I agree with what you're saying about the over-emphasis on high scores alone. I've always said that a lender would be a fool to go solely on scores. And you're right, these days they're looking at a lot of things like zip codes and employers, and that's adding a whole new element.
But I do have to disagree that around here, that's all we focus on. Sure, there are some score freaks out there, but most who have been here a while and have done some reading and a lot of thinking understand the importance of the underlying report. I think most poor souls who post high scores + high util get an earful pretty quickly!
And in the end, I can't control my zip code or my field of employment (well, not easily), but I can control what I do with my credit, and thus I can control that portion of my picture. So I do!
But I do have to disagree that around here, that's all we focus on. Sure, there are some score freaks out there, but most who have been here a while and have done some reading and a lot of thinking understand the importance of the underlying report. I think most poor souls who post high scores + high util get an earful pretty quickly!
And in the end, I can't control my zip code or my field of employment (well, not easily), but I can control what I do with my credit, and thus I can control that portion of my picture. So I do!
Psychic could be the designated "poster child" related to the message of my OP.....
@Anonymous wrote:Psychic could be the designated "poster child" related to the message of my OP.....
You're right!
I posted my CLD news because I wanted to show the other members that it could happen to any of us!
That's all well and good, but I don't own a home and live in a zip code that is majority rental properties and in a city that has shown almost no problems in the housing market. I have a steady income and have a util rate of around 1%. No baddies whatsoever and nearly 8 years of history. Still, I was a victim of BoA RJ.
At the end of the day, there is no rhyme or reason to the CLDs, RJs and closings. CCC are acting in the same erratic fashion that they did before the crisis and they will continue to do so afterward.
CCCs do what they think they can get away with regardless of the state of their capital. They see an opportunity here to cash in on the mass hysteria. If they can blame 15% rate increases on the economic crisis and then sit back and rake in huge finance charges that is what they will do!
At the end of the day, there is no rhyme or reason to the CLDs, RJs and closings. CCC are acting in the same erratic fashion that they did before the crisis and they will continue to do so afterward.
CCCs do what they think they can get away with regardless of the state of their capital. They see an opportunity here to cash in on the mass hysteria. If they can blame 15% rate increases on the economic crisis and then sit back and rake in huge finance charges that is what they will do!
Supply and demand will eventually kick in. Competition will compel competitive rates and offers, otherwise as more people move to alternatives such as CU's and other lenders, there will eventually come a point that the pendulum will swing back.
Also, we need to remember that these gargantuan conglomerates, mergers and acquistions, do not look at individual accounts, they look at divisions and segments as a whole. As they "program" bottom line targets in and provide algorithm applications to achieve it, the impact is "unknown" individually....they only see the collective bottom line....and so yes, you are correct in that they will seek profit goals and projections....and sometimes this means going after the most reliable sources of income.
And this is why one man's default is everyone else cost. Those who pay, pay for everything. Those who don't, don't.
Call yourself "sugardaddy/mama" dizzier