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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

#551

Post by olddustytrail »

bigstrat2003 wrote: post #456
kiba wrote: post #335

Earlier quoted context omitted.

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 matt…

I would find that a little more convincing if the people complaining about being lied to about the efficacy of masks were also the people who were afterwards arguing most strongly in favour of masks.

Strangely, it appears to be the opposite.

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

#552

Post by vel0city »

chasd00 wrote: post #543
vel0city wrote: post #507

Earlier quoted context omitted.

> 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…

Many people who live in those towns you describe work in McKinney, Plano and other parts of the suburbs. I’m not saying you’re wrong because there certainly are those people that make those commutes. I personally know a dev who lives in Prosper and another who lives in Melissa and they both commute to Las Colinas! Their reasoning was home affordability, home value growth, and school quality.

Many people do, I agree! I'm not trying to paint it as everyone living there does have an hour commute, it's true many don't.

But yeah, go work a job in Addison, Las Colinas, deep in Plano, etc. You'll find a lot of coworkers living in Farmersville, Prosper, Melissa, etc.

> Their reasoning was home affordability, home value growth, and school quality

This is yet another set of data points showing what I'm talking about, thank you. These people live there because it was cheap when they bought it, they expect the metroplex to keep growing increasing the value of their eventually "closer in" home from where the outskirts will be in a decade, and schools are better than other places they might have afforded to buy. Am I wrong?

In the end transit time to the American Airlines Center to watch a Mavericks or Dallas Stars game didn't matter. It didn't matter it wasn't the restaurant capital of the region.

And I don't blame them, that was the choice they were given with the options presented. Housing in the US is a mess, and it seems few get what they'd really prefer they just have to live with the tradeoffs of what's on the market at the time.

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

#553

Post by 9rx »

vel0city wrote: post #540
9rx wrote: post #521

Earlier quoted context omitted.

> 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 dat…

> Im sure you can look it up just as easily as I. Not any datasets that actually agree with your assertions. Most datasets showcase the hollowing out of rural job opportunities as globalization and automation has massively cut back on manufacturing job opportunities, automation has reduced farm jobs, rural depopulation leads to education closures, etc. So if you have a lot of data otherwise please do share. And once…

> Most datasets showcase the hollowing out of rural job opportunities

Hollowed out opportunity, or hollowed out available jobs? As noted earlier, there is a pretty big difference. My impression from your comment is that you are trying to say that there are fewer jobs available, which isn't what we were talking about.

> I've absolutely been talking specific areas

What part of "as a rule" made you think this was about a specific area?

> Have you not been reading my comments

Can I assume this implies that you have diligently read mine? If so, in all seriousness, I'd really like to know what part of "as a rule" you took to mean that the focus was on a specific area. My intent was very much to try and avoid focusing on a specific area as I understand full well that conditions can vary from place to place. I'd like to understand how I failed to communicate that.

But perhaps you were so busy trying to tell me your life story that you didn't actually read it after all.

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

#555

Post by scarface_74 »

chasd00 wrote: post #550
allenrb wrote: post #227

Earlier quoted context omitted.

As a young person, I was in the “own an old beater” category for many years. That said, I knew how to maintain and repair most of what could go wrong. That stick shift 1995 Accord had over 300,000 miles when a school bus finally totaled it while parked. But for most people, maybe not the right answer. There’s a middle ground. There are some very affordable vehicles out there with good warranties. Buy one and for a fe…

I don’t think you need to know a lot about cars to get good value out of them. I had an old ford ranger and all I did was get new tires when they tread wore off, get new brake pads when they started squeaking, and get the oil changed when the little sticker said to. I put 350k miles on that truck.

And if you are already living check to check, buying an old beater they you don’t know the condition of is more risky and harder to come up with the cash as things go wrong like the engine and the transmission.

It’s completely different than buying a slightly used car and keeping it forever where you know the wear and tear patterns on it and you know how you treat it.

