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Are Credit "Scores" Fair??

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posted on Jun, 14 2009 @ 04:44 PM
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Working in the banking industry, I hear a lot of complaining about the unfairness of credit scores. For starters, it doesn't take long for ones credit score to plummet, but it takes a long time for a person to get their score back up. Ratings recently changed again where I work. You now have to have a credit score of 725 or higher to be considered an A score. 650 or below is bad.

An example...a person comes into the bank, they have banked there for years and have always paid their loans off on time, never late on a payment, but they did get behind with someone else. They come into the bank to take out a loan and are told "sorry we can't help you. You have been very good with us, but because of late payments over here, we can't give you a loan". Do you think that is fair? I don't and I see it all of the time. Peoples circumstances change from time to time, they get behind. They get caught up eventually, but they are punished for who knows how long because of a "score"? Have any of you ever been told no by your bank even though you always paid on time but got behind at some point somewhere else? The last job that I had, my credit score was consideration for employment...I got the job, but I didn't understand what my credit score had to do with it. I for one think that it is unfair. I hate it when people leave the branch dejected because we can't help them. Those are the rules!




posted on Jun, 14 2009 @ 04:47 PM
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reply to post by Greenize
 


Some employers seem to think that a good credit score means that you are honest for some reason. Nonsense.

Read my thread if you want to know why, it also explains the loopholes that people exploit in my country and they are called professional debtors. They have perfect credit ratings as well due to obscene amounts of borrowing upon borrowing.

www.abovetopsecret.com...

The whole systems a sham if you are an honest working individual as you are left behind when circumstances are outwith your control and you fall behind on one payment.

The world as most people think it is, is a big fat stinking lie.



[edit on 14-6-2009 by XXXN3O]



posted on Jun, 14 2009 @ 04:58 PM
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credit scores are a joke

i personally discard it as bogus bs

in fact, i would prefer a BAD score because
"im bad"

i do not take loans or anything from any banks therefore i do not need their credit rating

i use cold hard cash,and guess what ?

EVERYONE takes cash!



posted on Jun, 14 2009 @ 04:59 PM
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Two of the biggies besides credit cards are student loans and medical bills. I do think however that medical bills can be left off of a credit report if a bank so chooses. And God knows the cost of education and medical care in the US are absolutely atstronomical. We are I think set up by a system to fail. Sham after sham!



posted on Jun, 14 2009 @ 05:00 PM
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No, credit scores are not fair. I see them as a system of slavery, no actually that's exactly what it is, slavery.

You work in the banking industry and it takes at least a decade to get anywhere above a 700 credit rating. Then all it takes is 3 months for you to be sitting below 500.

FICO is nothing more than a tool for banks to judge and further pack their pockets. We all know low credit score means higher interest rates. They need to get rid of that and set a standard interest rate based off the term of the loan. If you default on a loan or a repossession it still goes on your credit report, but the credit report should no longer be associated with a number. It should be based off of merit.

Or here's an even better idea how about the government actually does something to benefit the people for once and make it easier and cheaper to earn a living.

edit to add - Also about the 700 credit rating I don't think people also know that there are different types of credit, so you can be 21 with a 700 credit rating but if it is all based off of credit cards, that 700 is about worthless.

[edit on 14-6-2009 by Hastobemoretolife]



posted on Jun, 14 2009 @ 05:01 PM
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Credit scores are a way for the few who are corrupt to extort money out of the majority.



posted on Jun, 14 2009 @ 05:37 PM
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absolutely not IMO. They are ridiculous!



posted on Jun, 14 2009 @ 05:43 PM
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Neither a borrower nor a lender be... I wish the govt. lived like that. I personally live on cash, I have a bank account and such but never borrow money, I had a loan for school 15yrs ago but made it as a personal loan and paid off on time. I have not borrowed since.



posted on Jun, 14 2009 @ 06:38 PM
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reply to post by Hastobemoretolife
 


Exactly as I was saying
It can take 5 times longer for a person to get their credit score up after they have watched it drop like a hot rock! Its bs and slavery is the perfect word!



