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Established Contributor
Posts: 638
Registered: ‎07-28-2011
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Ethics and Credit

[ Edited ]

Can we have an adult conversation regarding Ethics and credit cards?

 

What do you consider to be fair vs unfair?

What practices do you deem acceptable?

 

Recently had a small back and fourth with a member who had excellent points:

 

     "So none here should do a PFD either. I mean you were late right? The were reporting such right? Then its unethical to have them change your report. How about Goodwill letters? Those too are unethical. Lenders should never agree to ANY Goodwill because again you screwed up right? VERY UNETHICAL. How about paying your cards down to raise your score even if you plan to recharge them later or worse yet, transferring the debt to your wife's credit card. Horrible!! This whole site is EXTREMELY UNETHICAL teaching people how to repair their credit..."

 

What are you views on Co-signers?

What do you think about AU's?

Any animosity towards Backdating?

Share what you think of the way Insurance Companies uses your credit to charge higher rates!

 

 

Your Thoughts are greatly appreciated...

 

 



Valued Contributor
Posts: 2,179
Registered: ‎01-09-2012
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Re: Ethics and Credit Cards

sometimes some may take the unethical route even if they didnt pay. for some like me for istance i had no choice not to pay when i look back on it i wish i took better care of my credit but some issues may be too much for one.. if one were to get sick or thrown out of a house and became homeless or lost their job. one may not have any money. yes i feel like i should have been better with my credit but i was in a situation when i realize now that i should have paid. 


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Established Contributor
Posts: 638
Registered: ‎07-28-2011
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Re: Ethics and Credit Cards


afbar1114 wrote:

sometimes some may take the unethical route even if they didnt pay. for some like me for instance I had no choice not to pay when I look back on it I wish i took better care of my credit but some issues may be too much for one.. if one were to get sick or thrown out of a house and became homeless or lost their job. one may not have any money. yes i feel like i should have been better with my credit but i was in a situation when i realize now that i should have paid. 


OK lets take your example and for arguments sake say that someone else had the same exact circumstance as you but only 1 difference. They had access to a credit repair business that just DV all derogs on the reports and let say their parents have great credit and have no problem making hypothetical person an AU on their accounts. As well as cosign a beater and get 3.9%

 

Why should YOU have to work hard going about it the right way (rebuilder cards, 19.99% auto loan apr etc) when others are "gaming the system." 



Established Contributor
Posts: 541
Registered: ‎12-02-2011
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Re: Ethics and Credit Cards

[ Edited ]

This is a touchy subject, because then every person who files for bankruptcy could be considered to be "gaming the system".  Every person/situation is different.

New Contributor
Posts: 65
Registered: ‎09-25-2011
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Re: Ethics and Credit Cards

Wow, great discussion to start. 

 

Altho, I do believe it might start a TOS conflict.

 

This is just where I stand.

 

I used no means, other than poor managment on my part, to get me into my position of rebuilding.

 

I have worked hard this past year and half on restoring what I ultimately tore apart.

 

Illness and lack of health insurance, and poor planning, got me into the credit sickness, as I like to call it.

 

Proper planning prevents pea poor performance.

 

This place is an awesome place to share ideas, ethical and or unethical.

 

I am a true believer in KARMA. If you are unethical in your rebuilding progress, I believe it will ultimately come back around.

 

I am mostly a lurker here.  Just reading, reading, reading, absorbing.  Then I apply the principles I have learned in my life to some of the advice here.

 

I believe if you owe a debt, you should pay it. 

 

If you don't owe it, then dispute it.

 

Its a simple right vs wrong, anyway just for me.

 

There are some great contributers here, that have helped me get in the right direction.

 

The only thing in life that is a sure predictor is time.  Time heals wounds, time heals bad credit.  However if one hasn't learned how they got in the mess to begin with, those wounds can become inflammed again, and or opened/exposed.

 

My case, was an illness, and was never educated in fiances.  Then one day.  BAM!

 

It hit really, really, hard.  I think I even ended up on my knees praying.  There are no quick fixes to credit.  There are patches, but never the same.

 

JMHO.

Peace

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Frequent Contributor
Posts: 373
Registered: ‎03-26-2010
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Re: Ethics and Credit Cards

RE: Then its unethical to have them change your report...

 

 

All of this is between you and who you owe.  It's also nobody elses business!

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Valued Contributor
Posts: 1,699
Registered: ‎08-18-2007
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Re: Ethics and Credit Cards


teenastie wrote:

Can we have an adult conversation regarding Ethics and credit cards?

