OT: FICO Credit Score and Covid-19

I don't get it. Interest only means you are just paying rent. You have no equity, no ownership. Why not just call it rent?

The owner of the loan should go to court to recover their skipped payments. And you call these friends? Shame on you all.

l with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

hing, it should have gone UP. I just made the last payment on a personal l oan (taken out specifically to see if I could bump the score, as I don't re ally use a lot of credit at this stage in life.) And, I paid down the bala nce on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FIC O.) Answer appears to be "none", BTW.

via paycheck direct deposit (not sure bank account balances figures into FI CO?). Unlike a lot of folks out there, I'm not dipping into reserves in or der to survive.

a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?

people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

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you "own" it, if it increases in value you can sell it, pay off the loan an d pocket the difference tax free

Do you got 400 grand in cash sitting around? Sadly I do not

Because they legally owned the house, and the agreement with the bank was legally a mortgage.

They couldn't under US law.

We pay all our bills immediately. All our mortgages are paid off. We buy cars for cash.

She was a co-worker with my wife. He was a technical connection. Kind of a coincidence that we were all connected. We were never invited to audit their personal finances too see if they were worthy of our acquaintance. Do you require financial statements from your friends?

--

John Larkin         Highland Technology, Inc 
picosecond timing   precision measurement  

jlarkin att highlandtechnology dott com 
http://www.highlandtechnology.com

What they did was refinance as property values increased, and spent the money. Renters can't do that.

--

John Larkin         Highland Technology, Inc 
picosecond timing   precision measurement  

jlarkin att highlandtechnology dott com 
http://www.highlandtechnology.com

When I moved to SF, I found a flat in 20 minutes, for $315 a month. That same flat probably rents for about $5K now.

Tech concentrates its employment in dense, expensive places and then multiplies the cost to live there. Startups raise zillions and open their offices in SF or Silicon Valley, and steal employees or over-pay people to move here.

I don't really understand that. They must think that the mystique of the location, or the quality of the labor pool, is somehow worth it.

There is a mini-SV in Grass Valley, sort of a more sensible place to live and work, to me. It was seeded by The Grass Valley Group, acquired by Tektronix.

--

John Larkin         Highland Technology, Inc 
picosecond timing   precision measurement  

jlarkin att highlandtechnology dott com 
http://www.highlandtechnology.com

l with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

hing, it should have gone UP. I just made the last payment on a personal l oan (taken out specifically to see if I could bump the score, as I don't re ally use a lot of credit at this stage in life.) And, I paid down the bala nce on my two credit cards (which, typically don't carry much of a balance anyway, but I wanted to get them near zero to see what effect it has on FIC O.) Answer appears to be "none", BTW.

via paycheck direct deposit (not sure bank account balances figures into FI CO?). Unlike a lot of folks out there, I'm not dipping into reserves in or der to survive.

a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?

people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by various companies, and used for different purposes, and that FICO-9 is but one of them.

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maybe I should have added an /s

do you think someone with 400K would buy a house and rent to you for less than the mortgage you'd have to pay to borrow the money to buy that house?

tirsdag den 14. april 2020 kl. 21.42.08 UTC+2 skrev John Larkin:

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deal with this Coronavirus pandemic. Does anybody here believe strongly th at those credit scoring models are really up to the task?

nything, it should have gone UP. I just made the last payment on a persona l loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the b alance on my two credit cards (which, typically don't carry much of a balan ce anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

sh via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

be a bit of a scam? Maybe not in the "big picture" way..., but I wonder wh at the equations are?

out people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by vari ous companies, and used for different purposes, and that FICO-9 is but one of them.

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and pocket the difference tax free

exactly

The New England hardware-hi-tech-industry mostly fled west after the

80s; back in the day though everyone knew someone who worked for DEC or Wang they employed about 100k people between them. We used to use DEC's binders for Dungeons & Dragons material as kids in the early 90s someone's mom got a hold of like 50 of them they were free for the asking.

There is still a large tech industry but mostly biotech like those numbskulls at Biogen who are responsible for a good number of C-19 cases here.

There are a smattering of electronics/electrical engineering firms that remain like e.g. Analog Devices. Lots of aerospace/defense firms in MA and RI too.

I'm talking about renting an apartment not a whole house!

with this Coronavirus pandemic. Does anybody here believe strongly that th ose credit scoring models are really up to the task?

ng, it should have gone UP. I just made the last payment on a personal loa n (taken out specifically to see if I could bump the score, as I don't real ly use a lot of credit at this stage in life.) And, I paid down the balanc e on my two credit cards (which, typically don't carry much of a balance an yway, but I wanted to get them near zero to see what effect it has on FICO. ) Answer appears to be "none", BTW.

a paycheck direct deposit (not sure bank account balances figures into FICO ?). Unlike a lot of folks out there, I'm not dipping into reserves in orde r to survive.

bit of a scam? Maybe not in the "big picture" way..., but I wonder what th e equations are?

eople gaming the model, then they should fix the model, right? Or is it se cret just so they can sell it to banks and companies extending credit to cu stomers? And BTW, I realize there are lots and lots of scores by various c ompanies, and used for different purposes, and that FICO-9 is but one of th em.

.

Kinda like leasing with no end date. At least the payments are fixed. Ren t isn't so kind.

--

  Rick C. 

  + Get 1,000 miles of free Supercharging 
  + Tesla referral code - https://ts.la/richard11209

:

eal with this Coronavirus pandemic. Does anybody here believe strongly tha t those credit scoring models are really up to the task?

ything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the ba lance on my two credit cards (which, typically don't carry much of a balanc e anyway, but I wanted to get them near zero to see what effect it has on F ICO.) Answer appears to be "none", BTW.

h via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

e a bit of a scam? Maybe not in the "big picture" way..., but I wonder wha t the equations are?

ut people gaming the model, then they should fix the model, right? Or is i t secret just so they can sell it to banks and companies extending credit t o customers? And BTW, I realize there are lots and lots of scores by vario us companies, and used for different purposes, and that FICO-9 is but one o f them.

