, some staffing experts said. Companies lose billions annually to employee theft. A sterling credit history, they said, points to a worker who is more likely to be disciplined, trustworthy and reliable.

Mary M. Massad, managing director of screening services for personnel management company Administaff Inc., said credit checks help companies hire "the highest-quality individuals.

"It's . . . about being proactive in order to avoid trouble down the line," she said. "Companies . . . want an insight into how an individual conducts their own life, because that's typically how they're going to conduct business inside your business."

Screening employment prospects this way is legal in California and most of the country as long as it is disclosed to applicants, who must give permission for a credit check to be run.

But some experts said that there's no clear link between credit history and job performance and that the reports don't paint a complete picture, omitting details about divorces, medical bills or even identity theft . . ."

http://www.latimes.com/business/la-fi-cover-badcredit7-2009jun07,0,108282,full.story
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« Reply #58 on: June 08, 2009, 08:42:39 AM »

I have and it was terrible...she was a good person, but her f-up ways in handling money has put me in debt...
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« Reply #59 on: June 08, 2009, 09:54:06 AM »

I have and it was terrible...she was a good person, but her f-up ways in handling money has put me in debt...

Damn!!
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« Reply #60 on: June 08, 2009, 04:17:24 PM »

Damn!!

yo, if it wasn't for her, i could afford a bike, a house, and still have a full head of hair...

NEVER EVER date a woman who makes as much as you do, has no real responsibilities, but yet can't pay her own rent, has had her car repoed, and her own mother has quite helping her, and will not let her move in.

But, yet as I said, she has VERY beautiful personality.
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« Reply #61 on: June 08, 2009, 04:57:44 PM »

yo, if it wasn't for her, i could afford a bike, a house, and still have a full head of hair...

NEVER EVER date a woman who makes as much as you do, has no real responsibilities, but yet can't pay her own rent, has had her car repoed, and her own mother has quite helping her, and will not let her move in.

But, yet as I said, she has VERY beautiful personality.

Fuck that shit. I wouldn't be transferring balances onto my cards for any nice set of tits.
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« Reply #62 on: June 08, 2009, 05:20:39 PM »

Fuck that shit. I wouldn't be transferring balances onto my cards for any nice set of tits.

GG's, negro, GG's...It was more of me being "SuperNegro", not the tiggoes, she was a good friend, and I had to cut her off, no more help...Nice guys finish with no dough in their bank accounts.

She was true 100 grade Kryptonian Kryptonite. So much so that my female friends wanted to have a "meeting" with her.
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« Reply #63 on: June 08, 2009, 06:14:03 PM »

If one is independently wealthy then this subject (like so many others) would not apply to you.  Most people however depend on credit and therefore need a good credit rating.  The sooner young people learn that the better off they will be.  Smiley

Some things are particularly difficult to buy without a credit card though in those cases a debit card will usually suffice.

I don't own a credit card.
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« Reply #64 on: June 08, 2009, 09:19:14 PM »

I don't own a credit card.

I at one time didn't..til my mom was telling me I needed to build credit. I used to pay for everything via cash..no cash in wallet no pay.
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« Reply #65 on: June 09, 2009, 02:01:37 AM »

I at one time didn't..til my mom was telling me I needed to build credit. I used to pay for everything via cash..no cash in wallet no pay.

I do have a debit card but that is different.
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« Reply #66 on: June 09, 2009, 05:25:44 AM »

I do have a debit card but that is different.

Me too as well...debt is now my mistress.
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« Reply #67 on: June 09, 2009, 07:49:18 AM »

If being rejected because of your bad credit score makes you unhappy just be glad you are living now and not in the future.  In the near future, people will be screening partners based on their genetic make up. 

As we saw in the movie Gattaca, it will soon be possible to take a simple blood test and get a genetic profile that details your probability for heart disease, cancers, high athleticism, high intelligence, and lots of other factors.  The screening service will be offered by private companies like the Fertility Institutes.  They are already bragging about what they can or will soon be able to offer.

