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Au contraire. You would pay subsidized rates on everything to pay for the irresponsible people.
More than that, it’s like the Chinese System. Your score is rated on what you think. Rated on your Politics.
Quote:
Originally Posted by Grlzrl
So the government takes over the credit reporting?
Sure ... Banks are already telling the Government where and how you spend your money.
Donate Money in the wrong place and oops, nice Credit Score you used to have.
Location: By the sea, by the sea, by the beautiful sea
68,329 posts, read 54,389,283 times
Reputation: 40736
Quote:
Originally Posted by Kavalier
Were you in a coma last year when your BLM Antifa Shock Troops torched this nation?
Oh I keep forgetting, that was just "peaceful protests".
No, and I'm not in a coma now watching someone who stated "Liberals are hellbent on destroying America" make a lame attempt at deflecting attention away from those selling the BS of a 'stolen election' who are hellbent on destroying America.
I have almost no credit history at all.
I have mustered my own resources all my life, and have never borrowed very much or very often. If I do borrow, I always keep the loan to the bare minimum I need, and pay it off as fast as possible.
If I need a loan, I always use my bank, a small regional, or a local credit union I belong to, also small. Both know my history well, and I've never had any problems at all getting a short term loan, a mortgage, or a long term loan for a vehicle.
I tend to live in one house for many years. I drive my vehicles until they're worn out, usually around 20 years, as I maintain them carefully. I make most of my furniture, and save unit I have the money for larger purchases, making do until I have the bucks to spend.
I went without medical insurance until I could afford some, then found a local agent who had some good plans at very reasonable rates.
This gives me a questionable score from the credit bureaus. My bank's loan officer, a friend, once checked it for me. It was amusing to both of us, because I had just paid off another short term loan, but he suggested I begin borrowing more, just to improve my score.
Just in case I am stuck somewhere and need some money fast for something very urgent.
I took his advice, but I probably need to borrow even more to satisfy a credit bureau's standards of eligibility. I have very little I need or want, so borrowing is very hard for me to do, especially for such an empty purpose.
It appears to me that the folks with the highest credit bureau scores are those who struggle the most with loans, using money they can't always afford to repay, and living lives of quiet desperation because they are dependent on their scores.
I don't think I am some extraordinary exception. I tend to think there are many, many others around who are like me, and they are of all ages.
I have nothing basically against credit bureaus, as they should be a quick way to learn of someone's credit worthiness.
But they aren't. There is far too much in their ratings that's based on artifice and not a person's reality.
They won't ever change. The way they do things is how they make their money, and their ways came from decades of development.
So if Biden wants to done away with them, that's OK by me. Let 'em die off, and when they do, better agencies will emerge. The need for their services still exists, but their services need to be better from the ground up. Sometimes demolition to the ground level has to happen first.
As I said earlier, there should be clarity/transparency on what makes up your credit score. I don't think I've ever heard a justification for reducing your score by repaying a loan in full.
Quote:
Originally Posted by tamajane
This is a good example of why there needs to be some kind of change. I explained a situation that is unsolvable in which I only hit brick walls and you simplified it down to "call a manager". I've been chasing this thing down for a long time. You have no clue. If you bother to read complaints against credit bureaus you find many such cases in which the consumer is simply screwed, it's a circle chase.
I need to ask you to further clarify, please.
You owned a home, and so of course had utilities in your name. You arranged for a "final bill" in some fashion at the closing of the sale of the home (ie, you arranged for the utilities to end in your name). Somehow, the actual final bill was still sent to the house, but not forwarded to you? Or, you paid what you thought was a final amount and then they billed even more?
Yes, there needs to be some procedures that allows someone who has paid utility bills on-time that has a situation like yours for a small final bill that gets "misplaced" to easily pay that bill and have it not affect their credit or their credit be corrected.
To an extent this is true, but it's certainly not as cut and dry as you make it sound either. I got into some trouble with credit cards in my early 20's, but that didn't mean I stopped paying my insurance premium or that I went off the rails and started speeding/driving recklessly. Never had an accident/speeding ticket to this day (although now I probably just jinxed myself).
so, your credit score now is much better? Your insurance agent has told you "if your credit score was X, then your premium would be lower than it is now"?
{snip}
It appears to me that the folks with the highest credit bureau scores are those who struggle the most with loans, using money they can't always afford to repay, and living lives of quiet desperation because they are dependent on their scores.
{snip}
lol - my experience is exactly the opposite. For example, my credit score is well >800, I currently have zero debt and have never had a problem paying my bills. I have two brothers that are in similar circumstances.
OTOH, I can think of several friends/relatives that have terrible credit scores. Their circumstances vary, but they are the ones "who struggle the most with loans".
Soaring interest rates. The lenders are going to cover their butts one way or another. Biden's way is 50% interest rates. Legalized loan sharking.
If Biden makes policy decisons that drive up interest rates, then the interest rates on our $28T debt also goes up. If it went up just 1%, that adds $10,000,000,000 (Ten Billion) to our debt.
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