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As someone who does not have health insurance I have to jump in here. I graduated last March with a Bachelor of Science Degree in Fashion Marketing and Management. Before that I was working for a company for 3 years but had to leave in order to do an unpaid internship, hence my insurance was cancelled. I was been working temp jobs since then and unfortunately because of all the stress I ended up in the hospital for a week with an abcess in my throat. Luckily I was able to get Charity Care and everything was paid for (except one of the doctor's bill which was $225 and the whopping $400 bill I got from the ambulance company which transported me about a mile and a half from one hospital to the next). Last week I had to go to my doctor and get a quickk exam (that cost me $180 on the spot) blood work had to be done and I just got a $406 bill for that. Luckily my doctor's office is going to work it out so I pay only $203 but still all in all what part of not having insurance was my fault? Since graduating I have worked off and on doing temp work just to pay bills and catch up on bills that I had to pay late (and deal with whopping late fees and phone calls). What I am saying is not everyone who gets into debt is a worthless piece of scum and spent more than they could afford. Things get rough and you try to cover them the best way you can. I do believe credit scores are a sham. Why do all three credit reporting companies have different scores and different accounts on them??? How can my score be 542 on one and 692 on the other? When I close an account why does my score get lower? Maybe I closed it because they charged an annual fee and I want to pay off my credit card debt. Why must I pay off a card but keep it open in order for my score to increase? There are flaws in this FICO system and I think it weeds out alot of people.
And also before anyone says "why didn't you buy month to month insurance", The cost is about $150-$200+ and they don't cover everything like company insurance does. My copay would not be $20 like it would if I had insurance through my company. The copay ranges and usually it is nothing shorter than $60.
Credit is not something you are entitled to. Sorry to inform you of that. Same with health care. Before Medicare and the government messed things up, you could get house calls and health care was even somewhat affordable. If health care is expensive now, just wait to see what it costs when it's "free". EZ credit has driven up the price of EVERYTHING by creating artificial demand for items unaffordable by the majority of American consumers such as 52" HDTVs, iPhones, even tuition as many students go under the government dole instead of working through college.
Not everyone uses credit scores in its entirety. If you want a loan, you can do a P2P loan (google "prosper" and I'm not affiliated ) funded by regular people just like you and I. Also, the existence of 3 bureaus helps to somewhat decentralize things. Some CC companies only look at one bureau's score.
The algorithm is about risk/reward. It's nothing personal, just business.
I actually work at a very successful "old school" bank in MN where we still do most of our loans without pulling a credit report. We are more interested in repayemnt source, collateral and character than a credit score.
I actually work at a very successful "old school" bank in MN where we still do most of our loans without pulling a credit report. We are more interested in repayemnt source, collateral and character than a credit score.
You guys will be welcomed now that the consumer credit fad is dying a slow death.
Credit is not something you are entitled to. Sorry to inform you of that. Same with health care. Before Medicare and the government messed things up, you could get house calls and health care was even somewhat affordable. If health care is expensive now, just wait to see what it costs when it's "free". EZ credit has driven up the price of EVERYTHING by creating artificial demand for items unaffordable by the majority of American consumers such as 52" HDTVs, iPhones, even tuition as many students go under the government dole instead of working through college.
Not everyone uses credit scores in its entirety. If you want a loan, you can do a P2P loan (google "prosper" and I'm not affiliated ) funded by regular people just like you and I. Also, the existence of 3 bureaus helps to somewhat decentralize things. Some CC companies only look at one bureau's score.
The algorithm is about risk/reward. It's nothing personal, just business.
No one said anything about being entitled to credit. What I said was it weeds out alot of people meaning those who have credit but have missed a couple of payments and those who have no credit (I have older friends who have no credit and find it harder and harder to actually establish credit). I don't think healthcare should be free but once again you weed people out..if you are poor and on assistance of have no income you get free healthcare, if you are rich you can afford to pay out of pocket for health issues, if you work but have no insurance then you are SOL. Bottom line is 3 companies should have same info or only have one company with same info. HEALTHCARE IN THE US WILL NEVER BE FREE. I remember when I had my gallbladder removed and stayed in the hospital overnight. My company got a bill for $13k!!!! And another bill from the doctor and I had to pay a $500 copay. I can't imagine how my future kids will survive if they don't become overpaid CEOs, Pro athletes, or Actors.
