I’m doing my part! struggles harder
My personal scores have increased by about 100 points in the last 6 months (I started getting worried about interest rates getting even worse and consolidated my credit cards under a personal loan with a definite payoff date).
At this point I really don’t care what my credit score is, but this feels like a bad time to have debt, and for once in my life I feel lucky that I’m able to be paying off debt faster than I can take on more - which really hasn’t been the case since I went to university in 2007 (and never finished for financial reasons).
I wonder if it had anything to do with fucking up everyone’s student loan repayment plans immediately after taking office
Maybe people are a bit pissed that they can make years and years of on time payments but then something happens and they miss a payment or are late, they get charged another fee and get reported. Fuck credit scores.
You can carry unlimited loses on stocks and get a tax break. Miss a payment once and get a 45% penalty and unable to get an apartment for 10 years. 🇺🇲🦅
I helped!
My geriatric millennial ass:
The national average FICO score dropped by two points this year, the most since 2009, according to data released Tuesday by the analytics company.
With just this information in front of me – I can’t really tell if this is a statistical outlier.
Also something of a lagging indicator as you need to actually start missing payments before they fall. And not terribly significant if you were only seeing them shift a few points during the worst foreclosure crisis in US history.
Then there’s another question of their validity in an industry geared towards marketing and sales. Keep in mind that many of the companies with the worst foreclosure rates had AAA credit scores right up until bankruptcy.
Wouldn’t scores fall earlier than that as more people utilized their credit lines and their credit: debt ratio changed? I’m sure the impact is much less than missing payments, but I think that would be an important thing to monitor for trends
Wouldn’t scores fall earlier than that as more people utilized their credit lines and their credit: debt ratio changed?
Assuming lots of people are sitting on lines of credit they’re not using, I suppose. But unless you’re nearing your max your credit score actually goes up if you’re regularly making payments on outstanding debt.
They can also fall for stupid reasons. I recently finished paying off my car and my credit score dropped by 6 points!
That’ll teach you not to participate in capitalism.
It’s not like they want to punish you for paying off your car.
The reality is that a high percentage of the population loads up on more debt after paying off current debts, so the algorithm reflects that. Usually those points come back after a couple of months.
That makes sense, even if it seems dumb to be “pre-punished” for something I’m not planning on doing.
Well.
You can say it hasn’t happened in 18/18 years since it last happened.
I was there. It wasn’t that great.
Hey hey, its okay - it’s not AS BAD as the worst financial crisis in our living lifetimes. Things are alright.
Not as bad yet
Prances off singing “I’m still standing”
It’s possibly worse if you take out the AI bubble…And it’s still getting worse
These delinquency rates are “more consistent with an economy in recession than one still in expansion,” FICO said, adding that mortgage and home equity loan delinquency rates are still near historic lows.
I have heard banks have been bending over backwards to allow people to keep up to date on their loans though.
They aren’t. I recently went through fucking hell with my mortgage company trying to figure out a plan to stay, or even just stay until the house sold. They drug their feet and were so incompetent during the whole process and were zero help.
This ride is super fun but we’ve been accelerating downward for a long time and that ground is getting awfully close…
