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Author Topic: FICO Credit Scoring - A Conspiracy?  (Read 3116 times)
AC Slater
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« on: November 04, 2012, 10:19:08 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?
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I dont like twinks.
Hulkotron
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« Reply #1 on: November 04, 2012, 10:24:36 AM »

Not sure man will think about it.
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Red Hook
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« Reply #2 on: November 04, 2012, 10:28:24 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.
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I
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« Reply #3 on: November 04, 2012, 10:29:00 AM »

In before BayGBM posting links to old threads.
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from incomplete data
quadzilla456
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« Reply #4 on: November 04, 2012, 10:31:19 AM »

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Hulkotron
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« Reply #5 on: November 04, 2012, 10:34:13 AM »

Are these scores culturally biased?
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Roger Bacon
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« Reply #6 on: November 04, 2012, 10:52:01 AM »

20 points due to the hard inquiries by the insurance companies.

I'm pretty certain that inquiries only temporarily drop your credit.
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POB
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« Reply #7 on: November 04, 2012, 11:38:29 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
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calfzilla
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« Reply #8 on: November 04, 2012, 11:55:39 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
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BayGBM
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« Reply #9 on: November 04, 2012, 12:00:35 PM »

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

Don't take financial advice from Thin Lizzy. Roll Eyes
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arce1988
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« Reply #10 on: November 04, 2012, 01:15:47 PM »

  Fight Club
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Mattyh7688
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« Reply #11 on: November 04, 2012, 01:20:19 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.
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« Reply #12 on: November 04, 2012, 01:39:07 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.
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arce1988
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« Reply #13 on: November 04, 2012, 01:40:11 PM »

  Coach is correct.
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The Abdominal Snoman
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« Reply #14 on: November 04, 2012, 02:30:42 PM »

<a href="http://www.youtube.com/watch?v=nuYxp7-Au4E" target="_blank">http://www.youtube.com/watch?v=nuYxp7-Au4E</a>
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« Reply #15 on: November 04, 2012, 02:36:04 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 Cheesy
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BayGBM
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« Reply #16 on: November 04, 2012, 02:57:19 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 Cheesy

There really are adults who don't know this, aren't there?  Cry
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« Reply #17 on: November 04, 2012, 03:01:04 PM »

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

just like there are adults who don't seem to know that choosing to be ghey results in aids 
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lovemonkey
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« Reply #18 on: November 04, 2012, 03:11:25 PM »

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

C'mon Bay, post links to threads about credit failures. We all know you want to. No one's stopping ya  Grin
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from incomplete data
POB
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« Reply #19 on: November 04, 2012, 03:12:59 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...
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Mr Anabolic
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« Reply #20 on: November 04, 2012, 03:17:10 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.  

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Irongrip400
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« Reply #21 on: November 04, 2012, 03:20:24 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.
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« Reply #22 on: November 04, 2012, 04:34:55 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 Cheesy

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.
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Straw Man
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« Reply #23 on: November 04, 2012, 04:56:37 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
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cswol
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« Reply #24 on: November 04, 2012, 10:38:40 PM »

all your credit score or credit rating is, its a score that shows how good of a slave you are to the system
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