No one said anything about being entitled to credit. What I said was it weeds out alot of people meaning those who have credit but have missed a couple of payments and those who have no credit (I have older friends who have no credit and find it harder and harder to actually establish credit). I don't think healthcare should be free but once again you weed people out..if you are poor and on assistance of have no income you get free healthcare, if you are rich you can afford to pay out of pocket for health issues, if you work but have no insurance then you are SOL. Bottom line is 3 companies should have same info or only have one company with same info. HEALTHCARE IN THE US WILL NEVER BE FREE. I remember when I had my gallbladder removed and stayed in the hospital overnight. My company got a bill for $13k!!!! And another bill from the doctor and I had to pay a $500 copay. I can't imagine how my future kids will survive if they don't become overpaid CEOs, Pro athletes, or Actors.
There were alternatives...
you could've forgone the unpaid internship for a paying job that offered insurance. Paying out of pocket and living a super healthy lifestyle and lots of exercise. Lots of options for the middle class.
I still assert that we live under an entitlement generation. That's going to change oh so much in the coming years. I'm very much looking forward to the transformation out of consumer credit and am very optimistic on our country's future. Turning lemons into lemonade
They originally were not going to give her a loan at all. after hours of negotians and only 2 k down she was able to get a loan at 15% for 3 yrs. yes, crap interest rate but not as bad as I have seen. But the point is they eventually looked at more than just her score. She ran into bad times and proved everything was not her fault and was being taken care of.
Life is not fair and FICO was never meant to be. I would not loan someone money with a low FICO score.
It might have been smarter for her to spend $2000 cash on an older car and save up the equivalent in car payments for three years to upgrade her car at that point.
you could've forgone the unpaid internship for a paying job that offered insurance. Paying out of pocket and living a super healthy lifestyle and lots of exercise. Lots of options for the middle class.
I still assert that we live under an entitlement generation. That's going to change oh so much in the coming years. I'm very much looking forward to the transformation out of consumer credit and am very optimistic on our country's future. Turning lemons into lemonade
No alternatives. Bottom line no internship no degree. Also no mommy or daddy to live off of and foot the bill. That wasn't the point. Also a "super healthy lifestyle and lots of excercise" has nothing to do with stress and family history. Enough of this post no point in debating with someone who lives in LaLa land.
What I am saying is not everyone who gets into debt is a worthless piece of scum and spent more than they could afford. Things get rough and you try to cover them the best way you can. I do believe credit scores are a sham.
It's not about whether or not you are scum - it's about whether or not you can afford to take on the credit that you are applying for and what the odds are that you'll repay. It's not a judgment about you as a person, but about your current financial status as a recent graduate that is new in the workforce and who doesn't have stable employment.
While I agree tht it is unfortunate that some otherwise responsible people might have their credit ruined by a medical emergency this is generally not the case.
Most people who have lousy credit scores earned them through spending more than they had and not making payments on time. Having an excellent credit score is very simple to do. Live within your means and don't borrow more than you can comfortably pay. There is no trick to it.
Ah but more then you may think have a medical debt ding on their reports. My wife works in apartment leasing. She gets to look at hundreds and hundreds of peoples credit. She tells me 50-60% of all credit apps have a medical ding on it. Lucky for some, her complex ignores it.
I actually work at a very successful "old school" bank in MN where we still do most of our loans without pulling a credit report. We are more interested in repayemnt source, collateral and character than a credit score.
Wow....do you realize you are the only one left on earth? You should branch out. I would move near you because of your great bank but Mother Nature pukes white all over you and I hate that stuff.
Chaulk one up for the good guys !
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) funded by regular people just like you and I. Also, the existence of 3 bureaus helps to somewhat decentralize things. Some CC companies only look at one bureau's score.
