big_palooka Posted December 13, 2023 Share Posted December 13, 2023 18 hours ago, MacReady said: Lol. I paid off my house and my credit score goes down 28 points. If the entire credit score thing isn't the dumbest thing I've ever seen in practice I don't know what is. This happened because you paid off a debt and lowered your utilization ratio. Effects the 10% that makes up your credit mix and the 15% that make up your length of credit. FICO is made up of 5 components - Payment history (35%) amounts owed (30%), new credit (10%), history (15%), mix (10%). 1 Quote Link to comment Share on other sites More sharing options...
big_palooka Posted December 13, 2023 Share Posted December 13, 2023 5 hours ago, AkronsWitness said: After getting my loan for my house, I agree. My credit score did extremely little to help me. Its a dinosaur system that only exists to hurt you, not to help you. If you have a bad score you get penalized with higher rates but if you have a great score you simply just get the rates at what they should be at. Maybe like a half percent better. From my experience. What did you expect with you credit score out of curiosity? Quote Link to comment Share on other sites More sharing options...
vike daddy Posted December 13, 2023 Share Posted December 13, 2023 18 hours ago, MacReady said: Lol. I paid off my house and my credit score goes down 28 points. If the entire credit score thing isn't the dumbest thing I've ever seen in practice I don't know what is. yes, it actually "penalizes" those who have little or no debt. the system is designed to see that you are IN debt and managing it well. 3 Quote Link to comment Share on other sites More sharing options...
skywindO2 Posted December 13, 2023 Share Posted December 13, 2023 (edited) 53 minutes ago, vike daddy said: yes, it actually "penalizes" those who have little or no debt. the system is designed to see that you are IN debt and managing it well. Specifically because those who are paying their debt and managing it well are profitable to the bank. If you're no longer paying the bank, they're no longer profiting off your payments. And this isn't a defense of the credit score system. It's awful, and much like everything else in this country, needs a huge overhaul. Edited December 13, 2023 by skywindO2 5 Quote Link to comment Share on other sites More sharing options...
MacReady Posted December 13, 2023 Share Posted December 13, 2023 1 hour ago, big_palooka said: This happened because you paid off a debt and lowered your utilization ratio. Effects the 10% that makes up your credit mix and the 15% that make up your length of credit. FICO is made up of 5 components - Payment history (35%) amounts owed (30%), new credit (10%), history (15%), mix (10%). I know all of this. I’m saying it’s stupid. It’s absolutely stupid and indefensible. Quote Link to comment Share on other sites More sharing options...
big_palooka Posted December 13, 2023 Share Posted December 13, 2023 2 minutes ago, MacReady said: I know all of this. I’m saying it’s stupid. It’s absolutely stupid and indefensible. Completely agree. There are 16 models of FICO depending on industry. Like most things, it's overthought and ineffective. Vantage score is a better model but hasn't caught on in lending for example. 1 Quote Link to comment Share on other sites More sharing options...
Malfatron Posted December 13, 2023 Share Posted December 13, 2023 Ew take it to the financial thread my dudes Quote Link to comment Share on other sites More sharing options...
Malfatron Posted December 13, 2023 Share Posted December 13, 2023 4 hours ago, DreamKid said: Does anyone have a current men's magazine subscription that they enjoy/recommend? If you do, why? Just use the internet 2 Quote Link to comment Share on other sites More sharing options...
DreamKid Posted December 14, 2023 Share Posted December 14, 2023 2 hours ago, Malfatron said: Just use the internet Sometimes I forget that for people born before the 90s/00s the word 'magazine' conjures up very different imagery. Quote Link to comment Share on other sites More sharing options...
Tugboat Posted December 14, 2023 Share Posted December 14, 2023 9 hours ago, skywindO2 said: Specifically because those who are paying their debt and managing it well are profitable to the bank. If you're no longer paying the bank, they're no longer profiting off your payments. And this isn't a defense of the credit score system. It's awful, and much like everything else in this country, needs a huge overhaul. This is really the whole long and short of what "credit" is actually about. It's an industry that is fundamentally designed to keep you in debt. People who don't carry debt aren't profitable for banks. Where's the interest? So credit scores are predicated on the idea that you can owe them lots of money, but reliably make payments on that. That's all it really is. This is also why the insanely wealthy basically just live on credit. They don't actually "own" anything. It avoids taxes, it basically just makes them money because they get absurdly favourable loan rates due to their obvious actual wealth and holdings as collateral. They turn that into owning even more stuff. Quote Link to comment Share on other sites More sharing options...
ramssuperbowl99 Posted December 14, 2023 Share Posted December 14, 2023 6 hours ago, Tugboat said: People who don't carry debt aren't profitable for banks. Banks make plenty of money off people with no debt. They use their deposits as collateral for loans they give to other people. 1 Quote Link to comment Share on other sites More sharing options...
OkeyDoke21 Posted December 14, 2023 Share Posted December 14, 2023 12 hours ago, DreamKid said: Sometimes I forget that for people born before the 90s/00s the word 'magazine' conjures up very different imagery. Now I'm curious. What image does the word magazine conjure up for someone born after 2000? Quote Link to comment Share on other sites More sharing options...
DreamKid Posted December 14, 2023 Share Posted December 14, 2023 1 hour ago, OkeyDoke21 said: Now I'm curious. What image does the word magazine conjure up for someone born after 2000? Straightforward general(Fashion, Fitness, Lifestyle) or niche interest(Tech, Gaming) material, nothing 'adult' in nature. That's an industry and aspect of youth entertainment that died out like 30+ years ago. Quote Link to comment Share on other sites More sharing options...
minutemancl Posted December 14, 2023 Share Posted December 14, 2023 Beer cocktails: Yes? No? I like the Spaghett, and I like the Chelada, and a shandy is fine, but are there really no other good beer cocktails besides those 2? Quote Link to comment Share on other sites More sharing options...
OkeyDoke21 Posted December 14, 2023 Share Posted December 14, 2023 2 hours ago, DreamKid said: Straightforward general(Fashion, Fitness, Lifestyle) or niche interest(Tech, Gaming) material, nothing 'adult' in nature. That's an industry and aspect of youth entertainment that died out like 30+ years ago. Oh, wow. The joke you were replying to went completely over my head. 1 Quote Link to comment Share on other sites More sharing options...
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