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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

#521

Post by 9rx »

vel0city wrote: post #507
9rx wrote: post #497

Earlier quoted context omitted.

> Jobs You haven't gained that, though. Not without travel, and once travel is in the picture then you can be located anywhere. Like was said in other comments, in practice, the time to get to a point in the city is the same if you start in the city, or if you start outside of the city. Cities build up as hubs for the surrounding area and the world at large, so getting things in and out of the city really fast is cor…

> Like was said in other comments, in practice, the time to get to a point in the city is the same if you start in the city, or if you start outside of the city This is objectively, radically untrue. It takes my wife 10-15 minutes to get to that same office where it takes the people living in Forney an hour to get in. She'll spend 20 minutes of her day commuting, they'll spend two hours . I used to ride my bicycle to…

> More available total jobs or more available comparable jobs?

More actual opportunity, perhaps? Cities have lots of available jobs (assuming they aren't fake; that is a thing, apparently), and lots of people without jobs, but they never seem to align such that the people without jobs ever fill the open jobs. It's quite curious. As a result, people are much more likely to be without work in cities, as seen in the data. Yes, I'm sure you can find exceptions if you pick particular locations. We were never talking about a specific location.

> Please do share this data.

I'm sure you can look it up just as easily as I.

I was about to suggest that you can hire an assistant if you can't find the time to do it yourself, but whatever causes the above disconnect is apt to bite you too, assuming you are in a city. Oh well.

> You're eventually having to spend more and more time driving through all those seas of neighborhoods to those decent paying jobs

What kind of jobs are trapped in these seas of neighbourhoods? Most businesses need to get supplies into the city and their product out of the city, so usually the jobs are located on the fast track in and out of the city. This means that, if anything, it is easier to access the jobs when you don't live in the city.

Tech might be an exception to that. Maybe that's where your mind went, given the nature of this site. But tech doesn't require an in-person presence at all, so that one doesn't really fit our discussion.

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

#522

Post by spacedcowboy »

jerf wrote: post #484
beowulfey wrote: post #270

Earlier 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.

The system will never tell you how to escape from the system. Don't hold your breath waiting for that to happen. "Critical thinking" was never really taught in schools. It was always just training in how to dismiss any proposition by "criticizing" it selectively, with a heavy bias towards criticizing anything outside the system, and a token zone of approved disagreement to convince yourself that you really are free t…

You guys never did "This house believes that..." with random teams ? We had one lesson a week on it while English Language was compulsory in senior school (ages 11..16), and the winners got to choose the next week's topic.

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

#523

Post by username332211 »

danaris wrote: post #288
username332211 wrote: post #124

Earlier quoted context omitted.

[flagged]

"Agriculture" didn't fail. The Irish were successfully farming a number of highly nutritious crops. It's just that all of those were taken by the English , under the colonial system of the time. The potatoes were one of the very few things they were allowed to grow for themselves (and are a great staple crop! near-complete nutrition all in one handy package!). That's why they were left starving when the potato blight…

So, the potato blight didn't have anything to do with the Great famine?

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

#524

Post by maerF0x0 »

WalterBright wrote: post #436
maerF0x0 wrote: post #401

Earlier quoted context omitted.

> people won't rent places out if they aren't covering their mortgage btw this is usually false, and mostly irrational. 1. Realize that every landlord has a different capitalization structure. Many likely bought decades ago and thus only owe a fraction of what the current market selling price is. Additionally we also have had a long period of ultra low interest rates so their interest rate is different than what new…

> and mostly irrational I'd say it is quite rational. Real estate represents value, and value should be earning at all times. Owning it free and clear does not change that one iota. Rents are based on the value of the property, not the mortgage on it.

False, rents are based on what the market will bear. The value of the property is stickier than rents.

Plus one can be "losing money" on cashflow but earning money in equity, so one can rent for less than the mortgage while the value of the asset is rising even faster than the monthly loss. Of course this only happens based on speculation and having free cash to "lose" monthly.