If you can brandish a good or superior genetic profile, people will consider you more desirable.  If you cannot afford the test or have a poor test result, you will be considered less attractive.  At least you have some control over your credit score; like it or not the genetic score is coming...  Undecided


PREDICTIVE GENOMICS TO BE AVAILABLE: Eye color, hair color, cancer tendency and more*
December 12, 2008

We are pleased to announce the pending availability of a greatly expanded panel of available genetic tests that may be combined with our world renown aneuploidy and gender selection testing. For the first time ever, patients having genetic screening for abnormal chromosome conditions in their embryos will be able to elect expanded testing that can greatly increase the odds of achieving a healthy pregnancy with a preselected choice of gender, eye color, hair color and complexion, along with screening for potentially lethal diseases, screening for cancer tendencies (breast, colon, pancreas, prostate) and more. Not all patients will qualify for these tests and we make NO guarantees as to "perfect prediction" of things such as eye color or hair color.


http://www.fertility-docs.com/news_events.phtml?ID=22
https://www.23andme.com/ (this company was founded by the wife of one of the guys who founded Google and he is bankrolling it.)


Genetics=everything

Team Horrible Genetics approved
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« Reply #68 on: June 21, 2009, 01:24:44 PM »

Going forward, I think you're going to see your beloved credit scores not meaning squat.

Thin Lizzy... increasingly out of touch.  Roll Eyes


Credit Score Shell Game
As High Scores Vanish, Borrowers' Luck Runs Out
By Nancy Trejos, Washington Post Staff Writer

As banks tighten their lending standards, one number is playing an increasingly critical role in determining the financial fortunes of consumers: the credit score.

Lenders use them to decide whether to extend credit and at what interest rate. As lenders demand higher scores, more Americans are having trouble getting loans.

Others aren't getting loans at all because their scores have dropped. They may have lost their jobs and not kept up with credit card and mortgage payments, or in some cases card companies have taken adverse actions against them. Eager to mitigate risks, card issuers have closed accounts or slashed credit lines, leaving customers with less available credit. Customers who have used up much of their credit then are closer to maxed out, which further hurts their scores.

To add to their crisis, people who try to take matters in hand and pay to find out their credit scores discover that it can be difficult to learn the score that lenders actually use to evaluate them.

"Credit scores have taken on a new degree of importance," said Scott Talbott, senior vice president for government affairs at the Financial Services Roundtable, an industry group. "In the past it was a question of 'What will your interest rate be?', and now it's 'Will you even get a loan?' "

As a result, credit is less available to both low-risk and high-risk consumers at a time when they -- and the economy -- need it the most.

"The consumer who desperately needs credit right now is in a very bad situation," said John Ulzheimer, president of consumer education for Credit.com. "The consumer who is remaining consistent, the market is passing them by . . . You have more cars sitting on car lots and you have houses with for sale signs."

Jane Graver is one of those desperate consumers. She once had a credit score of about 700, which before the credit crunch made her a desirable candidate for a loan. Most lenders use the FICO score, which runs on a scale of 300 to 850.

Faced with a divorce, serious illness and tough economy, Graver, a small-business owner, missed a few credit card payments and used up her home-equity line of credit. She was close to being maxed out. Last year, her score dropped to the mid-500s.

Now that lenders are demanding credit scores of 720 or higher, she is considered even more of a risk and cannot get a mortgage -- or even find a landlord willing to rent her a home. Her house in Orange, N.J., sold at a price high enough to cover her mortgage and line of credit, but she is struggling with what to do next.

"It is difficult to cope," said the mother of two. "I am absolutely unable to get a mortgage."

As scores become increasingly important, they have also become increasingly perplexing. Consumers have free access to the credit reports used to determine their scores, but they have to pay to check them. With the heightened interest, many borrowers have been doing just that, buying their scores from a variety of Web sites, only to find out that they might be different from the ones lenders use, according to bank officials and consumer advocates.

"One of the things consumers have to understand about scores is that there are a number of different scores within the marketplace," said Norm Magnuson, vice president of public affairs at the Consumer Data Industry Association, a trade group.

The FICO score, which was developed by a company formerly known as Fair Isaac, is the dominant player in the industry. It is calculated based on the information contained in credit reports, which list a consumer's debts and payment history. Three bureaus -- TransUnion, Experian and Equifax -- keep those credit reports.

