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Jonathan
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Post by Jonathan »

Good credit is for posers (and rich people).
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Post by Six6VI »

Jonathan wrote:Good credit is for posers (and rich people).

What he said.

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Post by PnDsCm »

Whatever the bias is against posers you can all eat it!
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Post by Jonathan »

Nothing wrong with posers. Posers are awesome. So are rich people.

But good credit is no place for this poor old elitist j.ew from the dirty streets of east LA, knowin' nothin' of the world of high finance.
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Post by Evil Red »

*curses the slow postal companies and waits for FICO kit*

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Post by Adremelech »

LIVE FO RETSINIM wrote: Finally, I don’t give a fuck where you work at; I also KNOW that your credit score IS affected if it is checked multiple times. If you don’t believe that, go ahead and get 5 or so credit checks from different places in a close time frame. And It affects it. Of course applying for loans and CC’s affect it.
With all due respect Jody, you are wrong.

You can not give a fuck where I work, and you can not give a fuck that I worked as a loan officer and processed over 150+ loans and have gone over as many credit reports. If you think you know better than I do, then don't listen to me.

Your credit report is only negatively impacted when you APPLY FOR CREDIT. Not when your credit is queried. Your credit report lists every single query made upon it in the last 2 years, but not all of them affect your score.

Credit card companies and banks that you've never even heard of routinely check your credit without your knowledge to see if they should send you card applications. This does NOT affect your score. Your existing creditors will often re-check your credit to make sure you are still doing well. Again, no effect on your score. Insurance companies, utilities, landlords, and employers also have no impact on your score. These are called "Soft Inquiries".

Then, there are "hard inquiries". These are when you INITIATE the business and try to extend your credit. THAT is when your score is impacted. When you apply for an auto loan, personal loan, home loan, credit card, etc. New cell phone accounts will also impact your score. Think about it... Scores are lowered in these cases because they are linked to an increase in your debt, and you therefore become slightly more risky to the next creditor. Merely looking at your report doesn't make you any more of a risk, so your score doesn't go down.

Credit files are also up to interpretation. It's not all based on the score. Like I mentioned earlier: You can apply for home loans at 5 banks. They will each pull your credit, and each will impact your score. However, the bank whom you choose to go with will see that you were shopping for the best rate, and not trying to get loans from all 5 banks. The credit scoring algorithms take this into account when determining how much to lower your score.


But then again... What do I know?
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Post by Evil Red »

I love those little moments when you find a easy way to remember shit (that you couldn't believe you didn't know for sure) because the answer is so simple.

This just did that for me.
Adremelech wrote: Think about it... Scores are lowered in these cases because they are linked to an increase in your debt, and you therefore become slightly more risky to the next creditor. Merely looking at your report doesn't make you any more of a risk, so your score doesn't go down.
Again, thank you sir.
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Post by soundguy »

wadruid wrote:They've been doing this for over 20 years.
If so, I have to believe that it didn't count for much until recently. 20 years ago my credit score was "negative one billion - shoot on sight" and I didn't have a problem getting cheap insurance.
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Post by Blonde leading the blonde »

soundguy wrote:20 years ago my credit score was "negative one billion - shoot on sight"
Dude! They had some harsh credit reporting protocols back in the day....
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Post by SLAM TV »

