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Started By
Message
re: Oh snap, FICO is about to get more racist/classist
Posted on 1/31/20 at 9:30 am to SlowFlowPro
Posted on 1/31/20 at 9:30 am to SlowFlowPro
fico scoring system is a joke
0
Posted on 1/31/20 at 9:31 am to YumYum Sauce
quote:
know they have to pay it or face long term repercussions.
There are basically zero repercussions for medical debt.
Posted on 1/31/20 at 9:32 am to drdoct
quote:
No one has any idea what the price will end up being when they enter a hospital and usually receive bills from 10 different entities afterward that they never even knew were there. You have zero ability to compare prices or even know the price.
Best OT post for the year (so far).
Posted on 1/31/20 at 9:33 am to jbgleason
quote:
All valid points but no one can deny that the whole thing is a racket. I closed some old zero balance cards that I had used several years ago when starting a new business. The cards were sitting in my safe and I got them all out and closed the accounts. A week later I get a notice that my score took a hit. I inquired and was told I “wasn’t utilizing my available credit” and that damaged my score. What the frick is that?
Because the credit score is actually a profitability rating for the lenders to use. Its one of the greatest marketing ploys in history -- get people to pay us (lenders) interest, even a little, to keep a high score so we (lenders) know what profit we can expect from a given person.
Posted on 1/31/20 at 9:34 am to Norbert
quote:Isn't a good idea in general to pay off high interest debt with low interest debt? Now, that doesn't fix the behavior or problems that got these people into that kind of debt in the first place. If you need to use a debt consolidation loan for your credit cards, stop using the credit cards!
How dare they penalize people who pay off their credit card debt with debt elsewhere.
Posted on 1/31/20 at 9:38 am to bod312
quote:
What if one day he decides to run every card up to the max and leave town or declare bankruptcy?
Your credit score is just a measure of risk. It's basically an assumption based on past behavior.
If that person has a ton of credit but doesn't use it, and has been that way for a while, chances are they won't do what you described. Your credit score reflects that.
It's not a full proof plan. Everyone can have a breakdown and do something out of the ordinary.
This post was edited on 1/31/20 at 9:40 am
Posted on 1/31/20 at 9:48 am to KamaCausey_LSU
I believe it's absolutely necessary to come up with a plan to pay off your high interest loans. And most of the time the easiest way is to consolidate and get a better interest rate. But you have to be very disciplined and work towards paying off that debt. I know I was in this same situation. We took out a 2.9% transfer to a card and put it on an automatic payment plan to have it all paid off in 3 years. Then we closed every credit account we had and only used American Express and kept the pay every month and resisted the urge to take their pay on time bait.
It's sad how easy it is now to end up in a debt you have zero ability to pay for. I remember back in the early 90's it was difficult to even get a credit card or a new car. Now it's like they're throwing money at everyone.
It's sad how easy it is now to end up in a debt you have zero ability to pay for. I remember back in the early 90's it was difficult to even get a credit card or a new car. Now it's like they're throwing money at everyone.
Posted on 1/31/20 at 9:51 am to HECM62
This post was edited on 9/29/22 at 10:06 pm
Posted on 1/31/20 at 10:21 am to drdoct
quote:they’re largely ignored in consumer credit scorecards, which are far more important to the average joe
Medical collections should be REMOVED as a factor in credit scores.
ETA- compared to FICO
This post was edited on 1/31/20 at 10:22 am
Posted on 1/31/20 at 10:24 am to Ross
quote:
Ironic that someone from the “Center for Responsible Lending” seems opposed to the very principle of a credit score which in theory is supposed to help banks lend their money responsibly.
Notice they're not the Center for Responsible Borrowing.
Posted on 1/31/20 at 10:39 am to Modern
quote:1. Only the uneducated consumer would not understand where charges will come from, you should educate yourself.
No one has any idea what the price will end up being when they enter a hospital and usually receive bills from 10 different entities afterward that they never even knew were there. You have zero ability to compare prices or even know the price.
Best OT post for the year (so far).
2. If you are a human being, you should negotiate an insurance policy to insure coverage if you know you cant pay for a service you are consuming. Or, you can not consume the service. I understand the day I choose to walk into an ER that I will pay X, it is not a surprise, it is not a shock. It is predetermined. My policy is clearly defined. This is my responsibility. If you choose to go thru life unprepared, why should I have to pay for your lack of responsibility. I am not sure, "it is so confusing" is an excuse. Hell, I get my car fixed and it costs a fortune, I know this and I make that choice to own and operate a car, this includes the costs that go with it.