However, to compete with the FICO score, the three bureaus united in 2006 to create VantageScore, which ranges from 501 to 990, which they sell to lenders.

Complicating matters is that Experian and TransUnion have developed their own scores, which the agencies call educational scores because they are intended to help consumers gauge their own creditworthiness. Lenders cannot even buy Experian's score. They can buy TransUnion's but tend to go with the FICO score instead.

On its Web site, FreeCreditReport.com, Experian gives people their Plus score if they pay $14.95 a month for a credit-monitoring service, which they can cancel after a seven-day trial period. They have to dig through the terms and conditions before getting to this disclosure: "The PLUS Score is not a so-called FICO score, and may differ for a variety of reasons."

TransUnion also offers a $14.95-a-month credit-monitoring service with a 30-day trial period on TrueCredit.com. That gives consumers access to the bureau's scores. Like Experian, TransUnion discloses on its Web site that its score is not the same as a FICO score.

Equifax gives FICO scores to anyone who pays $14.95 a month for its credit-monitoring service.

Susan Henson, a spokeswoman for Experian, said the educational scores are still a good tool for consumers even if they are not what lenders use.

"The most important thing is they're really measuring the same thing, which is that consumer's level of risk, whether they are an extremely low-risk consumer or whether they are a high-risk consumer," she said.

But some consumer advocates say the educational scores are of little use and too expensive.

Ulzheimer likens them to faux designer bags. "It's like selling a Gucci bag on the streets of New York," he said. It looks like the real thing, but it's not.

"It exposes something two of the three bureaus don't want people to know," he added. "They make a whole lot of money selling scores."

Indeed, the recession has been a boon for many of the Web sites that sell credit scores. Traffic on FreeCreditReport.com, for instance, grew 6 percent, to 6.6 million visitors, in March, according to ComScore, which tracks Web sites.

Sean Craig, a retail manager in Ashburn, was one Experian customer. When he first checked a few months ago, his Experian score was 720. Then American Express lowered his Blue Cash card limit to $5,900 from $11,300. His score dropped to 683, then to 681. When he called American Express to ask why his limit had been reduced, he was told he had too much debt and that his credit score was actually 570.

Craig assumed the Experian score was the one American Express used, but American Express was looking at his FICO score.

"I was shocked when I checked and it was 683. I was even more shocked when I saw it was 570," Craig said. "It's driving me nuts. The whole thing seems utterly arbitrary."

Such big gaps between the educational scores and the FICO scores are not unusual.

"It's a real problem," said Evan Hendricks, author of "Credit Scores and Credit Reports" and editor of Privacy Times. "People are trying to be good, intelligent, educated consumers. They want to see their score, their report. Then they get a 'fake-o' score, which is most likely inflated, while the lender is using the FICO score . . . People think they're better off than they are."

Adding to the confusion is that even FICO scores can vary. That's because the company regularly updates the formula it sells to credit bureaus. The lenders can choose to buy the new or an older version of the formula, and they sometimes settle on an older version if it is cheaper and easier. "The lenders using scores from an older version, they're not using bad scores," said Craig Watts, a spokesman for FICO. "They're still doing the job but not doing it quite as well as the newer version."

Watts recommends getting FICO scores at Equifax.com or myFICO.com.

Other credit score experts said a better gauge of a consumer's financial health is the credit report. If they have paid bills on time, have no negative public records such as bankruptcies, and have used less than 30 percent of available credit, they probably have a good score, Magnuson said.

It's clear that's no longer the case for many Americans.

The average TransUnion credit score was 651 in the first quarter of this year, the same as it was the fourth quarter of 2008. But that was a six-point drop from the previous quarter. Experian reported a 5-point drop in the VantageScore, from 751 in the fourth quarter of 2007 to 746 in the fourth quarter of 2008.

Equifax, however, reported an increase in average scores from May 2008 to this past May, from 699.8 to 701.9, which officials attributed to three factors. First, credit card issuers are taking on fewer new customers so there aren't as many inquiries on consumers' credit reports. Many inquiries hurt scores. Consumers are holding on to cards they have had for a long time, which helps scores. Lastly, more Americans are saving and not using credit.