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

#556

Post by haiku2077 »

phkahler wrote: post #206
QuadmasterXLII wrote: post #193

Earlier quoted context omitted.

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.

Low interest rates tend to just push housing prices up. The average expenditure on housing as a percent of income have been nearly constant in the US for 50 years.

Yes but I get to keep the equity in the house. I don't keep anything I pay towards interest.

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

#557

Post by JKCalhoun »

kube-system wrote: post #441
JKCalhoun wrote: post #291

Earlier quoted context omitted.

You present some very daunting problems that the young and working class have to deal with (I know, I was both of those decades ago and struggled myself). Credit to buy a new car though is still generally a bad solution. We should fix the other things you mentioned. I would like to see laws allowing extreme low-cost vehicles (equivalent to golf carts, I guess) allowed on designated roads. A special inexpensive insura…

> I would like to see laws allowing extreme low-cost vehicles (equivalent to golf carts, I guess) allowed on designated roads. A special inexpensive insurance proviso for them. These already exist! You maybe haven't heard about them because they're largely a failure beyond niche applications. They're mostly used for things like hospitality shuttles, facility maintenance, meter maids, etc. https://en.wikipedia.org/wik…

> A street legal Cushman or GEM starts at about $16k

I see a business opportunity.

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

#558

Post by vel0city »

9rx wrote: post #553
vel0city wrote: post #540

Earlier quoted context omitted.

> Im sure you can look it up just as easily as I. Not any datasets that actually agree with your assertions. Most datasets showcase the hollowing out of rural job opportunities as globalization and automation has massively cut back on manufacturing job opportunities, automation has reduced farm jobs, rural depopulation leads to education closures, etc. So if you have a lot of data otherwise please do share. And once…

> Most datasets showcase the hollowing out of rural job opportunities Hollowed out opportunity, or hollowed out available jobs? As noted earlier, there is a pretty big difference. My impression from your comment is that you are trying to say that there are fewer jobs available, which isn't what we were talking about. > I've absolutely been talking specific areas What part of "as a rule" made you think this was about…

> What part of "as a rule" made you think this was about a specific area?

As a rule that just happenes to not work in any of the large metros of the country in question. I've got a rule that a pen always rolls off on the left side of a desk, too bad it only works on my desk here that is missing a couple of legs!

> Hollowed out opportunity, or hollowed out available jobs? As noted earlier, there is a pretty big difference

Sure they'll go work minimum wage jobs at the highway fast food and gas stops. Buc-ees is iticing for jobs to sling BBQ sandwiches and scrub toilets! Big opportunity there. Once again, where's your data? I've linked mine, you're a foreigner going arguing against my lived experiences without even pointing to actual data, instead berating me and taking down to me about asking for you to actually give examples.

> Can I assume this implies that you have diligently read mine?

Yes, I have read yours. Have you actually read mine? I'm taking about one of the largest metro areas in the US trying to describe why people make the choices I do, showing real examples backed by federal reserve data and actual maps and housing costs and tax data. You're seemingly ignoring them and instead giving your own imagined ideas of transit times and job opportunities and property values not backed by any kind of data.

You're giving assumed ideas while ignoring actual factual linked data and multiple lived experiences in this chat while accusing me of not reading the data you refuse to share. You might want to re-evaluate who is going by gut assumptions.

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

#559

Post by chasd00 »

zoklet-enjoyer wrote: post #451

I always take on debt if it's an option at 0%. Or sometimes even if it's a low promo thing, like 3%.

I do that too, I actually get a kick out ripping off those predatory 0% interest traps. I had no idea the BNPL things didn’t impact credit scores. If they’re unsecured with no credit worthiness impact then why even pay them back?

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

#560

Post by netbioserror »

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…

This is what happens when interest rates are artificially suppressed. "Buy-now-pay-later" would not exist if the market were able to properly price the time value of money and wasn't backstopped by the Fed and nil reserve requirements.
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