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Message
Is Credit Scoring Inherently Biased?
Posted on 6/23/20 at 6:49 pm
Posted on 6/23/20 at 6:49 pm
While minorities are taking down all the obstacles to their good life, shouldn't they turn on the system that keeps them from obtaining nice things? Just wipe the slate clean and let everyone start with a 750! That, along with the reparations, minorities will no longer be able to wave the disadvantaged banner.
I might just write my congressman! Of course we still have to fix every single large city in America.
I might just write my congressman! Of course we still have to fix every single large city in America.
15
Posted on 6/23/20 at 6:53 pm to WMTigerFAN
(no message)
This post was edited on 1/20/21 at 10:06 am
Posted on 6/23/20 at 6:55 pm to WMTigerFAN
It’s coming
Posted on 6/23/20 at 6:55 pm to Vegas Eddie
We kind of did that with the whole mortgage loan crisis
And look what happened
And look what happened
Posted on 6/23/20 at 6:57 pm to WMTigerFAN
There are things that hurt your credit that shouldn't. Unforeseen circumstances like medical debt shouldn't destroy your score.
If it can HURT your score, it should also HELP your score if you pay it on time. For instance, a one year lease. You pay it all on time, your score should go up. You default? It goes down.
But if you borrow money, and dont pay it back, you deserve bad rates.
If it can HURT your score, it should also HELP your score if you pay it on time. For instance, a one year lease. You pay it all on time, your score should go up. You default? It goes down.
But if you borrow money, and dont pay it back, you deserve bad rates.
This post was edited on 6/23/20 at 6:59 pm
Posted on 6/23/20 at 6:59 pm to YumYum Sauce
quote:
There are things that hurt your credit that shouldn't.
Funny story: Discover card gives you your FICO rating in the bill each month. I've been consistently 850 for a long time now. Then I actually paid off the house, and they dropped the score to ~820... Apparently not having a mortgage anymore makes the score go down!
This post was edited on 6/23/20 at 7:04 pm
Posted on 6/23/20 at 7:07 pm to WMTigerFAN
quote:Yes.
Is Credit Scoring Inherently Biased?
Credit Scoring is biased against those who do not repay a loan.
Credit scoring is biased against persons who do not pay a bill.
Low credit scores are for people who do not even pay attention, much less what they owe.
Posted on 6/23/20 at 7:08 pm to WMTigerFAN
Yes it's biased towards responsible financial behavior.
Posted on 6/23/20 at 7:09 pm to WMTigerFAN
Yes, it's biased against deadbeats who don't pay their bills
Posted on 6/23/20 at 7:28 pm to M. A. Ryland
quote:
Funny story: Discover card gives you your FICO rating in the bill each month. I've been consistently 850 for a long time now. Then I actually paid off the house, and they dropped the score to ~820... Apparently not having a mortgage anymore makes the score go down!
I paid off an installment loan once and took a 30 point hit.
Paying your debts apparently = deadbeat.
Posted on 6/23/20 at 7:29 pm to WMTigerFAN
Pay your fricking bills.
Problem solved.
Problem solved.
Posted on 6/23/20 at 7:38 pm to WMTigerFAN
You're describing the REAL reason for the housing crash in the 2000s.
Banks were forced to lend to unqualified people, or be cancelled and fined.
They said frick it, and lent money to anybody.
Banks were forced to lend to unqualified people, or be cancelled and fined.
They said frick it, and lent money to anybody.
Posted on 6/23/20 at 7:49 pm to WMTigerFAN
Millenials of any color in this country for the most part (and there are exceptions) are horrible money managers.
Credit scores are what start maturing them from misfit into responsible misfits...
Credit scores are what start maturing them from misfit into responsible misfits...
This post was edited on 6/23/20 at 7:50 pm
Posted on 6/23/20 at 9:19 pm to M. A. Ryland
quote:
Funny story: Discover card gives you your FICO rating in the bill each month. I've been consistently 850 for a long time now. Then I actually paid off the house, and they dropped the score to ~820... Apparently not having a mortgage anymore makes the score go down!
They want you to be in perpetual debt. Not having debt is a bad thing to the credit industry.
Posted on 6/23/20 at 9:20 pm to WMTigerFAN
quote:
That, along with the reparations, minorities will no longer be able to wave the disadvantaged banner.
No, those people will always feel they are being disadvantaged. They simply must find a scapegoat for their own poor decisions.
Posted on 6/23/20 at 9:21 pm to M. A. Ryland
I recently paid cash for a new truck and the same thing happened to me 
I may actually agree slightly with the left about credit scores. Not that mine is bad, but it’s clearly a number system designed to only favor lenders and punishes you for not having debt.
I may actually agree slightly with the left about credit scores. Not that mine is bad, but it’s clearly a number system designed to only favor lenders and punishes you for not having debt.
Posted on 6/23/20 at 10:37 pm to WMTigerFAN
quote:
Just wipe the slate clean and let everyone start with a 750
Yea, then banks will no longer depend on lending based on credit score.
Most only use the actual score as a piece of their own custom score.
Posted on 6/23/20 at 10:41 pm to WMTigerFAN
Pay what you owe..
Green is the only color that matters to those that lend credit
Green is the only color that matters to those that lend credit
Posted on 6/23/20 at 11:20 pm to WMTigerFAN
Credit scores in general are a flawed system. So someone who does not borrow money or have credit cards or car payments scores very low because of lack of credit history but someone who has lots of debt but pays the payment on time has a good credit score. Yea, that sounds like a great system.
Posted on 6/23/20 at 11:38 pm to M. A. Ryland
quote:
Funny story: Discover card gives you your FICO rating in the bill each month. I've been consistently 850 for a long time now. Then I actually paid off the house, and they dropped the score to ~820... Apparently not having a mortgage anymore makes the score go down!
I was naive about this years ago and was surprised when my credit score took almost a 30 point drop when I paid off my last student loan. Silly me thought it would go up from tackling such a large number and paying it off well in advance of the terms of the loan.
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