Oh crap!!! Here we go again!!

[LightningCrash]

Start a new thread. This one is about banks and loans.

Fair enough. I'll drop the thread derailing.

 

[Kyle78]

I think the whole credit system needs to be scrapped. It's just another system for big banks to keep people in debt. We have NO credit cards and have a poor credit rating, but we've got a clean record. Was told by bank to get credit cards to use them to raise my score. Not going to happen.

 

[Big_McLargehuge]

I think the whole credit system needs to be scrapped. It's just another system for big banks to keep people in debt. We have NO credit cards and have a poor credit rating, but we've got a clean record. Was told by bank to get credit cards to use them to raise my score. Not going to happen.

The fact that paying off your debt lowers your score should really drive the nail home in the coffin to the current credit score system.

 

[dennishoddy]

I think the whole credit system needs to be scrapped. It's just another system for big banks to keep people in debt. We have NO credit cards and have a poor credit rating, but we've got a clean record. Was told by bank to get credit cards to use them to raise my score. Not going to happen.

Unfortunately your correct.

You have to take on credit to have a credit score.

 

[CHenry]

I think the whole credit system needs to be scrapped. It's just another system for big banks to keep people in debt. We have NO credit cards and have a poor credit rating, but we've got a clean record. Was told by bank to get credit cards to use them to raise my score. Not going to happen.

Why do you need a good credit score? Home lenders still do manual underwriting for those who have a low score do to not borrowing money. A good FICA score simply means your good a being in debt. Nothing more.
Ins companies are now using your credit score to place your on the scale of risk for claims, lower the score, higher the risk and premium. Pretty screwed up if you ask me.

 

[CHenry]

Unfortunately your correct.

You have to take on credit to have a credit score.

Actually just paying your utilities on time reflects on your score.

 

[TedKennedy]

I think the whole credit system needs to be scrapped. It's just another system for big banks to keep people in debt. We have NO credit cards and have a poor credit rating, but we've got a clean record. Was told by bank to get credit cards to use them to raise my score. Not going to happen.

Some suscribe to the notion that global economics are tied to a small group of bankers that manipulate credit, and interest to affect values in currency, while reaping the benefits of usury from the masses. Silly conspiracy theory I know, but I guess it's possible.:/

 

[subprep]

Why do you need a good credit score? Home lenders still do manual underwriting for those who have a low score do to not borrowing money. A good FICA score simply means your good a being in debt. Nothing more.
Ins companies are now using your credit score to place your on the scale of risk for claims, lower the score, higher the risk and premium. Pretty screwed up if you ask me.

you may be surprised at how rare a manual underwriter that knows what they are doing is. Particularly at the big banks, talk about a bunch of dimwits.

 

[Spata]

 

[Wheel Gun]

Hey, here's an idea. How about we get the government out of the banking/lending business and just let free market dynamics fix this problem? It would work and probably work quickly. You'd certainly not see any more silly mortgages written.