[edit on 14-6-2009 by Greenize]



posted on Jun, 16 2009 @ 09:24 PM
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I would love to join this forum. Nice to meet you here

[color=#484644]simulationcredit



posted on Jun, 16 2009 @ 10:33 PM
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The more loans you've taken out, the higher your score, even though borrowing less is a sign that you are a better borrower. If you've never borrowed anything in your life because you are a wise spender and make a decent living, your credit score sucks. If you're paying for a stereo, a computer, a couch, a refrigerator, a washer and dryer, a house, and three cars on credit, your score is good. Go figure.



posted on Jun, 16 2009 @ 10:40 PM
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Credit scores do suck, like the poster above said, you have to be in debt to have good credit... having no debt equals no/low credit score. I never understood the whole process especially when it comes to house buying, because I figured the percentage of the down payment is really what should matter, but obviously I had it wrong.



posted on Jun, 16 2009 @ 10:51 PM
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Originally posted by DragonsDemesne
The more loans you've taken out, the higher your score, even though borrowing less is a sign that you are a better borrower. If you've never borrowed anything in your life because you are a wise spender and make a decent living, your credit score sucks. If you're paying for a stereo, a computer, a couch, a refrigerator, a washer and dryer, a house, and three cars on credit, your score is good. Go figure.


Oh and make sure you do not pay off those loans quickly. Being responsible and paying off your loan all at once will drop your score


Have tooooo many credit cards and you want to close them and get rid of them.........dont. Score drop


Have people checking your credit report and you dont even know about it.....your screwed. Score drop


Oh and if I remember correctly, last year having a score of 675-700 was EXCELLENT!! In less than a year, you must have a score of 850 to be - EXCELLENT!! And now the medium score in the US is 723 (source: www.myfico.com...). They flippn raised it in a year!!


And if you have a dispute - something that really is not your fault - HAHAH good luck with that


Credit scoring a HUGE scam!



posted on Jun, 16 2009 @ 11:00 PM
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It's funny I just came across this thread because earlier today I was reading up on building my credit score.

Starred.


Here's a short article I thought had pretty good advice.
credit score secrets report


[edit on 6/16/2009 by ghoulardi]



posted on Jun, 16 2009 @ 11:10 PM
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reply to post by keokeo
 


Feel free to join in, we are glad to have you!!!!!



posted on Jun, 16 2009 @ 11:12 PM
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reply to post by greeneyedleo
 


Exactly, and I was unaware until just recently that everytime your credit report is pulled it lowers your score!! That really doesn't seem right, especially since you can't get a damned thing without having it pulled!!!!



posted on Jun, 16 2009 @ 11:19 PM
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The people that destroyed our economy are the same people that created the credit scoring system, the irony!



posted on Jun, 16 2009 @ 11:47 PM
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Very unfair.

My score would be great if it were not for my health issues and that debt.

Years ago I got a car through my bank at a low interest rate because they were all health related they let it go.

Five years later, need a car. Bank turns me down, says they have to consider health issues now.

So had to goto HSBC and stuck at 25 percent interest that I can not refinance.
I have tried and tried. I have always paid my mortgage, my bills, my car payments etc. Not one late! EVER and I am almost 40. Yet I am stuck paying 500 a month for a car that should be 299 a month. What a crock.

My credit score is under 600 because of health bills. They are over 30k I can not pay them off. So I am stuck forever.

I do not have the luxury to save up for a car on my own, and buy outrite.
I am unable to work , and hence can not save up money. All money goes to bills and that stupid car payment! GRRRR



posted on Jun, 17 2009 @ 12:39 AM
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One point I'd like to bring up is how you can only get one free copy of your credit report per year. Why should you have to pay freecreditreport.com or some other company to monitor your credit? What the hell kind of sense does that make? All this credit score crap is BS in my book



posted on Jun, 17 2009 @ 01:33 AM
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Its bogus.

My wife has a very high credit score because she ran up bills before I met her. I paid off her bills and make about 5x the amount that she does but if I want to go in and get a loan by myself I will get a higher rate. She can go in with her credit score and then list my income with hers for the household and get the best rate they offer. She could never afford the loan on her own and doesn't have a better payment history then me she just has more of a history of debt and paying it off and on time.

Credit scores will end up changing because people have been running schemes where you pay somebody to list you as a person on their credit cards and then they put large amounts of money on the cards and pay them off. In about 6 months to a year you will now have a good credit score but you could still be the same scumbag who never paid his/her bills. It cool because it sticks it to the man but it sucks because it helps people rack up more bills and debt that will probably not be able to pay for it and that can kill small buissness owners that depend on credit scores to help asses risk.



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