I always take on debt if it's an option at 0%. Or sometimes even if it's a low promo thing, like 3%.
FICO to incorporate buy-now-pay-later loans into credit scores
451–460 of 690 posts
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#452Earlier quoted context omitted.
And how do lenders assess previous defaults when underwriting new loans? From what I've seen, most developed countries actually do have the equivalent of the US credit reporting agencies. It's just that the functionality goes by different names and is distributed across several different types of entities rather than being centralized in three credit reporting agencies (plus Fair Isaac Corporation / FICO which is a v…
To be clear, credit reporting and tracking is not the only function of credit scores in the U.S. These functions do exist elsewhere and are often called "registries." They are not private companies, but instead public centralized institutions. Likewise, it is not possible for private companies to loan debt to citizens, even by proxy. For bankruptcies and defaults, there are similarly court records from public institu…
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Re: FICO to incorporate buy-now-pay-later loans into credit scores
#453Theoretically, 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…
People living paycheck to paycheck need (in your "franchise" language) food and basic clothing as opex for their human capital, and possibly even entertainment, something that is provided to our troops. Trust me the military would not allow for leisure time if they did not think it had a purpose. Eating enough food and wearing a shirt without holes in it does let people make more at work.
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#454Earlier quoted context omitted.
People aren't going to learn to be skeptical or think critically because we've been literally removing that from the curriculum in schools. How can someone be skeptical of something if they don't even know how to be skeptical? Social media runs rampant with a form of skepticism, but I would call that closer to paranoia than critical thinking, and I don't think it's really being helpful in the same way.
> because we've been literally removing that from the curriculum in schools Do you have any actual evidence of this or is this just more parroting of vibes based history? Most of the people I know who say things like "School didn't teach me X" were just not paying attention. Turns out, if your society doesn't care about or value education, kids aren't going to pay attention. Like, some states definitely have mediocre…
The "vibes" are that the US government has been cutting funding from education since the 80's. I feel this is very well established, but if you really want a source I can fish up a few charts. As a fun fact, today we still spend about as much per student as we did in the 80's for university. The main difference is that funding cratered, so colleges need to make up for that out of pocket.
>people will say shit like "Why didn't school teach me how to balance a checkbook" as if school didn't teach them basic arithmetic and the ability to read a single paper of instructions included in your checkbook by middle school.
Not sure I agree with this interpretation. It's like responding to "why didn't they teach CS" with "well they taught you discrete math and binary". Specialized instruction on applied mathematics is well worth pursuing. It's arguably the big reason Al many students end up thinking "I'm bad at math". They get no context on what it's really used for.
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#455Ok, do rent next. Paying rent doesn't count towards your credit score (at least it didn't a decade ago when I was getting my mortgage). And it's a glaring signal of how the system isn't built for what it claims: evaluating your ability to pay obligations on time. No, the system is built to trap people in poverty and enrich the rentier class.
Just what we need, every sleazebag landlord who owns 3 apartments and thinks he's hot shit holding his ability to fuck your credit up over your head.
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#456Earlier quoted context omitted.
Liberal arts education leaders haven't been doing themselves any favors. During the recent COVID-19 pandemic we saw many college administrations abandon all critical thinking to enforce blind obedience and mandatory compliance with pointless and counterproductive policies around lockdowns and mandates. Scientists were condemned for daring to even discuss alternative views. I absolutely see value in classical liberal…
Million of people die in the US. In a pool of 300 million people that might be a small minority but it could be much worse. I was diabetic and still am, and was obese. I was also young. There's no telling that a viral infection would have landed me in the hospital but I do have risk factors. COVID is definitely a risk. It would be foolish not to practice at least some measure of risk control. There's definitely some…
> There's definitely some loss of trust in institutions, but if it weren't for RFK, I would still trust them more than some random skeptic covid. Now, I don't trust the FDA anymore, how ironic.
I stopped trusting the institutions the moment that the CDC admitted that they lied to people about "masks aren't effective" in an effort to preserve supplies for hospitals. Even if their motivation was good, that doesn't matter in terms of trustworthiness. If they lie to me (as they indeed did), I'm not going to trust them any more.
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#457Earlier quoted context omitted.
I do wonder if there's hidden benefits to using Klarna to get, like, bulk discounts. Buy three months of toilet paper/chicken broth at once at Costco, pay it off over three months, save a few bucks each time.
You don't need klarna for this. Credit cards already fill this need, and with careful use are free. Most people (in my circles) already do this type of thing
That "woth careful use" is carrying a trillion dollar industry on its back, sadly. Clearly society is in fact not careful.
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#458Theoretically, 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"
> 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 “average person” doesn’t make enough money to pay rent or afford groceries. You’re blaming the poor based on your idea of what an “average person” looks like, which is a representation of middle and upper middle class. The average person doesn’t have the luxury to consume as many things and experiences as possible.
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#459Earlier quoted context omitted.
Liberal arts education leaders haven't been doing themselves any favors. During the recent COVID-19 pandemic we saw many college administrations abandon all critical thinking to enforce blind obedience and mandatory compliance with pointless and counterproductive policies around lockdowns and mandates. Scientists were condemned for daring to even discuss alternative views. I absolutely see value in classical liberal…
I think it's very easy to Monday morning quarterback administrative decisions about COVID-19 mitigation now that we're past it, when, at the time, we had very little information which led to a ton of hysteria. I'm not going to relitigate the COVID-19 pandemic response, but I will say I don't think it was inconsistent or ill-advised at all to err on the side of following national health guidance in an emergent situati…
> at the time, we had very little information which led to a ton of hysteria
If anything, this simply underscores GP's point. Getting hysterical when you lack information is a total failure of critical thinking, so to the extent that liberal arts educators did so, we should be skeptical of their ability to think critically.
Re: FICO to incorporate buy-now-pay-later loans into credit scores
#460Earlier quoted context omitted.
I think it's very easy to Monday morning quarterback administrative decisions about COVID-19 mitigation now that we're past it, when, at the time, we had very little information which led to a ton of hysteria. I'm not going to relitigate the COVID-19 pandemic response, but I will say I don't think it was inconsistent or ill-advised at all to err on the side of following national health guidance in an emergent situati…
You're really missing the point. Many liberal arts college administrations went far beyond any sort of federal government guidance, and imposed lockdown and mandate policies with zero scientific basis. Or look how the Stanford University administration and fellow academics treated Dr. Jay Bhattacharya; that story was repeated at colleges all over the country. The level of hypocrisy and inconsistency makes it clear th…
>imposed lockdown and mandate policies with zero scientific basis
The If Books Could Kill podcast just came out with an episode last week about how the phrase "lockdown and mandate policies [have] zero scientific basis" is almost technically true but is certainly incredibly misleading. The short version is that it would be incredibly difficult to ethically test many healthcare policies to the point that they have scientific support in the way we usually think of having evidence... but we can look at the preponderance of evidence we do have and understand that masks help block germs and viruses, staying home from work or school means I won't transmit contagious diseases to my colleagues, etc
https://www.buzzsprout.com/2040953/episodes/17348825-in-covi...