Blonde leading the blonde wrote:OK, I don't know when it became common or stylish, or how many people do it, but stop and think about what they might see. Stop worrying for a minute and reason it out. They might see someone who is deeply in debt, but up to date on their bills. They might see someone who pays late from time to time and has some medical collections. They might see someone who's credit went to shit shortly after their last reported date of employment. OR, they might see someone who chronically pays late and appears to have always done so, routinely bounces checks, has multiple collections/judgements/repos, and frequently overspends. Who, of those people, would you be worried might not be a model employee? If you know they're doing a credit check, tell them proactively what they're going to find and why. (i.e. my score sucks because I've been laid off and it screwed up my debt-to-income ratio, but my bills are current) Like as not, unless you're a chronic screw up, it won't matter. Here's the thing - you know your current and past employers are not allowed to give a more illuminating job reference than start/end date, position, duties, and I think they can confirm salary if you tell them what you think it is. They're still trying to come up with creative ways, I suspect, to get the information, anyway. *shrugs* and like you said -- do you want the job? If it bugs you, pull a Tim Eyeman and bust out a new law. ;)
In actual practice, the credit check is very often not even looked at-- it requires a fee to process it just like any other part of a background check. It (the credit report) is used as a barometer of "risk"-- as a determining factor between two otherwise identically qualified candidates, it is more statistically probable that a person with challenged credit is more at risk to steal, divulge trade secrets, etc-- that being said, it only becomes useful when there is a complete lack of any other source of information. Like Jenzy, I've never turned down an applicant based on a credit score. Ultimately, the person hiring has to have good instincts and good judgement to build a good staff-- has to actually be a person, ya know? There's nothing in a credit score that could be used as a barometer of a person's character, and you have to trust that the HR person is smart enough to realize that, and if not-- fuck 'em--why waste your time working for idiots? Probably, Bryan, your credit's not really being looked at-- $32-$80 per applicant is an overhead expense that most HR departments won't pay in the face of a $500 piss test per applicant and another $32-$100 criminal background check. There's just not a lot of jobs out there right now.
no shit... they might as well call it "tr00 br00tal kvlt satanic pr0n" or something.

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Post by ophidian »

Blake NWR wrote:I referred a friend to my employer for a tech support position. He aced the tech screening and the behavioral interview and could have been one of the more advanced techs they had. He was offered the job and had a start date all set. I was also gonna pocket a sweet referral fee, too...

Until his background check pulled up two misdemeanors from way back (not sure what they were). Offer rescinded immediately.

Speaking of misdemeanors. I have a few (all from my college days) and one in particular was a plea bargain down from a Class C felony for kicking a guys ass in 1994 and I was able to get out of going to a trial by taking a gross misdemeanor for 4th degree assault and did 10 days in jail (in Phoenix in an outside jail, with tents in the middle of the desert, with a bunch of illegal Mexicans) and anyway, at the time I took it, the internet was not really a fixture in our everyday lives and most people were not online. My attorney said that misdemeanors only stay on your record for 7 years and it wouldn't be a problem after that - well fast forward over a decade and a half later, and it comes back on every search that has ever been done on me. It's ridiculous. I also had/have a misdemeanor from 1992 when I was tackled by a cop outside my house at school for taking a leak in the bushes when I was totally annihilated. They took me in for indecent exposure (Arizona) when in most states that is considered a UIP (urinating in public) anyway I got it dropped down to a UIP but the original charge still shows up on background searches and it gets old having to explain that my bladder was about to explode and I was watering the plants versus walking around with my package out. It's just total insanity. I've done a bunch of other stupid stuff that no doubt shows up on my background checks, etc and their is even an FBI file open on me relating to an Arizona Militia matter from 1998 involving a misunderstanding while I was on patrol with them south of Tuscon.

Anyway, my point is, I would be more concerned as an employer if someone didn't have anything on their record and came back totally clean versus a normal person that has lived their life and has some scars. I mean really...Ted Bundy at the point in time of his arrest had never even had a parking or speeding ticket, and Gary Ridgeway's credit score was over 700 at the point in time he was arrested for the Green River murders.

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Post by BigHurknFrontman »

ophidian wrote:Anyway, my point is, I would be more concerned as an employer if someone didn't have anything on their record and came back totally clean versus a normal person that has lived their life and has some scars. I mean really...Ted Bundy at the point in time of his arrest had never even had a parking or speeding ticket, and Gary Ridgeway's credit score was over 700 at the point in time he was arrested for the Green River murders.

:devildoll
That's probably what's going on, John. Since my criminal and driving records are spotless, employers are undoubtedly thinking I'm the next serial killer.
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Post by Adremelech »

BigHurknFrontman wrote:That's probably what's going on, John. Since my criminal and driving records are spotless, employers are undoubtedly thinking I'm the next serial killer.
You'll go down in history as the "Hurkin Hitman".
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Post by BigHurknFrontman »

Adremelech wrote:You'll go down in history as the "Hurkin Hitman".
That's ONE way to get famous!
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Post by LIVE FO RETSINIM »

Adremelech wrote:With all due respect Jody, you are wrong.