To assume you will never get sick enough to need an ER and not choose to prepare for it is just idiocy. I dont know why we would absolve people for the choice to not pay for a service they received.
Posted on 1/31/20 at 10:41 am to drdoct
quote:But here I am with a Whole Foods insurance policy that has negotiated that down to a 250 dollar copay that I knew about when I walked thru the doors. So, you can understand that Whole Foods will not be getting the 95 bucks for the cart return, they will get 1 dollar and 11 cent.
So yeah if you went to whole foods and there were no prices and you picked up a few tomatoes and a bag salad and they said... we'll send you a bill and next month you got 5 bills in the mail:
Vegetable stock clerk: $275
Scale usage fee: $75
Vegetable bag: $20
Cashier: $23,800
Processing fees: $2300
Shopping Cart return: $95
Total for your trip to Whole foods for a salad: $26565
Also, if I knew that this would happen, and I had chose to not prepare myself for my shopping trip...but entered into and purchased things at Whole Foods, I should just get my goods for free with no reprecussion?
Posted on 1/31/20 at 10:45 am to tigerfoot
That's a good try mr medical professional. However even the hospitals can't tell you how much they will charge. They have no idea. Why? Because it all depends on who they're charging as to what they charge.
Luckily I have good company paid insurance so my responsibility is damn near zero. But that doesn't mean it's always been that way or that I have no idea what's going on. The only people who feel like the medical billing isn't the opposite as it should be are the people profiting immensely from it.
Luckily I have good company paid insurance so my responsibility is damn near zero. But that doesn't mean it's always been that way or that I have no idea what's going on. The only people who feel like the medical billing isn't the opposite as it should be are the people profiting immensely from it.
Posted on 1/31/20 at 10:53 am to Papercutninja
quote:
High interest is relative. Chances are if you are using one of these companies, you aren’t credit worthy. That risk has to be accounted for and that’s why these rates exist. These people have no where else to go for a reason.
You’d be surprised there’s a decent amount of people with excellent credit that use those types of places. A lot of the time they can offer a short term solution without as much red tape as their other creditors
But a big part of their pitch is to be able to bundle up revolving debt for these people to make the numbers work to allow them to make the loan as well as using the “improve your credit” pitch when people start asking questions, which is already mostly bullshite. But if that is completely eliminated it will take away a lot of business, especially if they regulate that they must disclose that information before signing the loan
Posted on 1/31/20 at 10:59 am to Upperdecker
quote:
They’ve never looked at people that use credit to pay off credit? Seems negligent to me. Those people are risky AF, all they’re doing is transferring debt
Not necessarily - if your credit card runs 30% interest but you can get a personal loan at 8-10% then it's fiscally responsible to get the loan if you actually work on paying it off.
Where it gets shitty is if said person uses the personal loan to pay off the credit cards then fills the cards back up.
Option A is smart and I've done it in the past. Option B is what they are looking for when they make this change.
Posted on 1/31/20 at 11:02 am to drdoct
quote:same charge, negotiated rates differ. See what preplanning does
They have no idea. Why? Because it all depends on who they're charging as to what they charge.
Posted on 1/31/20 at 11:06 am to tigerfoot
quote:
But I just can’t imagine caring enough to regularly check on it
Guess what chief, many employers check credit reports before hiring. It isn't just about getting a car or home.
Also, only a moron goes years without checking in this day and age with identity theft.
Posted on 1/31/20 at 11:08 am to tigerfoot
quote:
Only the uneducated consumer would not understand where charges will come from, you should educate yourself.
so you know every doctor, nurse, specialist, etc. that will be treating you in an emergency situation?
quote:
If you are a human being, you should negotiate an insurance policy to insure coverage if you know you cant pay for a service you are consuming. Or, you can not consume the service. I understand the day I choose to walk into an ER that I will pay X, it is not a surprise, it is not a shock. It is predetermined
and what happens if the CNRA is outside of your network?
what if you have a situation outside of your home area/our of state?
quote:
To assume you will never get sick enough to need an ER and not choose to prepare for it is just idiocy. I
the problem with this reasoning is that it's too complicated with too may variables to actually prepare
Posted on 1/31/20 at 11:23 am to TigerMyth36
I'll just say that checking your credit reports is important so that you can see that there isn't anything on it that shouldn't be. Knowing your score isn't really important at all. There are too many different ways to present that information for it to really matter at all.
Posted on 1/31/20 at 11:23 am to SlowFlowPro
Have good financial habits, have a good credit score.
It is not rocket science people. Also, stop worrying about a stupid number and don't buy shite you can't afford.
It is not rocket science people. Also, stop worrying about a stupid number and don't buy shite you can't afford.
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