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exactly , not everyone who has one the of the big three is devastated . those who are can usually be back tracked to find it was a bunch of poor choices and bad decisions over their life time.
don't forget assets play no part in your credit score so an employer does not know if you are a low credit score individual with no money , lots of money or an honesty issue . you are just in with the group for the ride whether it apply's or not once you have poor credit . no credit history may not do you much better since no answer as far as your ability tio pay and want to pay is still no answer .
Which is precisely why credit scoring models are in development for the millions without conventional credit scores.
most of those other models are not utilized by lenders or employers .
don't forget an employer does not go to kredit karma and the like , they go to the fico companys and use credit scoring models you can't even see . what you see are the 2 consumer models when you buy a fico score. that is not what lenders use . they use very specialized versions of fico scores .
Last edited by mathjak107; 10-24-2015 at 04:07 AM..
Are you aware there are credit scoring models being developed to address the market segment of those without conventional credit scores?
are you aware they all get used very little ? as an example fico alone has 49 different credit scores using all different criteria they offer lenders . consumers have 2 choices from fico they can see .
lenders buy hand tailored scores that use different weighting and criteria to better fit the market place they sell to .
there is little chance one of these scores that help folks with little credit history may be the one they use .
I have demonstrated that a dishonest tax cheat can coast with a good credit score while an honest poor person can put themselves in tax hell with indefinite low credit scores. (out = put)
you can find all sorts of exceptional scenario's but it still does not change a thing .
poor credit scores will hurt you more often than not . you can dream up all th scenario's in your head you like .
I'm poor and honest. (That got me into a tax lien some years back, which I could have avoided by not reporting SE income.)
I don't feel any temptation because I feel like a victim and value that status highly, and because I believe victim cred is dependent on honesty - a dishonest person is a victimizer, not a victim.
it still does not preclude the fact there was likely a history of bad decision making and poor choices leading up to the event that toppled them . employers, lenders , and insurers don't care about your reasons . you are merely a score and are judged by it .
Last edited by mathjak107; 10-24-2015 at 04:09 AM..
most of those other models are not utilized by lenders or employers .
don't forget an employer does not go to kredit karma and the like , they go to the fico companys and use credit scoring models you can't even see . what you see are the 2 consumer models when you buy a fico score. that is not what lenders use . they use very specialized versions of fico scores .
It's kind of moot. If your credit score sucks on CreditKarma, it's going to suck on any other kind of credit report. It might vary by a few percent depending on the algorithm used to calculate the score but the raw data is the same. Bankrupt? A huge slam. Defaults and judgements? A major slam. Lots of blemishes for late payments? A generally poor rating.
Of course, we agree on the main point here. You are what your credit report and your LexisNexis report says you are. If you have terrible credit and/or drug/DUI arrests, nobody is going to hire you, nobody is going to rent an apartment to you, and, if you can even get them, you'll pay a huge premium for insurance policies and interest rates on loans.
It's kind of moot. If your credit score sucks on CreditKarma, it's going to suck on any other kind of credit report. It might vary by a few percent depending on the algorithm used to calculate the score but the raw data is the same. Bankrupt? A huge slam. Defaults and judgements? A major slam. Lots of blemishes for late payments? A generally poor rating.
Of course, we agree on the main point here. You are what your credit report and your LexisNexis report says you are. If you have terrible credit and/or drug/DUI arrests, nobody is going to hire you, nobody is going to rent an apartment to you, and, if you can even get them, you'll pay a huge premium for insurance policies and interest rates on loans.
you are off in left field somewhere with the purpose of the new models . .
two different issues . the new models HAVE NOTHING TO DO WITH BAD CREDIT .
the new models take a lot of emphasis off older credit history . the idea is you can be a new comer to the world of credit and showing you have both the ability an willingness to pay and not have to have a low score because of lack of history while you show good promise . .
it has nothing to do with fako scores or trying to hide you have bad credit and blemishes as fico has new models out as well . the issue is they have not caught on with lenders so they are used very little .
Most employers do not do a credit check that is more for the corporate type jobs for the most part. Most jobs a simple 3 previous employers will give the employer the information they need. They will find out who is really responsible straight from the horses mouth. Having great credit doesn't mean the person is the one paying his bills. His mommy and daddy, girlfriend or wife could have paid his bills that's why he has great credit.
I've been in the skilled trades most of my life and the contractors simply want to know your previous work history and skills no fluff of if you pay your best buy credit card on time every month. Also lots of people choose not to use credit at all, either they have cash or they simply don't get it.
I personally don't use credit myself and often times I have to rent large equipment. I simply put down a cash deposit same when I rent a car which is rare. I just did it to rent a.moving truck also. Credit is for suckers in my opinion.
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