You can not give a fuck where I work, and you can not give a fuck that I worked as a loan officer and processed over 150+ loans and have gone over as many credit reports. If you think you know better than I do, then don't listen to me.

Your credit report is only negatively impacted when you APPLY FOR CREDIT. Not when your credit is queried. Your credit report lists every single query made upon it in the last 2 years, but not all of them affect your score.

Credit card companies and banks that you've never even heard of routinely check your credit without your knowledge to see if they should send you card applications. This does NOT affect your score. Your existing creditors will often re-check your credit to make sure you are still doing well. Again, no effect on your score. Insurance companies, utilities, landlords, and employers also have no impact on your score. These are called "Soft Inquiries".

Then, there are "hard inquiries". These are when you INITIATE the business and try to extend your credit. THAT is when your score is impacted. When you apply for an auto loan, personal loan, home loan, credit card, etc. New cell phone accounts will also impact your score. Think about it... Scores are lowered in these cases because they are linked to an increase in your debt, and you therefore become slightly more risky to the next creditor. Merely looking at your report doesn't make you any more of a risk, so your score doesn't go down.

Credit files are also up to interpretation. It's not all based on the score. Like I mentioned earlier: You can apply for home loans at 5 banks. They will each pull your credit, and each will impact your score. However, the bank whom you choose to go with will see that you were shopping for the best rate, and not trying to get loans from all 5 banks. The credit scoring algorithms take this into account when determining how much to lower your score.


But then again... What do I know?

Ok, again, I don’t care if your grandpa was Thomas Jefferson, I mean, I have worked in software for the last 8 years, but I definitely don’t’ know every single thing about the software business. I am sure that what you are saying is true, I am not arguing that. But I know for fact that it affects your score, and as I said before, if you don’t believe me, go ahead and go to 3-5 of those consolidation places and have them look at your credit. It will go down. I know this because:

1. My score has been affected by that exactly. I went to a consolidation company, paid them $100 and learned nothing, then went to 2 others and my score was lowered due to that. I was told that was the reason, and there was no other reason at that time why it would have been lowered.

2. Every single fucking financial person has told me that your score is affected by even just checking it. This is not just the before mentioned consolidation people, I am talking about 2 financial advisors, and at least 3 other financial workshop type things I have been at. Believe me, I have been to a lot of financial type learning things, and have learned a lot about that shit. I know how to play the game. It doesn’t mean I am rich, I just have a great credit score.
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Post by LIVE FO RETSINIM »

Jonathan wrote:Good credit is for posers (and rich people).

Six6VI wrote:What he said.

Lee
well I for sure ain't no poser, and I for god damn sure ain't rich, and my credit is almost as high as it gets.


Credit is just a measure of how well you can manage your finances, just live within your means and you can have a decent score.
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Post by Six6VI »

We could realistically catch up on our bills if the small box that is considered "within our means" would quit shrinking day by day. Food and rent are quickly becoming "extravagant expenses". Unfortunately, with me being laid off and unemployment benefits being a mere pittance of what I'm capable of pulling in, our credit score will remain in the shitter.

Fuck this economy!

Lee
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Post by BigHurknFrontman »

Six6VI wrote:We could realistically catch up on our bills if the small box that is considered "within our means" would quit shrinking day by day. Food and rent are quickly becoming "extravagant expenses". Unfortunately, with me being laid off and unemployment benefits being a mere pittance of what I'm capable of pulling in, our credit score will remain in the shitter.

Fuck this economy!

