I don't feel trying to draw a comparison between the members of this forum and an early 90's game is very fitting.
What % of lemmings don't jump ?
I'd say 98%...maybe higher.
"The lemmings supposedly committing mass suicide by leaping into the ocean were actually thrown off a cliff by the Disney filmmakers"
Switching to AZEO this month to compare with my scores from exactly 1 year ago. That's when I started my revolving credit history with 2 cards. These scores are final from my January 10 myFICO 3B report.
I just got a $2,500 SP CLI on the Visa card. Reporting utilization for this month is based off the $9,000 CL, so I'm keeping that in the signature for now. New Visa CL is now $11,500. Total credit limit: $13,500, which is up from an $8,500 starting limit 1 year ago.
The entire Credit reporting industry is a scam. They want you to pay a monthly subscription fee for Scores that are totally usless.
I have been told many times by the 3 major companies, Equifax, TransUnion and Eperian that the scores given to you are just a guide and that the lender creats the score by using their own formula. If they keep the scores low then you pay higher interest. Industry wins !
If you take the info you get as gospel you feel confident you're getting an acurate report. You go apply for a credit card, or auto loan only to be turned down because the lender says your scores do not meet their requirements. You get screwed again because you now have another inquiry on your report and bang your score goes down ! Had you known your true lenders score you may have decided to not even apply, but you did! Too bad ! And they WIN !
We all know that the rich don't need credit but they use it for various financial reasons, but the low income guy, the middle income guy, the regular shmoe gets raked over the coals paying 30% and more on your credit cards. I don't really know this but I wouldn't be shocked if the Credit Reporting Agencies are getting a kick back from the lenders,(only speculation mind you!).
Changing federal banking laws can make this fair but the bankers and credit card companies and reporting agencies are making too much money to ever let this happen.
If all this tweeks you then google class action law suits against Credit Reporting Agencies ! This could surprise you. I am an independent law biding regular Joe just like most of you . I am also a participent in a class action law suite being brought against these firms. You may want to check it out yourselves. Thanks for your ear !
Wow how do I even respond to this...lets start with you saying you have been told this by the 3 major CRA's. The CRA's are companies with many employees, the fact that someone at one of these companies told you this means little. The CRA does not speak. On the 30% and more comment. If you do not carry a balance the interest rate is 0%, and you still get rewards on a lot of the cards. If you are paying high interest it is because you are, or have, spent money you did not have. Not being rich does not cause someone to spend more than they make or be irresponsible with credit. As far as CRA's getting kick backs, the lenders straight up pay for those scores. Credit scores were developed to assign a risk of default or serious delinquincy on debt, and sell that to lenders. It was not created to give consumers the score. Good luck in your endeavor.
@genmat712...nope, not a veteran at all. The sarge in my username is because I was born a Sargent, been one my whole life. The truth is, the mortgage crisis in 2008 was caused more because of politicians than anything. The lending industry had at one time required more stringent lending requirements. Washington politicians used leverage to make lenders lend money the borrower really could not handle the payments of. It did not cause losses for a long time because the value of houses would increase fast enough for borrowers to re-finance or even if foreclosed did not cause banks to lose, because the house sale covered the loss. Then something happened that should have been expected. People could not meet the payments, and so many defaults meant there were more houses for sale than the market could bear. As a result house values declined, which made millions ow more on their house than the fair market value. The banks did not help, because they were even lending more on a house than the market value even on second mortgages. The politicians hand in this fiasco should not be overlooked. The politicians wanted to see all the happy new homeowners rush to vote for the politicians who made it possible.