Loan companies are using more than your credit score

[Anonymous]

From http://www.latimes.com/business/la-fi-new-credit-score-20151220-story.html:

Like a growing number of personal and small-business lenders, Basix looks at much more than your financial history when determining whether you're likely to repay a loan.

Among thousands of factors is whether you type your name with proper capitalization or in all capital letters.

“If you fill in your name in all caps, you're a much higher risk,” said Douglas Merrill, founder and chief executive of ZestFinance, the Hollywood parent company of Basix.

I never would have thought that name capitalization would have that much of an effect. 

[Dalmus]

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@Anonymous wrote:

From http://www.latimes.com/business/la-fi-new-credit-score-20151220-story.html:

Like a growing number of personal and small-business lenders, Basix looks at much more than your financial history when determining whether you're likely to repay a loan.

Among thousands of factors is whether you type your name with proper capitalization or in all capital letters.

“If you fill in your name in all caps, you're a much higher risk,” said Douglas Merrill, founder and chief executive of ZestFinance, the Hollywood parent company of Basix.

I never would have thought that name capitalization would have that much of an effect. 

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 In all honesty, if I see somebody writing in all caps or in all lower case, or not using (reasonably) proper puncuation or spelling, I assume some negative things about them as well.  And I adjust my negativity in proporation to age... I'm only 38, but I find MANY of my contemporaries are incapable of using punctuation.  I make enough of my own composition and spelling errors so I don't overly judge, but nothing makes my skin crawl more than "wut r u doing 2nite" appearing on my phone.

 Or worse.. in an email!

[Anonymous]

not only that upstart wants your educational and financial information to make a loan to you. in fact if you still qualify with both of that, you cannot have any collections whatsoever on TU to be eligible for.

Spelling/Cap Letters are just if they decide ugghhhhh dont really want to give this loan but how do i honorably deny the loan ? what do i say ? and cap letters, spelling mistakes, grammar all makes sense.

Remember Upstart is TU and cant have collections. Period. One Man's Greed is ... In Crisis is Opportunity.. Never let a CRISIS GO TO WASTE.

 People with money know that. Decision making when lending, if its not crisis, its not worth it. 

[azguy13]

It is almost a fad these days to purposely speak using improper pronunciation or write as if sending a tweet. It is quite sad if you think about it. I can completely understand why lenders feel this way and use these points to "judge" a candidate. I do the same in my personal life. If someone 'seen' me doing something or if their significant other is their 'BAE,' I will most likely associate a negative connotation to them. Putting myself in the bank's position, I would immediately think that this person is not fully educated and may not be in my target audience for lending via unsecured credit. 

[mitchblue]

Too many in this world, even with proper education, cannot speak and write properly. It's a shame.

[tntexans72]

There's also plenty of people who can speak and write in multiple languages. What's a shame is people making judgement of others based on writing or reading skills. There are plenty of millionaires who never went to college. It's fortunate that banks only care about your credit scores and nothing else.

[Dalmus]

Very true.... but you only need a 3rd or 4th grade education to know basic grammar and basic composition.

[Mantis350]

When I went to their website and just browsed around, it stated their loans STARTED at 25.99% interest.  This had nothing to do with my credit profile as I didnt even input any info about myself. Just a FYI.

[CYBERSAM]

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@Dalmus wrote:

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@Anonymous wrote:

From http://www.latimes.com/business/la-fi-new-credit-score-20151220-story.html:

Like a growing number of personal and small-business lenders, Basix looks at much more than your financial history when determining whether you're likely to repay a loan.

Among thousands of factors is whether you type your name with proper capitalization or in all capital letters.

“If you fill in your name in all caps, you're a much higher risk,” said Douglas Merrill, founder and chief executive of ZestFinance, the Hollywood parent company of Basix.

I never would have thought that name capitalization would have that much of an effect. 

---

 In all honesty, if I see somebody writing in all caps or in all lower case, or not using (reasonably) proper puncuation or spelling, I assume some negative things about them as well.  And I adjust my negativity in proporation to age... I'm only 38, but I find MANY of my contemporaries are incapable of using punctuation.  I make enough of my own composition and spelling errors so I don't overly judge, but nothing makes my skin crawl more than "wut r u doing 2nite" appearing on my phone.

 Or worse.. in an email!

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I don’t see a problem if someone uses abbreviations for texting or not to use proper punctuation or complete spelling. No one complained about proper grammar when Morse code was used.

To me the purpose of texting is a short respond for a quick update, mostly for close friends and family.

However there is time and place for everything. If I receive a resume and it contains "wut r u doing 2nite" that would be another story! This be the same scenario if someone showed up for job interview with cutoffs and t-shirt.

Going for loan or contract, tie or dress should be required. Being too casual is not always a good thing, in person or other means of communications.

[StartingOver10]

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@Dalmus wrote:
Very true.... but you only need a 3rd or 4th grade education to know basic grammar and basic composition.

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I have to agree with this post. ^^^

It is one thing if the lender expects the borrower to have higher education; but something else entirely if the borrower is nearly illiterate. It is too difficult to tell in a text if the borrower is lazy or illiterate.  Not that literacy is an indication of repayment ethics, but it may indicate a fundamental lack of education in finance. Fortunately, you can overcome this bias with good financial statements, eg: proof of income and assets and credit history.