Lee
Here Here!!
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Post by Adremelech »

LIVE FO RETSINIM wrote:Ok, again, I don’t care if your grandpa was Thomas Jefferson, I mean, I have worked in software for the last 8 years, but I definitely don’t’ know every single thing about the software business. I am sure that what you are saying is true, I am not arguing that. But I know for fact that it affects your score, and as I said before, if you don’t believe me, go ahead and go to 3-5 of those consolidation places and have them look at your credit. It will go down. I know this because:

1. My score has been affected by that exactly. I went to a consolidation company, paid them $100 and learned nothing, then went to 2 others and my score was lowered due to that. I was told that was the reason, and there was no other reason at that time why it would have been lowered.

2. Every single fucking financial person has told me that your score is affected by even just checking it. This is not just the before mentioned consolidation people, I am talking about 2 financial advisors, and at least 3 other financial workshop type things I have been at. Believe me, I have been to a lot of financial type learning things, and have learned a lot about that shit. I know how to play the game. It doesn’t mean I am rich, I just have a great credit score.

1. You had them checked by a consolidation company. The only reason you'd have them check your credit is to do business with them. Correct? That would impact your score.

2. Again. Wrong. If you merely go to freecreditreport.com and look at your credit file, your score does not drop.

If what you claim is true (That EVERY query affects your score), then we would all have bad credit. We all have random banks constantly checking our credit files. When they find someone with good credit, they send out their "You're pre-approved" mail. No effect on your credit score.

But hey, don't take my word for it:
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Post by BigHurknFrontman »

Adremelech wrote:We all have random banks constantly checking our credit files. When they find someone with good credit, they send out their "You're pre-approved" mail.
I'm not so sure I agree with you there, brutha! My credit is FAR from "good", and I get those stupid pre-approved applications ALL THE FUCKING TIME!
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Post by derek666 »

BigHurknFrontman wrote:I'm not so sure I agree with you there, brutha! My credit is FAR from "good", and I get those stupid pre-approved applications ALL THE FUCKING TIME!


I get those same pre- approved bullshit letters atleast 3 times a week!! hate it:chainsaw:
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Post by Adremelech »

BigHurknFrontman wrote:I'm not so sure I agree with you there, brutha! My credit is FAR from "good", and I get those stupid pre-approved applications ALL THE FUCKING TIME!

Regardless, they are still frequently peeking at your credit report. Truth be known, there is no such thing as a "Pre-approved" card. If you applied for on the the cards with the apps they send you, they'll do a hard-query of your credit file (The kind that drops your score).

You mentioned that you had no late payments (just a high debt ratio). The lack of late payments is often good enough to get a credit card. It shows that you are responsible, even in tough times. The score itself really doesn't mean much for lower end credit cards. It's the "Platinum" cards that really take the score into account.
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Post by soundguy »

I haven't had ANY faith in the government or the economy since Nixon took us off the gold standard in the 70's so I've tried to live by a few basic survival rules:

1) - NEVER pawn or sell your tools

2) - NEVER commit to spending more than 25% of your income on housing. Don't get a bigger house and then look for a better job. Get the job first, make sure it's reasonably stable, and THEN make the commitment. I just want to bitch-slap all the idiots I know who set themselves up for failure by getting a mortgage with a payment that's 75% (or more) of their monthly income.

3) - ALWAYS maintain employability in two or more SKILLED CRAFTS. Any fuckstick can dig holes or flip burgers so there's a LOT of competition for crap jobs in hard times, but skilled crafts tend to pay good wages and have fewer people in line ahead of you. None of them are recession-proof in general, but if you diversify your "portfolio" one of the things you can do will probably still be viable in a bad economy so you may not be forced to wear a paper hat and ask "would you like fries with that" alongside the one-trick-ponies who have only had one kind of job in the past.

"Employability" isn't a single characteristic either. It can be a number of things from being better at something than everyone else in the job market to just knowing where the bodies are buried. I've seen people beat layoffs because they were the only ones who knew how to unjam the copier or get the crappy phone system working again when it acted up.

Before the internet, you pretty much had to quit what you were doing and go back into a different line of work to keep up your skills and maintain your knowledge of the latest technologies in that field, but these days you can work at one thing and do independent study in your free time to keep your chops up in something else.

What's true in computers is also true in life. If you don't keep backups, you're fucked when the meteor hits.
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