Lower scores leave people such as Graver in a precarious position. She is struggling to make her online specialty tea business, DuckyLife.com, a success. To do so, she might need a loan someday, and she probably won't qualify. But her most immediate worry is a home. To Graver, having a lower credit score is "a nightmare."

I've "survived four life-threatening illnesses, six surgeries, divorce -- and all as a single mom," she said. "Now I cannot find a place to live."
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« Reply #69 on: June 23, 2009, 08:31:25 PM »

Credit Scores: What You Need to Know
By JENNIFER BARRETT

You may not have checked your credit score lately, but there’s a good chance someone else has.

If you have applied for a mortgage or a loan — or even received a credit card offer in the mail — someone accessed that three-digit number to help determine the amount you can borrow and the interest you’ll owe on it.

So what goes into this all-important score? And how can you make sure you’ve got a good one?

The term credit score usually refers to your FICO score, a number based on a formula developed by the Fair Isaac Corporation. Fair Isaac looks at a summary of all your credit accounts and payment history. If you’ve got a mortgage, a MasterCard or a Macy’s account, it will be included in the report, as will late or missed payments. FICO scores range from 300 to 850, and Fair Isaac calculates them for each of the three big credit-reporting agencies: Equifax, Experian and TransUnion. That’s one reason why your FICO score with each may differ slightly. Generally speaking, the higher your score, the more money you can borrow and the less you’ll pay for the loan.

Here’s how your score is determined:

¶ 35 percent is determined by your payment history. Do you regularly pay your bills or fines on time to any creditor that submits your information to the credit bureau? Even unpaid library fines, medical bills or parking tickets may appear here.

¶ 30 percent is based on the amounts you owe each of your creditors, and how that compares with the total credit available to you or the total loan amount you took out. If you’re maxing out your credit cards, your score may suffer.

¶ 15 percent is based on the length of your credit history, both how long you’ve had each account and how long it’s been since you had any activity on those accounts. The fewer and older the accounts, the better (assuming you’ve made timely payments).

¶ 10 percent is based on how many accounts you’ve recently opened compared with the total number of your accounts, as well as the number of recent inquiries on your report made by lenders to whom you’ve applied for credit. Your score can drop if it looks as if you’re seeking several new sources of credit — a sign that you may be in financial trouble. (If a lender initiates an inquiry about your credit report without your knowledge, though, it should not affect your score.) Shopping around for an auto loan or mortgage shouldn’t hurt, if you keep your search to six weeks or less. But every inquiry you trigger when you apply for a credit card can affect your score, says Craig Watts, a spokesman for Fair Isaac. So be selective.

¶ The final 10 percent is determined by the types of credit used. Having installment debt — like a mortgage, in which you pay a fixed amount each month — demonstrates that you can manage a large loan. But how you handle revolving debt, like credit cards, tends to carry more weight since it’s seen as more predictive of future behavior. (You can pay off the balance each month or just the minimum, for example, charge to the limit of your cards or rarely use them.)

For the best rates on a loan or credit card, you want a score that’s above 700, at least. To achieve that, make sure to pay all your bills on time. It’s also a good idea to have at least one credit card you plan to use for a long time, but not too many. Keep a low balance — generally less than one-third of your total credit limit. Of course, it’s best to pay off your balance entirely each month. And stay on top of the information in your reports.

You can get a free copy of your credit report from each of the three major credit agencies once a year. Be sure to order it through annualcreditreport.com, the only authorized online site under federal law. If you notice information that’s inaccurate, you can submit a request for removal online at Equifax, , Experian or TransUnion. Or submit your request by mail. Be sure to specify what information you think is inaccurate and why, and include any documents that support your argument. Ask in writing that the information be corrected or removed from your report. By law, the bureaus must investigate your complaint, usually within 30 days, and give you a response in writing (or via e-mail, if your request was made online) and a free copy of your report, if the information is changed as a result. Your score should reflect that change shortly after.

