@Anonymous wrote:
Ahh yes!...The old "let's see if we can make the opposing poster mad by twisting their words and making childish comments ploy".....A favorite to those not smart enough to post a real rebuttal. Anyhow you guys go ahead and troll it up....I'll be back when something worth disputing has been posted. Im not going to play the personal attack game. If you want to talk FIFRAUD, Its problems, effects, ect....OK.....cry the drama to your momma. Im not going to play.
You are asking for an organization that has no money and financial skills at all (the federal government STATISTICALLY proven by the deficit and uncontrolled spending) to take over a financial risk based modeling system and try to regulate it. We then point out the fact that the government cant handle its own finances so how could it manage Americas financial risk system. And you say WERE NOT SMART ENOUGH to post a REAL rebuttal??? Hmmm a prime example of the pot calling the kettle black here. No personal attacks coming from me I am just trying to point out the shortcomings of the government and the flaw in your idea.
If you have a better system than FICO then lets see it. If you think you can more accuarately and fairly predict the risk of every single American for the millions of banks and lenders out there go ahead and let us in on it or go into business for yourself with your new system. I wasnt here but I am sure it was great when you could walk into your local bank, shake a hand, and walk out with a mortgage. That must have been nice. But in todays world it isnt even a feasible thought. There is no way bankers could know everyone. As much as the population has grown, people move for jobs, school, and family, and as many institutions as there are out there. It would never work.
So here is my SMART and REAL rebuttal:
If you dont like the current system quit whining and do something about it. Lets see your system. If it is more effective than FICO I am sure every lender in America would love to have that system.
I do support the cash only for the most part. I dont have alot of credit card debt and I dont live off of credit cards. I do believe if people had enough discipline they could absolutely always pay cash for their cars, key being if they have enough discipline and live within their means. Mortgages are one thing that is HARD not impossible to always pay cash for. I have no problem with mortgages or auto loans when necessary. Credit cards IF USED PROPERLY are a valuable tool for:
Booking travel, paying deposits, earning rewards, EMERGENCIES (although ideally you should have an emergency fund sometimes you just cant help it an unexpected mechanical breakdown or medical bill for example) you just have to be disciplined to get it payed off.
Carrying credit card debt and racking it up to have the nicest clothes, newest phone, biggest TV, etc that you cant afford is absolutely unresponsible and is what gets most Americans in trouble. However when used properly remember credit cards are a valuable tool.
And if you dont like cards I am not saying you have to carrry them. If you want to pay cash for everyhting that is a choice. But there are plenty of valuable reasons to maintain your credit score from employment, to insurance, to emergencies. I dont believe everyone should finance a car they have the money in cash for just to help their FICO because that costs money in finance charges. But keeping a couple of credit cards and using them responsibly is always going to help, and if you have the cash and good credit buy your car with a 0% financing, put the money in savings, have the payment withdrawn automatically and all of a sudden now the money you were going to buy the car with is:
buying the car still
increasing FICO with positive payments
AND EARNING YOU EXTRA MONEY WHILE IN SAVINGS.
So as you may or may not be able to tell with everything in this post there are many good reasons to care about your credit, many good responsible uses to use credit for, and if you think about it you can make your score WORK FOR YOU. FICO is what you make it.
If you dont care and dont pay your bills = Your FICO will suck
If you dont use credit = Your FICO will be nonexistent
If you manage it wisely = Your FICO will bring MANY benefits to you.
So my point here- I am not arguing with you, saying you are right or wrong, simply pointing out the system is what you make it and is a proven system that works. Not saying it is perfect but so far nothing has proven to be better although I am sure everyone here would love to see the "perfect" system. With that said I am through with the SMART REBUTTAL and am going to get back to work now.
Have a nice evening.