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Happens all the time! If it were the other way around, renting for more th an the mortgage why would anyone rent rather than buy???

--

  Rick C. 

  -- Get 1,000 miles of free Supercharging 
  -- Tesla referral code - https://ts.la/richard11209

:

eal with this Coronavirus pandemic. Does anybody here believe strongly tha t those credit scoring models are really up to the task?

ything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the ba lance on my two credit cards (which, typically don't carry much of a balanc e anyway, but I wanted to get them near zero to see what effect it has on F ICO.) Answer appears to be "none", BTW.

h via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

e a bit of a scam? Maybe not in the "big picture" way..., but I wonder wha t the equations are?

ut people gaming the model, then they should fix the model, right? Or is i t secret just so they can sell it to banks and companies extending credit t o customers? And BTW, I realize there are lots and lots of scores by vario us companies, and used for different purposes, and that FICO-9 is but one o f them.

edit

s of

to

from

ury

cket.

nt

and pocket the difference tax free

Not tax free after you walk away from the loan. At that point it's income. :)

--

  Rick C. 

  -+ Get 1,000 miles of free Supercharging 
  -+ Tesla referral code - https://ts.la/richard11209

:

eal with this Coronavirus pandemic. Does anybody here believe strongly tha t those credit scoring models are really up to the task?

ything, it should have gone UP. I just made the last payment on a personal loan (taken out specifically to see if I could bump the score, as I don't really use a lot of credit at this stage in life.) And, I paid down the ba lance on my two credit cards (which, typically don't carry much of a balanc e anyway, but I wanted to get them near zero to see what effect it has on F ICO.) Answer appears to be "none", BTW.

h via paycheck direct deposit (not sure bank account balances figures into FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

e a bit of a scam? Maybe not in the "big picture" way..., but I wonder wha t the equations are?

ut people gaming the model, then they should fix the model, right? Or is i t secret just so they can sell it to banks and companies extending credit t o customers? And BTW, I realize there are lots and lots of scores by vario us companies, and used for different purposes, and that FICO-9 is but one o f them.

edit

s of

to

from

ury

cket.

nt

can

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to

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so replace house with apartment in the above

tirsdag den 14. april 2020 kl. 22.30.44 UTC+2 skrev Ricky C:

te:

deal with this Coronavirus pandemic. Does anybody here believe strongly t hat those credit scoring models are really up to the task?

anything, it should have gone UP. I just made the last payment on a person al loan (taken out specifically to see if I could bump the score, as I don' t really use a lot of credit at this stage in life.) And, I paid down the balance on my two credit cards (which, typically don't carry much of a bala nce anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

ash via paycheck direct deposit (not sure bank account balances figures int o FICO?). Unlike a lot of folks out there, I'm not dipping into reserves i n order to survive.

be a bit of a scam? Maybe not in the "big picture" way..., but I wonder w hat the equations are?

bout people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending credit to customers? And BTW, I realize there are lots and lots of scores by var ious companies, and used for different purposes, and that FICO-9 is but one of them.

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than the mortgage why would anyone rent rather than buy???

they don't qualify for a loan, don't have a down payment, they don't have t o do maintenance, they want to be able to move with short notice, etc...

rote:

:

ll deal with this Coronavirus pandemic. Does anybody here believe strongly that those credit scoring models are really up to the task?

f anything, it should have gone UP. I just made the last payment on a pers onal loan (taken out specifically to see if I could bump the score, as I do n't really use a lot of credit at this stage in life.) And, I paid down th e balance on my two credit cards (which, typically don't carry much of a ba lance anyway, but I wanted to get them near zero to see what effect it has on FICO.) Answer appears to be "none", BTW.

cash via paycheck direct deposit (not sure bank account balances figures i nto FICO?). Unlike a lot of folks out there, I'm not dipping into reserves in order to survive.

ht be a bit of a scam? Maybe not in the "big picture" way..., but I wonder what the equations are?

about people gaming the model, then they should fix the model, right? Or is it secret just so they can sell it to banks and companies extending cred it to customers? And BTW, I realize there are lots and lots of scores by v arious companies, and used for different purposes, and that FICO-9 is but o ne of them.

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e than the mortgage why would anyone rent rather than buy???

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If they don't qualify for a loan, they won't qualify for renting. It's not easy to get into a place these days with credit and background checks... w orse than a loan in some respects. The down payment is not hard to get by many methods. I've been the source of a down payment any number of times. You can't rent many places and leave without much notice. Most require yo u to renew the year lease. Not many people will pay more to rent just to s ave on a plumbing bill once in a decade. You can buy a condo and be respons ible for very little.

Mortgages are typically more expensive than rent. The landlord is leveragi ng the rent income to offset the mortgage payments while the property appre ciates and rents rise. Just like home ownership it is not common that buyi ng a rental property pays off in the first year.

--

  Rick C. 

  +- Get 1,000 miles of free Supercharging 
  +- Tesla referral code - https://ts.la/richard11209

There are a lot of UTC/Collins/Raytheon/Pratt/Goodrich/Otis companies in the NE. Connecticuit, Illinois, NY, Mass, Vermont, P+W Canada.

--

John Larkin         Highland Technology, Inc 
picosecond timing   precision measurement  

jlarkin att highlandtechnology dott com 
http://www.highlandtechnology.com

Well, YOLO. :(

Cheers

Phil Hobbs