To see your actual score, you’ll generally have to pay. You can go through Equifax, Experian or TransUnion directly, but be aware that the score you order may be one developed by the agencies themselves, like the TransUnion TransRisk New Account Score, Experian Plus or VantageScore. These are different than the FICO scores lenders generally use when they evaluate your loan applications. Myfico.com offers two reasonably priced options on its site. The $15.95 FICO Standard package (as of December 2008) gives you 30-day access to one FICO score and a credit report from one of the three major credit agencies. The $47.85 FICO Credit Complete package gives you 30-day access to your FICO scores and credit reports from all three major agencies. Myfico.com and other sites also offer services that monitor your score and report for a monthly fee (ranging from about $4.95 a month for myFico’s quarterly report to $6.65 a month for TransUnion’s Credit Monitoring Service).

Whether you need to monitor your credit that often is debatable. For most, a close look at the free annual reports from each bureau is probably enough. But if you plan to apply for a loan or credit card, check your score and report at least a couple of months beforehand. Not only will you be aware of how creditworthy you are, you’ll also have time to remove any errors you spot and make sure your score reflects the changes before you fill out any applications.
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« Reply #70 on: June 24, 2009, 11:33:56 PM »

Alexandria native Niko Papademitriou, 27, became an investment banker with a Cleveland firm soon after he graduated from college. The money was steady enough for him to fly regularly to Manhattan to see his girlfriend and take her to upscale restaurants such as Bond Street and Cafe Gray.

"A large aspect of my life -- three out of the first five conversations that we had -- I told her, 'You're not going to see much of me in the next 15 years if we start dating, because I'm going to be making a lot of money.' " He thinks that worked in his favor, "not so much for the money, but for the drive. It's one of those things in men that women find attractive."

Since being laid off in November, he has moved back to Alexandria to live with his mother. He now takes the Chinatown bus -- for as little as $5 each way -- to visit his girlfriend. Round-trip airfare between Cleveland and New York City averages more than $200.

"It's definitely putting stress on our relationship," he said recently, sitting in an Old Town cafe. "It comes back to this whole manhood thing. Like, can you be the provider, not just for yourself but for others?"

It's been tough on his girlfriend, he said. "She knows that she needs to be this understanding, positive influence in my life. At the same time, there is a lot of fear on her part, knowing that my industry and the one that we had kind of mentally projected ourselves and our way of life on could be over, or at least on pause for a while."



He has no clue, to tell his woman that. You tell a woman that you are gonna be making a lot of money, that is what she is there for. As Steve harvey was saying, "If you all you are about money, cars and clothes. That is all the woman will love you for, because you never let know you were about more than that"

And then dude tell her that she will not be seeing him that much...WTF, you just gave her the option to cheat...emotional and phyiscally.
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« Reply #71 on: July 05, 2009, 08:59:20 AM »

This is an extreme case, to be sure, but a panel of state appellate judges have ruled that this fellow will not be admitted to the state bar and practice law because his student loan debt is too high ($435,000)!


Finding Debt a Bigger Hurdle Than Bar Exam
Robert Bowman, an aspiring lawyer, was refused entry to the New York bar because of $400,000 in student debt.
By JONATHAN D. GLATER

All his life, Robert Bowman wanted to be a lawyer. He overcame a troubled childhood, a tragic accident that nearly cost him a leg and a debilitating Jet Ski collision.

He put himself through community college, worked and borrowed heavily to help pay for college, graduate school and even law school. He took the New York bar examination not once, not twice, not three times, but four, passing it last year. Finally, he seemed to be on his way.

In January, the committee of New York lawyers that reviews applications for admission to the bar interviewed Mr. Bowman, studied his history and the debt he had amassed, and called his persistence remarkable. It recommended his approval.

But a group of five state appellate judges decided this spring that his student loans were too big and his efforts to repay them too meager for him to be a lawyer.

“Applicant has not made any substantial payments on the loans,” the judges wrote in a terse decision and an unusual rejection of the committee’s recommendation. “Applicant has not presently established the character and general fitness requisite for an attorney and counselor-at-law.”

Mr. Bowman, 47, appears to have crossed some unspoken line with his $400,000 in student debt and penalties, accumulated over many years.

