Credit score system getting exposed

[MoveForward]

No one is getting denied for a home loan based on their credit score just because they want to move to a particular community. If you have the credit score and the income, you will get the home loan.The credit system creates some equality…

 

[ORDER_66]

No one is getting denied for a home loan based on their credit score just because they want to move to a particular community. If you have the credit score and the income, you will get the home loan.The credit system creates some equality…

 

[MoveForward]

With out getting into granular detail…

Most people keep credit card balances much higher than they should. If you wasn’t to have great-excellent credit you should be keeping your balances at 0-5%. The common misconception is that 30% utilization is good but anything over 10% your leaving major points on the table.

In addition to that there are several other factors to manage like age of accounts that people don’t understand. Making your minimum payments on time is the bare minimum

Yep, my utilization is at 3% and according so Amex, I have an 818.

 

[8WON6]

This is why people get frustrated talking to these goofy ass boomers. They think people are just lazy now and need to work 7 jobs. While they literally funded a whole family life with one 40 hour a week job.

 

[MoveForward]

1:30 - 1:50 is bs…

 

[Amo Husserl]

He's partly correct.

The 1989 date he references only refers to the date the current algorithm was put in place, but they'd begun the practice decades earlier. Credit scores been around for some time, it wasn't until the 1970's and 1980's when computers and electronic transmissions came about did they nationalized the practice.

Credit scores are or at least were an attempt to remove bias and discrimination from lending. You could argue lending went from discriminatory to predatory post credit score era, but let's not pretend lending to minorities, specifically blacks was better pre-credit score era.

I need to get on this social media/TikTok wave to make videos full of half-truths. It's very lucrative.

And with how poor the education system is revealing itself to be, you could really eat.

 

[MoveForward]

Black people have lower credit scores on average. Average Credit Scores Across Different Racial Groups

It's being used against us, for those in the back.

It’s not… If you have a good credit score and decent income, the bank will literally start trying to throw money at you. 2nd mortgages, HELOC, auto loans, credit cards, personal loans, credit limit increases, etc… black or not

 

[Vandelay]

And with how poor the education system is revealing itself to be, you could really eat.

For real. I'm just not a manipulative opportunist. It's so damn easy to sprinkle a little truth and history mixed in with a narrative someone wants to hear, just to make bank. And let TikTok feed an unstoppable conveyor line of 30 seconds videos to the masses.

 

[Black Magisterialness]

My folks bought their house in '88. Right before this shyt hit. And literally, the ONLY hurdle was the down payment.

 

[Piff Perkins]

1:30 - 1:50 is bs…

I don't think it's a coincidence that there's so much disinformation on tiktok. The way he attempts to equate financial/lending credit to China's social credit system - in which you can lose your ability to ride on planes/trains if you play your music too loud or get caught looking at the wrong website - is ludicrous. But given the origin of the app is any of this surprising.

 

[Amo Husserl]

For real. I'm just not a manipulative opportunist. It's so damn easy to sprinkle a little truth and history mixed in with a narrative someone wants to hear, just to make bank. And let TikTok feed an unstoppable conveyor line of 30 seconds videos to the masses.

Damn shame because we're on the internet watching dude, it's not like we couldn't verify his information in less than five minutes.
Even if it is an outdated model, forums like this can easily debunk misinformation. Add to that cited sources and no one should be getting crossed up like this. I had to apply for a credit card more than once because other minority groups were either taking too long processing my application, "misplacing" it or outright rejecting it. It would be beneficial for more of us to get into bank roles to make sure we aren't at the mercy of these people, if they're already grifting with misinformation what's to say it stops there.

 

[MoveForward]

My folks bought their house in '88. Right before this shyt hit. And literally, the ONLY hurdle was the down payment.

Back then the system was severely rigged, they could deny you a loan if they didn’t like the way you were dressed, let alone your race. That’s why in old movies people wore their best to go to the bank in hopes of getting a loan. Now, the qualifications are spelled out on most banks websites and you can apply for a loan without stepping foot in a bank. Back then you couldn’t even get a loan for a home “across the railroad tracks” no matter how much money you had.

These systems are safeguards against discrimination.

 

[Tha Gawd Amen]

How is your credit score relate to where you can purchase a home? If you have x income and y credit score you'll get approved for z amount. If anything, the bank would want you to buy a house that's worth the amount that they're loaning out so if you don't pay, they have an asset worth the amount of money they lent. And for the last 7 or so years banks have been giving out money like hotcakes.

If you want to say people lower on the income totem pole are more liable to lower credit scores due to underlying circumstances, that's a different discussion by itself.

 

[MoveForward]

If you want to say people lower on the income totem pole are more liable to lower credit scores due to underlying circumstances, that's a different discussion by itself.

I mean you can make 30k/year and still have an 850 credit score. The credit system helps black people imo but personal accountability seems to be lacking.

 

[Tha Gawd Amen]

I mean you can make 30k/year and still have an 850 credit score. The credit system helps black people imo but personal accountability seems to be lacking.

I blame a lot of this on public schools that have 0 financial literacy classes in their curriculums. I didn't learn anything about credit scores, credit cards, loans until I started talking to people in college, and that's where I learned I was already a couple years behind a lot of people.