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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

#561

Post by ndileas »

BobaFloutist wrote: post #513
ndileas wrote: post #437

Earlier quoted context omitted.

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

Credit cards fill this need for a month of spend, but if you want to go three months at a time you need to figure out a different solution.

When purchasing durable goods or bulk supplies, the difference is minimal. It might require saving before purchase, or gradually moving to the bulk model to preserve cash flow. But it's totally doable with a credit card on the household scale.

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

#562

Post by 9rx »

danans wrote: post #473
9rx wrote: post #373

Earlier quoted context omitted.

> Urban in an academic context is a much lower bar than urban I said city , not urban, trying to portray a high density, well populated area. I fully recognize that the US considers a community as small as 2,000 people to be urban. And, similarly, you need as few as 1,000 people in an area in my country to fall into what is considered urban. This is all well known and understood. That said, the 3,000 people strong to…

> But it remains that average American lives in larger, more dense communities than that, so the idea of needing transportation is quite strange and defeats the purpose of the density. Generally, American suburbs (where most Americans live) are neither dense nor particularly walkable. Driving is the only option (since they also generally lack public transit). > That said, the 3,000 people strong town I live in has ev…

> If you live in a pre-car American town

Technically it was established before the automobile, but its tenth of a mile downtown commercial strip is the only remaining remnant of that. For all intents and purposes, it was built to "modern" standards, which is to say that its density is on par with the average American suburb. – To be fair, the streets and sidewalks are sensibly laid out. Some of those winding maze suburbs would take days of walking just to get out of the maze. That certainly helps.

By definition, urban requires at least 1,000 people per square mile at minimum. Any less than that and a place is well and truly rural by every account. Even at that minimum density, unless the town is literally a straight line, most everything should still be reasonably walkable.

The difference is really only that people in towns of 3,000 people want all the jobs, services, and amenities as possible. Whereas suburban folk fight tooth and nail to keep it all out. But the question is: Why? Why wouldn't you want those things nearby, most especially when you are complaining you can't afford transportation to those amenities where there are found elsewhere? What's the appeal of being shoved up tight against your annoying neighbour and to have nothing else?

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

#563

Post by Y_Y »

x0x0 wrote: post #425
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.

The shitty software my landlord used to use -- the Buildium / Realpage scum -- decided to put a popup on every rent payment trying to get me to pay the Realpage scum $5 to $10 to report the rent payment to the credit bureaus.

A popup? How? If you can't pay by cash or bank transfer then wtf are they doing?

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

#564

Post by Guvante »

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…

Buy now pay later at 0% is what these programs offer which does not align with what you are saying at all.

Used properly these provide liquidity by spacing out payments.

Certainly there are economic concerns about not being able to afford groceries today but liquidity (especially free liquidity) isn't fundamentally worthless.

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

#565

Post by DHPersonal »

nobody9999 wrote: post #515
DHPersonal wrote: post #508

Earlier quoted context omitted.

It sounds very familiar to a fundamentalist Christian, taught in either private or home schools that fostered that sort of thinking.

>>This is conspiratorial nonsense. >It sounds very familiar to a fundamentalist Christian, taught in either private or home schools that fostered that sort of thinking. That's as may be, but it doesn't make it any less "conspiratorial nonsense," does it?

Maybe. For some reason it seemed like a more poignant reply at the time, but now I see it doesn’t add much to the conversation. :)

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

#566

Post by gamerdonkey »

nwah1 wrote: post #391
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.

Landlords like the idea of incorporating rent payments into credit scores, since it adds extra incentive to pay on time. Or, phrased differently, extra punishment for failing to pay on time. Framing the current default as a help to the rentier class is just silly. The rentier class are indeed a major cause of stagnation and inequality in our economy, but they are innocent of this one.

The current default is that missing a rent payment can harm your credit score, but paying on time will never improve it.

https://www.experian.com/blogs/ask-experian/can-late-rent-pa...

This benefits the landlords for the reasons you outlined, and tenants must interact with the credit industry through additional (often predatory) means in order to build a credit history that may allow them to buy their own home. Further, landlords have an incentive against providing this positive feedback, as doing so makes it more likely that tenants would exit a relationship that is profitable to the landlord.

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

#567

Post by ndriscoll »

_DeadFred_ wrote: post #505
john01dav wrote: post #95

Earlier quoted context omitted.

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…

There are MILLIONs of human years of effort, by experts at manipulating people, put into making people feel this way. Saying bro, why can't your willpower overcome MILLIONS of years of experts trying to manipulate you is a pretty weak argument. It's basically the same as saying 'why can't you take on the top UFC fighters?' at this point. There is a battle to squeeze everything possible out of the sheep on one side, o…

GP isn't saying "why can't you take on top UFC fighters?" They're saying "why would you try to take on top UFC fighters?" It's exactly that one-sided battle that makes it so avoiding the engagement is necessary. A lot of effort is no doubt spent developing psychological weapons to use against me. Fortunately there are very few channels for any of them to use to reach me.

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

#568

Post by lcnPylGDnU4H9OF »

Y_Y wrote: post #563
x0x0 wrote: post #425

Earlier quoted context omitted.

The shitty software my landlord used to use -- the Buildium / Realpage scum -- decided to put a popup on every rent payment trying to get me to pay the Realpage scum $5 to $10 to report the rent payment to the credit bureaus.

A popup? How? If you can't pay by cash or bank transfer then wtf are they doing?

Realpage offers payments on their website and landlords typically pass on the service costs to their tenants in the form of a $5 “service fee” as itemized by Realpage. Compared to a $10 fee to get a cashier’s check to pay in person (because ACH is done by Realpage), you’re saving $5/mo. (Cash is generally not accepted because they don’t want to be storing cash on location.)

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

#569

Post by GuinansEyebrows »

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…

> but there is still responsibility for people choosing to listen to it

yes, sure, this is easy to say, but hundreds of billions of dollars and uncountable person-hours go into this manipulation machine, and many peoples' lives and livelihoods depend on maintaining it. it's a lot to ask of every individual to be solely responsible for the negative impacts of advertising when we all have lives we want to live.

i'm not saying personal responsibility doesn't play a part, but we shouldn't atomize - we should be organized and wield regulation more effectively against the profit motive.

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

#570

Post by kube-system »

JKCalhoun wrote: post #557
kube-system wrote: post #441

Earlier quoted context omitted.

> 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.

Where? 'cause I'm not seeing it.

I'm guessing you're taking issue with the price? Meh, that's just what it costs to make a decent product. You can (or at least used to be able to) get hot garbage manufactured abroad for less, but it doesn't meet the standards of what anyone would reasonably get, and they don't compare favorably to even a bad used car.

You might find this interesting:

https://www.youtube.com/watch?v=yRG0Wai4sR0

I remember when you could get a $10k new car... but if you adjust for inflation, we still have those cars today (now they're $20k), and they're actually better than the $10k cars back then.

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