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More Americans' credit scores sink to new lows

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posted on Jul, 12 2010 @ 11:33 AM
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More Americans' credit scores sink to new lows


finance.yahoo.com

The credit scores of millions more Americans are sinking to new lows.

Figures provided by FICO Inc. show that 25.5 percent of consumers -- nearly 43.4 million people -- now have a credit score of 599 or below, marking them as poor risks for lenders. It's unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use.

Because consumers relied so heavily on debt to fuel their spending in recent years, their restricted access to credit is one reason for the slow economic recovery.

"I don't get paid for loan applications, I ge
(visit the link for the full news article)




posted on Jul, 12 2010 @ 11:33 AM
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Shocking! People are broke these days. I'm not surprised at all. FICO scores are being pulled by employers to make hiring choices and by insurance companies to determine the rates you will pay. I personally think there should be a law against it as some people don't even have a FICO score. (Yep, my grandpa has a score of zero, no debt at all). It pure laziness on the part of a lot of these companies.

If you are curious as to what your report says you can got to quizzle.com or creditkarma.com and get an actual free report with a score. These people don't pay me, but it really is useful to look at you credit report every six months to make sure no one is ripping you off etc.

finance.yahoo.com
(visit the link for the full news article)



posted on Jul, 12 2010 @ 11:37 AM
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Well I hate to see what mine is now. The last time I checked it was like 690 something, now I'm afraid its been reduced after late payments and such. Well I guess single parent with nobody else contributing to the household means I need to go out and get a 2nd job just to be able to afford anything these days.



posted on Jul, 12 2010 @ 11:46 AM
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Good. If everyone's score was zero that would reduce the Orwellian hold these people have over us. Toppling this system is one key step in the financial revolution...the only kind of revolution those in government and those who control the government will understand. Money talks.



posted on Jul, 12 2010 @ 11:53 AM
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Not a huge shock. It's actually a blessing in disguise to an extent. Hopefully, as has happened with my family, it will create a new generation of 'thrifty' spenders. Maybe it will break the cycle for the next 20 years or so (if the country survives that long whole).

My children will know the value of saving up for what they want. My 13 year old son has already been shocked by my little lessons and examples of making payments for a cheap used car versus saving up for only 1 year and making either a huge down payment or buying it straight up. When he saw how much you will pay over 3 to 5 years versus just saving the same monthly payment for 12 months and paying that lump sum he shook his head and asked why we didn't do that.

I am planting the seeds and I actually believe they will take hold in solid ground with my kids. I am a son of a welfare mother of 3 who raised us on the system so I never got the same education until I paid $70k + for it in my business degrees. LOL



posted on Jul, 12 2010 @ 11:56 AM
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reply to post by ~Lucidity
 


Na, you need to remember that "bad credit" customers are a big market. It is really easy to take advantage of people with low credit scores. You charge them higher rates and fees. They won't say no either because most of these people have not saved money. Where else are they going to get that money?

Having a low credit score isn't a deal breaker if you have actually saved money. Most American's don't, most of us live paycheck to paycheck. Too much month left at the end of the money.

As for insurance (which you have to get in most states), that's gonna hurt.

[edit on 12-7-2010 by antonia]



posted on Jul, 12 2010 @ 11:58 AM
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Originally posted by antonia
FICO scores are being pulled by employers to make hiring choices and by insurance companies to determine the rates you will pay. I personally think there should be a law against it as some people don't even have a FICO score. (Yep, my grandpa has a score of zero, no debt at all). It pure laziness on the part of a lot of these companies.

Another thing to consider is housing. Often large apartment complexes do credit checks before signing a lease. If you have bad credit you will need a co-signer with good credit or no housing for you. Not in any "good" neighborhoods anyway.



posted on Jul, 12 2010 @ 11:58 AM
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Bang on, we all need to curb spending, pay your debt off and that will kill the beast called debt and that beast is feeding off everybody and is the NWO's favourite animal because the more you feed it, the more it keeps you down,

Break the ego, stop buying trash, eat healthly (read the labels), and take control of your life again,

Born free, only we put the shackles on by being greedy....



posted on Jul, 12 2010 @ 12:03 PM
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This is going to be noticed by not only the USA but by the UK too.

Just today, I phoned the help line on this site;
www.hmrc.gov.uk... to request some claim forms.
I was asked some questions, name, date of birth, address and national insurance number.

I was told that my request could not be completed because my identity could not be verified.

And guess how a government organisation tried to check who I was..???

By using these people;
www.experian.co.uk...
A credit checking agency.

All I wanted was a claim form... and they would not send it because I have no credit history in which to prove my identity.

It is almost criminal. I simply do not understand how a government body cannot establish who I am seeing as it was them who issued my NI number. Instead they need an outside agency that deals with the banks.

I was fuming after this phone call today.



posted on Jul, 12 2010 @ 12:05 PM
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reply to post by antonia
 

I am aware of this. That was not my point. I don't care what their market is. Clearly the government is not going to do a thing to thwart the usurious practices. Clearly the scope of control this system is perpetrating and propagating is increasing. This system's increasing hold over all areas people lives needs to be STOPPED by the people.


