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FICO to incorporate buy-now-pay-later loans into credit scores

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Re: FICO to incorporate buy-now-pay-later loans into credit scores

#191

Post by [deleted] »

john01dav wrote: post #95
lm28469 wrote: post #91

Earlier quoted context omitted.

> the average person is using The "average person" is told from birth to consume as many things and experiences as possible as it if was the only thing that could give their life a meaning. The entire system is based on growth and consumption, I have a hard time blaming "the average person"

I acknowledge that such telling exists, but there is still responsibility for people choosing to listen to it. Skepticism is vital. Beyond being skeptical of what you see, it is wild to me that we don't have approximately everyone blocking all ads, cable news, most social feeds, and other such transparently manipulative shit. Advertisement especially is literally industrialized and research-based psychological manipu…

[deleted]

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#192

Post by suddenlybananas »

xattt wrote: post #182
mathgeek wrote: post #97

Earlier quoted context omitted.

You can’t block all of it all of the time, and children (some of the most vulnerable) especially can’t.

> children … especially can’t Worry about your own kids, teach them the right values, and use others’ imperfect knowledge to the advantage of your family.

Yeah who cares about society?

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#193

Post by QuadmasterXLII »

andruby wrote: post #118
PostOnce wrote: post #13

Theoretically, credit should be used for one thing: to make more money. (not less) However, instead of using it to buy or construct a machine to triple what you can produce in an hour, the average person is using it to delay having to work that hour at all, in exchange for having to work an hour and six minutes sometime later. At some point, you run out of hours available and the house of cards collapses. i.e., credi…

Do you also think that way about buying a house with a mortgage (credit)? I don't. A mortgage isn't used to make more money. It's used so people can own a house after saving for a few years, rather than waiting until they've saved for a few decades.

I bought a house when I did because the interest on a mortgage was lower than any reasonable prediction fir inflation, which seemed a lot like free money; but at the time it felt a lot more like a dirty hack taking advantage of terrible government policy than any idealistic system where credit is used to bootstrap productive capitalization.

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#194

Post by suddenlybananas »

potato3732842 wrote: post #190
PostOnce wrote: post #13

Theoretically, credit should be used for one thing: to make more money. (not less) However, instead of using it to buy or construct a machine to triple what you can produce in an hour, the average person is using it to delay having to work that hour at all, in exchange for having to work an hour and six minutes sometime later. At some point, you run out of hours available and the house of cards collapses. i.e., credi…

I'm really sick of this sort of look down your nose at a huge fraction of consumers type behavior. It's the same sort of stupidity that underpins the famous "surely everyone else is wrong" behavior that is exemplified by principal skinner[1]. I eat garbage by the standards of anyone who gives a crap about food and you don't see me going around looking down on everyone for wasting resources on fancy food ingredients a…

Le Creuset pots are genuinely great though

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#195

Post by bombcar »

bonoboTP wrote: post #148
gottorf wrote: post #40

Earlier quoted context omitted.

> They're a tool to be used responsibly. I used to hate to take the position that government should save people from themselves, but I've moderated a lot on it. Some people clearly cannot use credit responsibly.

Societies used to understand this and put lots of limits around exploiting people, such as banning interest rates. But there is no unalloyed good. That ban also blocked rapid economic development as seen in the 19th century, where credit was absolutely critical for railroad construction and other infrastructure like electric or plumbing. It's a real dilemma with tradeoffs, where slogans and soundbites don't work. Hav…

Ban personal liability on loans (full recourse).

If the lender can only take the thing (like repossession of the car or foreclosure of the house) and can’t go after the borrower for the difference, lots of problems solve themselves.

Credit can still exist in various secured ways, business credit is barely impacted for real businesses, and people stop being able to go way below zero.

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#196

Post by fHr »

Yizahi wrote: post #123

They didn't before? It's a credit like any other type, increasing debt burden like any credit. Seems like corru... ahem, lobbying of course. :)

Yep you're onto something here but surely they operate within legal reasonable frameworks of the government surely.

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#197

Post by fHr »

lm28469 wrote: post #91
PostOnce wrote: post #13

Theoretically, credit should be used for one thing: to make more money. (not less) However, instead of using it to buy or construct a machine to triple what you can produce in an hour, the average person is using it to delay having to work that hour at all, in exchange for having to work an hour and six minutes sometime later. At some point, you run out of hours available and the house of cards collapses. i.e., credi…

> the average person is using The "average person" is told from birth to consume as many things and experiences as possible as it if was the only thing that could give their life a meaning. The entire system is based on growth and consumption, I have a hard time blaming "the average person"

Consumer brainrot is real and declining education is not helping this cause either

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#198

Post by lm28469 »

rayiner wrote: post #179
lm28469 wrote: post #91

Earlier quoted context omitted.

> the average person is using The "average person" is told from birth to consume as many things and experiences as possible as it if was the only thing that could give their life a meaning. The entire system is based on growth and consumption, I have a hard time blaming "the average person"

There is no “system.” It’s all just people making choices. My wife puts straws in the dishwasher to reuse them. She grew up in America the same as everyone else.

> It’s all just people making choices.

Yeah sure... and some people get together and make choices that impact other people ability to make choices, it really isn't rocket science.

If you think Zuckerbeg spending hundreds of millions a year to get the top XXX behavioural scientists to work on how to milk your attention span has the same impact as "my wife puts the straw in the washing machine to reuse them" I have bad news for you

idk how you call lobbies spending literal billions every year to make you think "cars are freedom", "debt is wealth", &c.

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#199

Post by 2OEH8eoCRo0 »

kurthr wrote: post #14
seatac76 wrote: post #8

It probably makes sense to do so. Not that I condone the FICO hustle. But small loans can add up quickly and delinquencies need to be measured for financial market stability.

If you're paying for your food delivery on an installment plan, you're probably going to have a blow up. https://www.nytimes.com/2025/03/23/business/doordash-klarna-...

I don't understand people. If you need to use an installment plan why the hell are you using DoorDash which is a luxury ripoff?

I can afford it but I don't use it because it's obscene.

I'm tempted to say that some people are poor because they're imbeciles with poor financial sense.

Re: FICO to incorporate buy-now-pay-later loans into credit scores

#200

Post by Forgeties79 »

PostOnce wrote: post #13

Theoretically, credit should be used for one thing: to make more money. (not less) However, instead of using it to buy or construct a machine to triple what you can produce in an hour, the average person is using it to delay having to work that hour at all, in exchange for having to work an hour and six minutes sometime later. At some point, you run out of hours available and the house of cards collapses. i.e., credi…

I like to occasionally use BNPL to spread out big purchases for things even if I can already afford it.
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