New York’s courts have overlooked misconduct like lawyers’ solicitation of minors for sex, efforts to deceive judges and possession of cocaine. Those instances have led merely to temporary suspensions from practice.

“It usually takes a pretty significant record of some underlying misconduct to keep you out permanently,” said Deborah L. Rhode, a law professor at Stanford who has studied bar admissions across the states. Excluding someone for having too much debt was odd, she said; the hard questions about loans usually involve applicants who have used bankruptcy to try to escape loans, she said, and Mr. Bowman has not.

Mr. Bowman concedes that he has never made a payment on his loans, partly because of medical and other deferrals and problems with his lender. But he says he intends to make good, adding that his only hope is to begin practicing law — which means overturning the judges’ decision...

http://www.nytimes.com/2009/07/02/business/02lawyer.html


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« Reply #72 on: July 06, 2009, 01:12:49 PM »

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.


I have $90K in student debt!
When I signed up for the loans I figured I’d have a steady-paying job, and could easily pay off the full amount in under 20 years. Right now, all my monthly payments only equal up to the interest cost ($400), and my principal remains untouched.
I am in a situation where my husband-to-be resents my student loans and wants me to focus on paying them off “as soon as possible” so that our (his) credit remains “clean”. He and I have both been out of grad school for 2-3 years; he has a great job with benefits; I’m self-employed.
All this debt-mentality is rolling into other areas of my life.  We’ve wanted to start a family for the past several years and the biggest reason we have not yet is my student loan debt.
I feel like I can’t start my life until I own my education by paying off the balance. No new purchases or experiences because my mantra is “not until I pay off my student loans”.
It’s as if I’m not even a visible part of society yet until I’m out from under this student loan rock. I didn’t know earlier that my student loan debt would become so all-encompassing.


http://roomfordebate.blogs.nytimes.com/2009/06/14/how-much-student-debt-is-too-much/

I predict that this couple will not get married.  Undecided

Guys: would you marry her? Huh  http://snappoll.com/poll/299799.php



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« Reply #73 on: July 08, 2009, 08:48:10 AM »

thats why obama is president for stupid situations like this,,,double edge sword my friend no way mcsame would of been president.  Granted you can fight a good credit score thats no big deal i helped plenty go frmo 500 to 750 in year and half or so most of that stuff you can fight except government debt dont try to fight that one. 

Trapped: It's hard to get a job if your credit is bad
If you're unemployed, falling behind on bills can make it tougher to find work
By Tiffany Hsu

Dan Denton is stuck in a vicious cycle: He's behind on his bills after losing his job. But lousy credit is spoiling his chances of finding new employment.

Recruiters from a St. Louis-based investment company recently rescinded an offer after looking at his credit history, which has been mauled by overdue card payments and an impending foreclosure on his Inland Empire house. He and his wife, Dana, filed for bankruptcy protection this month to try to hang on to their home.

"Of course your credit's going to look bad when you've been unemployed for months," said Denton, 60, a former fundraiser for the Crystal Cathedral in Garden Grove. "But what relevance does that have on your performance?"

The credit report is becoming the latest hurdle for unemployed workers in a dismal U.S. job market. Up to half of employers use credit screening to weed out potentially troublesome hires, though estimates vary, and the practice is on the rise.

Money woes could signal disorder in an individual's personal life that could translate into slipshod work habits, some staffing experts said. Companies lose billions annually to employee theft. A sterling credit history, they said, points to a worker who is more likely to be disciplined, trustworthy and reliable.

Mary M. Massad, managing director of screening services for personnel management company Administaff Inc., said credit checks help companies hire "the highest-quality individuals.

"It's . . . about being proactive in order to avoid trouble down the line," she said. "Companies . . . want an insight into how an individual conducts their own life, because that's typically how they're going to conduct business inside your business."

Screening employment prospects this way is legal in California and most of the country as long as it is disclosed to applicants, who must give permission for a credit check to be run.

