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Jul 10 - Kamala Harris says credit scores should include rent, cell phones and utilities


 


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 2 weeks ago '05        #51
StateProperty88 34 heat pts34
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 pnoi89 said
For my tenants for my rental properties, we do soft pulls and all apartments Iíve ever lived at did soft pulls or none at all.... Iím out in Colorado and one of the rental homes is in Nebraska.
the ones ive done have been hard pulls, i know because when i checked my score those inquires were there. and actually the only times in the last 5 years ive had my credit checked hand nothing to do with getting credit

the times i moved and when i changed my internet provider. either way my point is all hard inquires should be when you are actually applying for credit.

 2 weeks ago '05        #52
pnoi89 18 heat pts18
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 StateProperty88 said
the ones ive done have been hard pulls, i know because when i checked my score those inquires were there. and actually the only times in the last 5 years ive had my credit checked hand nothing to do with getting credit

the times i moved and when i changed my internet provider. either way my point is all hard inquires should be when you are actually applying for credit.
You do realize when they do a soft pull, that also shows up as an inquiry? On your credit report, there are soft inquiries and hard inquiries...

 2 weeks ago '04        #53
ItAlY2BkLyN 241 heat pts241
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So they can see your <500 credit score a*s has a brand new iPhone X?

 2 weeks ago '18        #54
OptimisticCynic 2 heat pts
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 pnoi89 said
What do you mean you can’t get credit without debt? For credit cards, I’ve never carried over a balance over to the next month and I have nearly 30 credit lines opened.... As for my mortgages, I simply needed to meet the minimum downpayment amount to qualify for them. My incomes and credit score (dependent on no missed payments, longevity of my accounts in good standing, etc.) are what got me to qualify for the mortgages and simply paying back what I owed every month for my credit cards built my credit score....
The second you buy something with a credit card, you're in debt to the creditor. I made no mention of how someone decides when and how to pay back said debt.

 2 weeks ago '04        #55
datboy|e 18 heat pts18
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 ItAlY2BkLyN said
So they can see your <500 credit score a*s has a brand new iPhone X?
People DESERVE those things tho!!! (This is sarcasm)

 2 weeks ago '04        #56
ItAlY2BkLyN 241 heat pts241
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 datboy|e said
People DESERVE those things tho!!! (This is sarcasm)

[pic - click to view]



like people DESERVE a 2bd apartment on minimum wage alone

 2 weeks ago '05        #57
StateProperty88 34 heat pts34
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 pnoi89 said
You do realize when they do a soft pull, that also shows up as an inquiry? On your credit report, there are soft inquiries and hard inquiries...
soft inquiries may only appear on mine but wouldnt be visible to others but when i see the inquiry and i see my credit fluctuate and considering i havent apply for any new credit, and dont have any debt (outside my student loan), i was dinged for the inquiry

 2 weeks ago '18        #58
OptimisticCynic 2 heat pts
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 Yaggy said
in canada they ask on a job application
Just scrolling with my phone and I guess I hit slap. I did not intend that. My bad.

 2 weeks ago '05        #59
projectd06 3 heat pts
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I borderline agree, credit game is fu*king stupid.

 2 weeks ago '08        #60
606robin 29 heat pts29
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 Frasier said
CHECKING YOUR CREDIT SCORE SHOULDNT LOWER YOUR CREDIT!

Ethnicity should not be asked on any credit application!

Was literally discussing this overseas last year. Great minds, think alike mane
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 2 weeks ago '05        #61
pele20 4 heat pts
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Pretty sure the idea here is that most people tent to pay their rent and utilities before credit cards and loans.... It's not a terrible idea
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 2 weeks ago '10        #62
Frasier 246 heat pts246
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 606robin said
Was literally discussing this overseas last year. Great minds, think alike mane




Itís pointless to ask. It just leaves the door open on racists who could simply not even try running the persons credit cause they wrote an ethnicity they donít like.

It should be 100% merit based. Ethnicity doesnít matter.
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 2 weeks ago '04        #63
Exs 501 heat pts501
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 Brazi D said


It's happening!! @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @ @
firstly on the topic of credit scores... the whole concept is a house of cards waiting to fall. Credit scores are the illusionary devices that control people's general quality of life. sure you can live without one and operate off cash solely but you get punished for it because the material world hasn't been designed by people who don't believe in credit scores.... it's very comparable to the online world.... the reason the sh*t doesn't appeal as much to outdoorsy types and real-world pioneers is because the online world was designed by recluses and folks who are typically introverted and very closed off or resentful even... well the credit system was built from greed and a desire for power... no one involved in it ascends to the level of that which controls it but getting your slice of greed and power is what keeps you hypnotized by it.

on the topic of social media being the future of credit

the second thing maybe even the first thing employers do after reviewing your resume is browse through your social media.... i know this from first hand recruiting experience. Everything that happened in "Nosedive" is already present minus the augmented reality which imo isn't ready for prime time because it would cause a huge division between people and that's not how these things work... they need the masses completely onboard to push to the next phase. AI a*sistants like Alexa, and Google a*sistant are the bridge to ushering in AI control over everything. They have to build trust between you and the robots to break it to you that the robot is going to be taking your job in 2030.


Last edited by Exs; 07-11-2019 at 08:25 AM..
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 2 weeks ago '18        #64
milkdudz 
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Y'all ready for the mark of the beast?

 2 weeks ago '15        #65
mwtx 
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Yíall shoulda known she was stupid af when she said she listens to too $hort in an attempt to pander. If you gotta lie about sh*t like that something ainít right upstairs.


