FICO Can cost you from $5 K to $77K

What is that last column? Everything else makes sense to me: FICO score, interest rate, monthly payment...

 

1*But as you can see getting from a 580 to 680 is worth 200 a month of your payments
2*And how much is creditnet worth now.
OZ
______________________
1*that is why they go out of their way to keep your score low. It gives them an excuse to rob you of your 200 dollars. By the way when you consider the rule of 72 it's not just 200 bucks it's hundreds of dollars.
2*Tons & tons & tons more than it would appear on the surface.
-----------------------------------
Why do 8 out of ten people retire in poverty?
I've asked this question different times but never got any answers. So now I will tell you the reason.
It's because during their life time the Bankers and insurers got their money!
Your post is just one small illustration of this.

LB 59

 

I just got quoted on a 30 year fixed with FICO Scores betwenn 775 to 802.

TERMS: 5.75 0 points
(true 5.75 APR not quoted rate!)
w/ 20% down -no pmi- no doc-no income verification-no asset verification. (the Tony Soprano style loan

Sweet deal !!!! My low score was a 687 in 4/02, I cleaned my reports and paid off debt to get my scores up. Got a bunch of old 30 day lates and a CO and a collection account off. How much is CreditNet worth to me? About 50 grand compared to just 8 months ago!

JohnM

 

? About 50 grand compared to just 8 months ago!

JohnM
===============
A lot more than that probably




LB 59

 

But as you can see getting from a 580 score to a 680 score is worth 200 a month of your payments.
oz
=======================
But when you take into considerstion the rule of 72 it's over 4.5 million dollars or $12500 per month.

LB 59

 

Re: ER make that millions

72

 

*FICO >= 720 8.000 915
oz
===================
At 109 months the lender has gotten all the money back that he loaned out.
The next 251 months is all gravey with no risk of principal.
251months @ $915 is $229,665.oo-Not a bad haul for risking and doing nothing.

 

So don't borrow money LB or get anything insured. It's that simple. Let me know when your one room, wooden shack in Lizard Lick, Montana is completed. You know...on that lot you bought next to the Kaczynski's.

Buckets

 

Hay arse hole what the hell is this dumb assed comment supposed to mean and what the hell does it have to do with what I just posted.?
Careful your ignorance is showing.

Did you get hit with a bucket of shit again?You stink clear over here.

 

Much more than what your perpetual "damn the man" speeches on top of the soap box that is CREDITNET.com have to do with helping people with credit repair. I'll quote you, LB:

"Why do 8 out of ten people retire in poverty? I've asked this question different times but never got any answers. So now I will tell you the reason. It's because during their life time the Bankers and insurers got their money! Your post is just one small illustration of this."

What were you saying about ignorance?

Buckets

 

Ok Mister thinks they know it all since you assert that I don't know anything about how to answer the question.
WHY do 8 out of 10 people retire in poverty?
I'd be very interested in knowing the true answer to the question from such a well informed one as you. Please enlighten me o wise one!

LB 59

 

For starters, you do not cite the source of your statement ("8 in 10 people retire in poverty"). Then you purport banks and insurance companies are to blame...citing no other reasons. You don't think there are other reasons for this, even if your remark was true? It is yet another example of your off-base rhetoric and demagoguery and your obvious political bent.

In October 2000 the U.S. savings rate (according to the United States Department of Commerce) was NEGATIVE 0.8 percent! That is one of the worst savings rates in the industrialized world! Contributions to retirement plans (e.g. IRA and 401(k) plans) are included in the savings rate. So when the rate is negative it is obvious that few people are actively participating in retirement plans. And if they do, they wait until it is too late to do so. By comparison, the savings rate in Japan is nearly 5% of what they earn.

Also, the very definition of poverty is flawed when being used to calculate poverty for people after they retire. The mostly commonly used definition of poverty comes from the U.S. Census Bureau, which uses a set of money income thresholds that vary by family size and composition to determine who is poor. If a family's total income is less than that family's threshold, then that family, and every individual in it, is considered poor. Well, when you retire, few are earning a wage any longer...so of course they are going to be considered "poor" according to that definition. If you retire, you are no longer a wage earner! But it says nothing about the amount of money a retired person has already saved for retirement and is using during retirement. The poverty threshold for a family of two over the age of 65 in 2001 was $10,715.

Prove to me that 80% of retired people are living in poverty. My informations shows that only 9 percent of people ages 65 to 74 are below the poverty line; 12 percent of people ages 75 to 84 are below the poverty line; and 14 percent of people ages 85 and older are below the poverty line. That is a FAR CRY from the 80% you purport. I can cite sources for all of the information above. Can you?

Anxiously awaiting your reply,

Buckets

 

So you agree with the following observation right !

1*
A-This is acceptable and there is nothing that can be done to improve these statistics correct!
B-There is no reason causing such Stats.