 

What do you consider to be fair vs unfair? What practices do you deem acceptable? Recently had a small back and fourth with a member who had excellent points:

 

     "So none here should do a PFD either. I mean you were late right? The were reporting such right? Then its unethical to have them change your report. How about Goodwill letters? Those too are unethical. Lenders should never agree to ANY Goodwill because again you screwed up right? VERY UNETHICAL. How about paying your cards down to raise your score even if you plan to recharge them later or worse yet, transferring the debt to your wife's credit card. Horrible!! This whole site is EXTREMELY UNETHICAL teaching people how to repair their credit..."

 

Your Thoughts...


well just to make it clear, the OP who made these statements, from what i read in the other thread, does not necessarily believe these statements. The OP was just making a point on what they were doing by freezing 2 of thier credit reports.

 

I for one think that sometimes some people on this site get to carry away with their holier than thou attitude. Yes there are some things that are blantantly unethical like disputing an inquiry when in reality they did do it, etc, however there are other things that are in the gray area and some try to come down hard.

 

Life is not fair sometimes and we do what is best to make the situation better and get ahead in life. If it doesnt hurt another person and only affect you and your life then so be it. Of course this is just my opinion

Established Contributor
Posts: 638
Registered: ‎07-28-2011
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Re: Ethics and Credit Cards


learnin113 wrote:

This is a touchy subject, because then every person who files for bankruptcy could be considered to "gaming the system".  Every person/situation is different.


This is true my brother in law purposely filed Bankruptcy when he was younger... Now his credit it near the 800 mark on 2 CR's. My wife went through some tough times and chose to keep everything open and pay late a few times. She still has negative marks on your CR but a respectable score. The fact that she is "hurting" a little more now because she owned up to her debts is only noble to the extent of this story. Cause in the life of mathematical algorithms He is superior. 

 

I guess that's why we have Blacklists it kind of keep things fair to a certain extent. But charging thousands of dollars with the intention of never paying back, filing a BK, then rebuilding to a perfect score kind of irks me...



Regular Contributor
Posts: 118
Registered: ‎01-04-2012
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Re: Ethics and Credit Cards

[ Edited ]

teenastie wrote:

Can we have an adult conversation regarding Ethics and credit cards?

 

What do you consider to be fair vs unfair? What practices do you deem acceptable? Recently had a small back and fourth with a member who had excellent points:

 

     "So none here should do a PFD either. I mean you were late right? The were reporting such right? Then its unethical to have them change your report. How about Goodwill letters? Those too are unethical. Lenders should never agree to ANY Goodwill because again you screwed up right? VERY UNETHICAL. How about paying your cards down to raise your score even if you plan to recharge them later or worse yet, transferring the debt to your wife's credit card. Horrible!! This whole site is EXTREMELY UNETHICAL teaching people how to repair their credit..."

 

Your Thoughts...


There is nothing unethical about it. Our credit reports are just snapshots of a database. What goes in the database is between you and your creditors. If you can negotiate with them changes based on actions that are beneficial to you and them then more power to you and them. Remember the credit agencies don't have the power. They just store information...a middle man if you will.

 

EDIT: I should add also that what the OP mentions as unethical are things that are not prohibited by law or the FCRA.

Established Contributor
Posts: 638
Registered: ‎07-28-2011
0

Re: Ethics and Credit Cards


oracles wrote:

teenastie wrote:

Can we have an adult conversation regarding Ethics and credit cards?

 

What do you consider to be fair vs unfair? What practices do you deem acceptable? Recently had a small back and fourth with a member who had excellent points:

 

     "So none here should do a PFD either. I mean you were late right? The were reporting such right? Then its unethical to have them change your report. How about Goodwill letters? Those too are unethical. Lenders should never agree to ANY Goodwill because again you screwed up right? VERY UNETHICAL. How about paying your cards down to raise your score even if you plan to recharge them later or worse yet, transferring the debt to your wife's credit card. Horrible!! This whole site is EXTREMELY UNETHICAL teaching people how to repair their credit..."

 

Your Thoughts...


well just to make it clear, the OP who made these statements, from what i read in the other thread, does not necessarily believe these statements. The OP was just making a point on what they were doing by freezing 2 of thier credit reports.

 

I for one think that sometimes some people on this site get to carry away with their holier than thou attitude. Yes there are some things that are blantantly unethical like disputing an inquiry when in reality they did do it, etc, however there are other things that are in the gray area and some try to come down hard.

 

Life is not fair sometimes and we do what is best to make the situation better and get ahead in life. If it doesnt hurt another person and only affect you and your life then so be it. Of course this is just my opinion


1. True- but still great statements nonetheless

2. Care to elaborate?



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