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

#525

Post by devmor »

hansvm wrote: post #278
devmor wrote: post #255

Earlier quoted context omitted.

Or you end up with the opposite end of the problem. I grew up in destitute poverty and was told all my childhood that credit was an evil trap - I should absolutely never use it. Well, spring forward to me starting a pretty good career as a software developer and wanting to get my first reliable car. I had no credit history and ended up with a 19% APR. That really, really sucked. It's been 10 years since then and I st…

Why'd that suck so much? As a software dev couldn't you just pay it off a month or two later?

I’m not sure what software devs make $15 grand a month in disposable income 2 years into their career, but I certainly was not one of them.

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

#526

Post by [deleted] »

veggieroll wrote: post #388

Ok, 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.

[deleted]

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

#527

Post by devmor »

potato3732842 wrote: post #269
devmor wrote: post #255

Earlier quoted context omitted.

Or you end up with the opposite end of the problem. I grew up in destitute poverty and was told all my childhood that credit was an evil trap - I should absolutely never use it. Well, spring forward to me starting a pretty good career as a software developer and wanting to get my first reliable car. I had no credit history and ended up with a 19% APR. That really, really sucked. It's been 10 years since then and I st…

You didn't get fucked with 19% apr because you had no credit history. You got fucked with 19% APR because either the parameters of the loan were really bad or there were some other circumstances. Income less existing obligations vs payment size account for the lion's share of interest rate on an auto loan or just about any other consumer loan. Credit history is massively over-sold as being impactful by the kind of id…

No, I got 19% APR because I had no credit history. I know this because there is a big detailed letter full of reasons for your offered rate that you receive when you take out a loan.

The fact that you don’t know this suggests you probably don’t know a lot about how loans work.

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

#528

Post by devmor »

9rx wrote: post #353
devmor wrote: post #255

Earlier quoted context omitted.

Or you end up with the opposite end of the problem. I grew up in destitute poverty and was told all my childhood that credit was an evil trap - I should absolutely never use it. Well, spring forward to me starting a pretty good career as a software developer and wanting to get my first reliable car. I had no credit history and ended up with a 19% APR. That really, really sucked. It's been 10 years since then and I st…

> I still get dinged for not having "enough" credit history Maybe the data is wrong? I took out a few loans over the years with strange comments from the lenders like "You don't have much credit history" , but since it didn't impact anything I didn't think much of it. Somewhere down the line a lender was like "I don't think this is you" . Turns out that it wasn't.

What do you mean? Your credit report was someone else’s credit history?

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

#529

Post by username332211 »

thrance wrote: post #183
username332211 wrote: post #124

Earlier quoted context omitted.

[flagged]

Your oversimplification placing the blame back on Irish farmers is troubling. Maybe you should do some reading to clear that up? Let's start here: https://en.wikipedia.org/wiki/Great_Famine_(Ireland)#Causes_... > In 1800, the 1st Earl of Clare observed of landlords that "confiscation is their common title". According to the historian Cecil Woodham-Smith, landlords regarded the land as a source of income, from which a…

I mean, yes. A country that maintains unnecessary employment in agriculture won't have the labor force to develop industry.

Accumulated capital, will by necessity flow towards other countries, where factories can be built and staffed. Meanwhile, because of the lack of potential competition with industry, the agricultural workers will be treated as poorly as the capital owner pleases. But that doesn't mean they'll be happy to be expelled from their lots of land, even if it'll help them.

None of that should be a mystery.

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

#530

Post by Whoppertime »

banannaise wrote: post #397
msgodel wrote: post #140

Earlier quoted context omitted.

People need to stop moving out of their parent's house if they can't be stable. That's the root cause of a lot of the problems in the US.

This assumes, among other things, that they come from a stable home that has space for them and access to the things they need to create and maintain an income stream.

If you look at the home ownership rates of that generation it would be a fair assumption
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