It seems to stay green for less than 10 minutes. I guess a reply every 10 minutes would make for a lively thread.
Don't worry about it richguy. After you post, u are sent to what u wrote, thereby reading the post and marking it gray. So u are as lively as they get.
Not exactly 'privileges' ??!!?? Getting a credit card, checking account, savings account, cell phone, housing, health insurance, car insurance and transportation IS NOT a "right" -- they are PRIVILEGES !! Nobody 'owes' you a credit card or a telephone. The US Constitution guarantees you, among other things, free speech and the right to vote, but it does NOT guarantee you an automobile or a savings account. A right is something that is owed to you, without discrimination based on color, creed, race, sex, etc. A privilege is something you EARN !! You EARN a credit card by maintaining a GOOD REPAYMENT HISTORY. You LOSE that PRIVILEGE when you DON'T maintain a good repayment history. Same goes for everything else you consider a 'right'. You screw up, you do the time. You can't expect PRIVATE companies (credit card companies, car finance companies, banks) to simply "forget" that you entered into a legal contract with them and failed to uphold your end of the bargain, and THEN grant you MORE credit when you haven't paid back the first debt. How the HELL would they stay in business if they all said, "Ahh, what the hell, he didn't repay that $34,000 car loan. It's been 3 years. Let's give him another chance to screw us over. I'm sure that our stockholders won't mind us granting yet ANOTHER loan to someone who's already nailed us for thirty grand." Pah-leeze! That's about the silliest expectation I've heard lately.
Whether or not you've seen a post on this board by someone who'll admit that they are doing just that is one thing. The fact is that there are MILLIONS of people who do JUST THAT -- sit on their fat lazy butts, sucking in the government aid and anything else they can get their hands on, with NO intention of getting a job or paying their own way. Do you think that they wouldn't jump at the chance to suck a few thousand out of a credit card company? I know of PLENTY of people who are like that. Hell, they probably don't post here because they don't CARE about their credit or simply don't have a computer -- you can't connect to the internet when you don't pay your phone bill.
Apparently, you can't follow a thread very well. Supershawn said: " ... Theoretically, a person in today's society with a 10k dollar debt could either ..." The point is that the person ALREADY HAS the debt. (Read Supershawn's sentence again so that you don't drift off on me here) My comment was that one of the options to address the EXISTING 10K DEBT would be to get a job and pay it off.
So, consumers who don't repay their debts should be continually forgiven, and businesses should just be expected to foot the bill for the losses caused by people who subscribe to this 'forgive and forget' paradigm ?? You have a rather warped sense of business understanding. The consumer IS guilty if he defaults on his loans. There is no need for a trial -- either you paid your bills or you didn't -- your cancelled checks are your judge, jury and executioner. There IS a place for consumer punishment -- it's called the "YOU DON'T GET NOTHING FOR FREE" plan. Don't pay your bills and you are the grand prize winner of -- tadah! -- ABSOLUTELY NOTHING. And there's not a damn thing wrong with that model.
Mr. Shimmer, All though I would have to agree that those who purposefully dont pay their debts for no good reason, should be ashamed of themselves, I do not agree that the credit industry is the Judge and Jury that decides the well being of a family who cannot rent an apartment because of a legitimate reason for not paying a bill. This idea that it is fair for the Credit reporting industry (and their members) to report information any way they see fit, with no rational reasoning for crisis, is in my opinion, "intolerable". What gives the credit industy the right to violate my constitutional rights? Where did they become judge and jury? The actions and laws in effect or unconstitutional in my opinion, and it is time for America to open its' eyes. I could care less about what the banking industry thinks is fair. This bureaucratic way of ruining our financial lives is not fair..In a credit based society, we consumers are at the mercy of the entire financial industry. They have imposed on our civil rights. Have you ever heard of "Usery" laws?.. This is punishment enough, and it is a form of corruption to loan those who have financial problems, money, when they do not have the financial stability to repay their high interest slavery back. I am not some bleeding heart, but I do believe that the general public has been brainwashed and mislead. I guess that is why we live in a republic and not a full blown democracy, the framers new better...
Question for lbrown59: I realize you are against "the FICO scam," but on a related topic... How should potential creditors assess potential borrowers with respect to risk? Your thoughts would be much appreciated -- maybe you have a better way! For the sake of discussion, I hope you'll answer. Doc
Were are the customer it's our money were are forking over . This gives us the rights and the the priviliges.If it wasn't for us they wouldn't have Jack Squat.It high time that they were slapped alongside the head to remind them of this fact!
I agree that FICO is a bunch of hooey! As an example if I rent a townhouse for 8 years and NEVER have one rent payment late, how do other accounts listed on my credit profile in the negative predict my willingness or ability to pay a home loan. The same applies to an auto loan - if I previously purchased an auto and never made a late payment - how do other accounts predict my willingness or ability to pay for a car note. Credit card companies write their agreements in such legalese that the average consumer cannot understand the terms and most credit card companies have an atrocious record when it comes to posting timely payments - thus causing late reporting with a negative affect on one's credit score. The number of inaccuracies on many credit reports are atrocious - and every one of them lower the score. The scoring system is a bunch of hooey! If you want to predict how I will handle my home loan - look at my history of paying THIS TYPE of obligation - not others.
lbrown59, so do you agree with Hal that potential creditors should look at your credit report for examples of the same type in order to assess risk? In other words, if you are applying for a credit card, should the company be allowed to check out how well you pay your credit cards? Second question, you mentioned that being a customer gives you rights and privileges. What about customers who don't pay their bill? Should they have the same rights and privileges? If yes, I'm wondering why; and if not, I'm wondering for how long before old debts should simply be forgiven? Third question, lbrown59... You mentioned that 3-years is long enough to for negative information to appear on a report. (I'll bet most creditors wish it was 20 years and that the 7-year thing was a legal compromise. But I'm digressing...) You mentioned that 3 years was long enough. What about those people who would then take great advantage of that? In other words, what if I charge up $25,000 worth of great merchandise, never pay, and then do it again 3 years later when the records are wiped clean, and live like that over and over again? Should anything happen to me? Thanks, Doc
Some child molesters don't serve 7 years. Most rapists don't serve 7 years. Even some murderers don't serve 7 years. Most people who rob a bank or traffic drugs don't serve 7 years. My point: yes, it's not a proper thing to do to default on loans and the like. But sometimes there are extenuating circumstances. At any rate, I think it should be 3-5. 3-5 years is a long time to have limited financial choices. And compared to the true crimes of society.......