But some experts said that there's no clear link between credit history and job performance and that the reports don't paint a complete picture, omitting details about divorces, medical bills or even identity theft . . ."

http://www.latimes.com/business/la-fi-cover-badcredit7-2009jun07,0,108282,full.story

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« Reply #74 on: August 08, 2009, 07:54:32 AM »

Another Hurdle for the Jobless: Credit Inquiries
By JONATHAN D. GLATER

Digging out of debt keeps getting harder for the unemployed as more companies use detailed credit checks to screen job prospects.

Out of work since December, Juan Ochoa was delighted when a staffing firm recently responded to his posting on Hotjobs.com with an opening for a data entry clerk. Before he could do much more, though, the firm checked his credit history.

The interest vanished. There were too many collections claims against him, the firm said.

“I never knew that nowadays they were going to start pulling credit checks on you even before you go for an interview,” said Mr. Ochoa, 46, who lost his job in December tracking inventory at a mining company in Santa Fe Springs, Calif. “Why would they need to pull a credit report? They’d need something like that if you were applying at a bank.”

Once reserved for government jobs or payroll positions that could involve significant sums of money, credit checks are now fast, cheap and used for all manner of work. Employers, often winnowing a big pool of job applicants in days of nearly 10 percent unemployment, view the credit check as a valuable tool for assessing someone’s judgment.

But job counselors worry that the practice of shunning those with poor credit may be unfair and trap the unemployed — who may be battling foreclosure, living off credit cards and confronting personal bankruptcy — in a financial death spiral: the worse their debts, the harder it is to get a job to pay them off.

“How do you get out from under it?” asked Matthew W. Finkin, a law professor at the University of Illinois, who fears that the unemployed and debt-ridden could form a luckless class. “You can’t re-establish your credit if you can’t get a job, and you can’t get a job if you’ve got bad credit.”

Others say that the credit check can be used to provide cover for discriminatory practices. Responding to complaints from constituents, lawmakers in a few states have recently proposed legislation that would restrict employers’ use of credit checks. While some measures languish, Hawaii has just imposed new restraints.

Business executives say that they have an obligation to be diligent and to protect themselves from employees who may be unreliable, unwise or too susceptible to temptation to steal, and that credit checks are a help.

“If I see too many negative things coming up on a credit check, it’s one of those things that raises a flag with me,” said Anita Orozco, director of human resources at Sonneborn, a petrochemical company based in Mahwah, N.J. She added that while bad credit alone would not be a reason to deny someone a job, it might reveal poor judgment.

“If you see a history of bad decision-making, you don’t want that decision-making overflowing into your organization,” she said.

More than 40 percent of employers use credit checks at least sometimes, according to a 2004 survey by the Society for Human Resource Management, up from 25 percent in 1998. The share has almost certainly risen today, say career counselors.

“It has been an ongoing and increasing issue,” said Mollie de Rojas, district coordinator for the local operations of the Ohio Department of Job and Family Services.

Credit counselors, worker advocates and the unemployed contend that a credit check is not always relevant to hiring decisions.

“There’s no relationship between being a personal trainer making $12 an hour” and having a good credit history, said Janet L. Newcomb, a career counselor in Huntington Beach, Calif. “People are being turned down for jobs on the basis of things that really have nothing to do with qualifications.”

That is the complaint of Kevin Palmer, 49, who for months lived at the same homeless shelter in Santa Ana, Calif., as Mr. Ochoa. After an interview that seemed to go well one day in June at a property management company, a manager walked him around the office the next day, introduced him to other employees and showed him an available desk.

A credit check later, the offer vanished.

It was “a glorified clerk’s job, taking homeowners’ complaints,” Mr. Palmer said of the opportunity, which paid about $39,000 and could have gotten him back on his feet after losing his condominium to foreclosure and filing for bankruptcy.

Last month, he says he found a job at a property management company in San Francisco — a company that did not run a credit check on him

It is generally legal to run credit checks on job applicants, but some states have restrictions. In Washington, which has perhaps the most stringent requirement, a candidate’s credit history must be substantially related to the job under a law that took effect in 2007.

Last month, lawmakers in Hawaii approved a measure that generally allows an employer to review a credit history only after making an offer and requires the credit check to be “directly related” to job qualifications....

http://www.nytimes.com/2009/08/07/business/07credit.html?_r=1&em=&pagewanted=all
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