[edit on 7/12/2010 by ~Lucidity]



posted on Jul, 12 2010 @ 12:06 PM
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As one of the new poor after an injury totalled my life.
Old story now, Self employed with a medical history that kept insurance just out of reach or unavailable. Good debt to income ratio till the income part was subtracted forever due to lack of healthcare.
So now with a bankruptcy and foreclosures I have sunk to the GEEZ dude do you even pay your bills? level and have only a single late fee to my name before this. FICO does not reflect that I have bought and paid for three houses,
Only that I lost two. It does not note the almost 50000$ I paid of savings to the hospital that sewed me up. Only that after everything was gone the bills kept coming.
So as I could not get that golden ticket to complete my "portfolio" ie; insurance. An injury which could have, if dealt with, would have kept an active tax PAYER in service rather than dieing a slow death on SSD.
N.



posted on Jul, 12 2010 @ 12:07 PM
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reply to post by dariousg
 


Mine is pretty ugly. And yes, it has made me the thrifty queen. Now I make it a personal challenge to get the best deal I can and i am bragging when I save 75 bucks on a grocery trip.



posted on Jul, 12 2010 @ 12:08 PM
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Originally posted by Morningglory

Another thing to consider is housing. Often large apartment complexes do credit checks before signing a lease. If you have bad credit you will need a co-signer with good credit or no housing for you. Not in any "good" neighborhoods anyway.


Yep, I couldn't get an apartment in one of the nicer complexes in town because of my score. It was in the 400's because I had paid off my student loans almost ten years ago (i did this five years ago, loan got paid off 4 years prior to that, no lates or judgments or anything) and it just kept dropping by 10 points every month for years. It pretty much doesn't exist now.

I remember saying "Wait, I obviously paid my bill and I have no bills now, how in the hell does this constitute risk? This should mean I have more money". Nope, people are just lazy these days. I did get a decent place to live though eventually.

[edit on 12-7-2010 by antonia]



posted on Jul, 12 2010 @ 12:18 PM
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reply to post by N.of norml
 


Well said. The fraudulent system and the federal mafia runs deep.

I also have been an on-time payer for the last 7 years that I have had massive debt. Never a missed payment.

Now after a depleted savings and no income I finally, for first time in my life, did not pay this month. Feels really strange to let all the debt to in default all at once, student loans, credit cards, done, default, it is over. The few bucks I have left will pay for one more month, maybe two if I get lucky, of food.

But the credit report will certainly never mention that I paid on time for many years, only that now I am a piece of $%^Y in their eyes and not worthy of housing.



posted on Jul, 12 2010 @ 12:23 PM
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Anyone notice who they put the blame on for the slow economic recovery?


Because consumers relied so heavily on debt to fuel their spending in recent years, their restricted access to credit is one reason for the slow economic recovery.


Couldn't be the lazy, greedy financial institutions could it? Nah.. it's the poor slob who can't keep his job. Just because he can't keep his job because of the lazy, greedy financial institutions ruining our economy isn't really a reason to blame them, now is it?



posted on Jul, 12 2010 @ 12:25 PM
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If ALL the people ALL destroyed their own credit scores intentionally as a form of revolution against the government and financial system, the people who control every aspect of your life would lose one of their most valuable tools.

Then they would no longer be able to use it to decide what job you get, how much you pay for loans and insurance, whether you can get utilities or phones and how much of a deposit you have to put on it, whether you can buy a house or rent an apartment, and what the government knows about you.

And who knows what creative uses they'll come up with next. Let's hook it to the health records database and see if you're even a good risk to last long enough to repay?


[edit on 7/12/2010 by ~Lucidity]



posted on Jul, 12 2010 @ 12:32 PM
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Originally posted by antonia
I remember saying "Wait, I obviously paid my bill and I have no bills now, how in the hell does this constitute risk? This should mean I have more money". Nope, people are just lazy these days. I did get a decent place to live though eventually.


No creditors don't want people like you who don't stay indebted for life. They like a regular paycheck. They could never make mega-bucks off the likes of you. Sorry you're not playing according to the rules. You're using the system in the way that is more cost effective for you. They don't like that. They use us not the other way around.

Laziness is part of it but imo it's all about cost. With no paper trail you would be harder to investigate. It's cheaper to just ask your last creditor.

Just wanted to add I'm glad you found a decent place in spite of it all.

[edit on 7-12-2010 by Morningglory]



posted on Jul, 12 2010 @ 12:39 PM
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reply to post by antonia
 


Count me among them, strangley not due to the economy though. For twenty years I have been in the high 700's. But in this country a soon-to-be ex or current ex spouse can, without legal consequence, destroy the other party financially (even when it go against her self-interest and that of the children).



posted on Jul, 12 2010 @ 01:08 PM
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reply to post by pajoly
 

there was a great article a few months back that showed how they keep changing "the rules" to take down the credit scores of people who have virtually not changed a thing but who they deemed had credit scores that were too high in relation to...something. It may have been that there were simply too many high scores according to their magical economic bell curve or that it was just an opportunity for them to make more $$$. I'll see if I can dig it up.

[edit on 7/12/2010 by ~Lucidity]



posted on Jul, 12 2010 @ 01:10 PM
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reply to post by antonia
 


My husband and i are having trouble with getting loans and such because he has no credit and mine is not perfect.We arent even able to get a loan from our bank that we have had for over 6 years.We will not be able to get a house on our own because of this and we surely dont want to get into the entire credit card thing because those just put u deep in debt.
You seriously do need to keep an eye on your report and make sure its all accurate.



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