 2 weeks ago '06        #66
mrep3 42 heat pts42
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 lucifershammer said
Sounds hella stupid
Sounds like all your bills are in your parents name

 2 weeks ago '05        #67
pnoi89 18 heat pts18
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 StateProperty88 said
soft inquiries may only appear on mine but wouldnt be visible to others but when i see the inquiry and i see my credit fluctuate and considering i havent apply for any new credit, and dont have any debt (outside my student loan), i was dinged for the inquiry
..... The credit bureau's algorithm is purely confidential, so it's hard to say what's making it fluctuate. However, if those are indeed soft inquiries, they do NOT affect your credit...

 2 weeks ago '05        #68
pnoi89 18 heat pts18
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 OptimisticCynic said
The second you buy something with a credit card, you're in debt to the creditor. I made no mention of how someone decides when and how to pay back said debt.
That's how all business works in a sense.... You take on a service, you are now their client and in debt to them until you meet your agreement and in this case, pay off your balance (+plus any agreed interest, late fees, etc.).


Last edited by pnoi89; 07-11-2019 at 09:37 AM..
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 2 weeks ago '04        #69
x Tha Arkitek x 96 heat pts96
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Credit Scores are based on paying back money which has been loaned. It's designed to rate you on paying back money which was not yours to begin with. Paying rent and utilities aren't a loan. Rent, mobile prodivders and utilities are services paid for...no different than Spotify or Netflix. Should those be included as well?
+2   

 2 weeks ago '04        #70
x Tha Arkitek x 96 heat pts96
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 bibbyboi said
This is such a hard topic for me. On one hand I like that she's trying to help people build credit, but at the same time this wouldn't really help that many people in destitute.

Maybe make it that it can ONLY help your credit and not hurt it if you're late or miss a payment. Just so many poor people have to pay their bills late because don't have enough money on the day its due but they find the rest later or they change jobs and their paydays are at a different day etc.

I don't know, seems like a good thing but maybe something bigger should happen.
It's a bad idea that doesn't help the lender. All of a sudden, you got people with a skewed 700+ credit scores because they've paid their rent and utility bill. But you loan them $5,000 and they default on the loan. The tool to gauge your risk on lending an individual money is now useless.

I see she's trying to help people, but it's a terrible solution. Secured credit cards exist for a reason. It's up to you to help fix your credit.
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 2 weeks ago '05        #71
pnoi89 18 heat pts18
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 x Tha Arkitek x said
Credit Scores are based on paying back money which has been loaned. It's designed to rate you on paying back money which was not yours to begin with. Paying rent and utilities aren't a loan. Rent, mobile prodivders and utilities are services paid for...no different than Spotify or Netflix. Should those be included as well?
I completely agree. If people are living check to check, they can still just use a credit card to pay of their basic living expenses instead of debit or cash, then pay off at the end of the billing cycle. However, the majority of this country struggle on understanding basic loan terms and how credit even works...
+1   

 2 weeks ago '18        #72
OptimisticCynic 2 heat pts
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 pnoi89 said
That's how all business works in a sense.... You take on a service, you are not their client and in debt to them until you meet your agreement and in this case, pay off your balance (+plus any agreed interest, late fees, etc.).
I definitely see what youíre saying but for example and putting phone contracts aside (because thatís a whole other convo), you can buy a phone with cash and cancel the service at anytime (i.e., you have not accumulated monetary debt to a creditor).
+1   

 2 weeks ago '04        #73
x Tha Arkitek x 96 heat pts96
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 pnoi89 said
I completely agree. If people are living check to check, they can still just use a credit card to pay of their basic living expenses instead of debit or cash, then pay off at the end of the billing cycle. However, the majority of this country struggle on understanding basic loan terms and how credit even works...
True, and two issues with that idea...

1) Pretty much every rental and utility company requires a 3-5% fee when using a credit card to pay.

2) People who are terribly financially won't actually pay the card off because they don't know how to properly track their finances. Now the whole you've dug yourself is that much larger.

 2 weeks ago '05        #74
pnoi89 18 heat pts18
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 x Tha Arkitek x said
True, and two issues with that idea...

1) Pretty much every rental and utility company requires a 3-5% fee when using a credit card to pay.

2) People who are terribly financially won't actually pay the card off because they don't know how to properly track their finances. Now the whole you've dug yourself is that much larger.
Agreed on the surcharges, nearly utilities charge surcharges for credit cards vs. just pulling directly from your bank account, but that's not the only living expenses people have: gas, internet, phone bill, food, etc.

As for #2, Budgeting 101. But makes sense; since most people can't avoid being obese (Calories In - Calories Out), how do we expect them to figure out their budget (Income - Expenses)?

 OptimisticCynic said
I definitely see what youíre saying but for example and putting phone contracts aside (because thatís a whole other convo), you can buy a phone with cash and cancel the service at anytime (i.e., you have not accumulated monetary debt to a creditor).
With your example, it doesn't line up EXACTLY with pre-paid phone plans or post-paid phone plans without being binded to a contract due to a phone purchase plan, but that's a good reason for people to consider secured credit cards, where the user puts in a cash amount upfront. And voila, that's their budget for that card!


Last edited by pnoi89; 07-11-2019 at 09:27 AM..
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 2 weeks ago '16        #75
Negusis 7 heat pts
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 AMG2M4 said
She's right

I always thought there are some credit scoring company that does keep a track of the utility bills, too.

I know there are few of the credit check companies, and for some reason thought the landlords are able to check this out for when they want to run a credit score check, and at least know how to check if you pay your house bills/rent/mortgage on time.
They do. Theres companies that keep track of your bank account standing, rental standing, utility standing.

They can keep track of how many returns you have at stores. When i worked Best Buy in the early 2000s, they kept track of how much you returned and how much and how frequently. If you hit a certain mark they wouldnt allow you to buy from the store anymore.

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