LB 59

How many retiries do you know of personaly that have retired and are well off or wealthy?

I know of a few but I know of far more that either can barley make ends meet or can't even do that much !

 

1* And what are your reasons?
2*Absoutley not.
It comes frome my involvement in all these fields
1*Asset Management 19Years
2*Financial Services 19 Years
3*Insurance 19 Years
4*Stock Market 19 Years
5*Business Owner-Housing Company. 30 Years

3*It's not a political issue - it's a math thing nothing more or nothing less.
4*Why is this so and what's causing it and what can one do about it?
Or can nothing be done about it?

 

Your reply is non-responsive. You didn't address the central theme to your statement that 80% of people who retire are in poverty and nor did you cite a source for this outlandish claim. Why not? Cite your source.

Also, you ask me for anecdotal information from me regarding the number of retirees I personal know who are "well off" or "wealthy." Well, in America as a whole only 20% (approx.) of American families (those with a household income greater than $82,000) are considered wealthy. If that is true for all Americans, the results of my anecdotal survey would be something greater than 2 in 10 of the retirees I know earn more than $82,000 a year...again, a flawed way to determine wealth. If they are retired, they do not earn a wage...so in order for a "retired" person to earn $82,000+ a year they would have to earn something greather than 5% on their investments of more than $1,700,000, if they received no income from social security (which they all do) and/or no money from gifts (income from family contributions).

As for those who are "well off," well the IRS, OMB, U.S. Dept. of Commerce, et. al. do not have a definition for "well off," but my survey would likely yield 8 or 9 in 10 of American retirees who are "well off," if you consider any family income greater than the poverty line as "well off."

Your effort to engage in class warfare and blame the banking and insurance industries solely for those few retirees who live in poverty is laughable. And no, there IS something that can be done to decrease the number of American retirees living in poverty (which again, is more like 9% to 11% and NOT the 80% you purport). They can start saving more money sooner in the lives and they can spend less (per my suggestion to you to not borrow money from the banks or buy insurance, if you think they will ultimately send us all into the poor house).

The number of retirees who are considered poor is not at all different than the total # of Americans who are poor (in fact, it's probably less). Every country has poor, and America is no different. And few countries in the world offer as much opportunity (even in today's economy) as America and even fewer countries are nearly as wealthy as a whole as America. Even the elderly are being welcomed back to most companies in American with welcoming arms if they so chose to work.

Your "facts" are wrong and you can't cite sources for them. You are WRONG.

Buckets

 

WHEN ARE YOU GOING TO ADMIT THAT YOU WERE WRONG ABOUT 80% OF RETIRED AMERICANS LIVING IN POVERTY???

1.) I gave you reasons for this. You either did not read them or you chose to ignore them. Here is the chief reasons as I cited previously: (1) In October 2000 the U.S. savings rate (according to the United States Department of Commerce) was NEGATIVE 0.8 percent! That is one of the worst savings rates in the industrialized world! (2) Contributions to retirement plans (e.g. IRA and 401(k) plans) are included in the savings rate. So when the rate is negative it is obvious that few people are actively participating in retirement plans. (3) And if they do, they wait until it is too late to do so. (4) Also, the very definition of poverty is flawed when being used to calculate poverty for people after they retire. (5) Well, when you retire, few are earning a wage any longer...so of course they are going to be considered "poor" according to that definition. If you retire, you are no longer a wage earner!

2.) It isn't? Then cite your source. You said 80% of retired Americans are living in poverty. PROVE IT! CITE A SOURCE! And no, LB, you do not count as a source. So far, you have failed to offer any expertise to thise board. All you ever do is stand on your soap box, beat your chest and whine.

3.) Bologna! Every one of your posts has a political bent. I don't know if I have EVER seen you help another person on this board. All you do all day long is blame the system, blame the man, blame big business and laud those who skirt their personal responsibility to others. Therein lies a very fundamental political belief...as flawed as it is. And yes, it IS a "math" thing. People don't save enough money. They are too easily lured by America's "must have now" culture.

4.) Of course something can be done about it. If Americans saved 5% of their income for retirement at age 25 or 30, they would not end up any where near the poverty line once they reach retirement age. It's that simple. But again, this is presuming we have a serious problem in America. ONLY 9% TO 11% OF AMERICANS ARE IN POVERTY, NOT THE 80% YOU PURPORT! It's not that serious of a problem...and a problem for those few Americans that could have been overted if they saved more money sooner in their lives.

Buckets

 

You are WRONG.
Buckets
===============================
Of course anybody who has worked in insurance and banking for 19 years and owned a a housing company for 30 years has to be wrong.!!?
I guess with such a short time in these fields It's the reason I'm so inexperienced and have no Idea of what is going on.
If that be the case then I'm wrong.
LB 59