Credit scores drop at fastest pace since the Great Recession
Credit scores drop at fastest pace since the Great Recession
www.cnn.com
Credit scores drop at fastest pace since the Great Recession | CNN Business
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My geriatric millennial ass:
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Maybe people are a bit pissed that they can make years and years of on time payments but then something happens and they miss a payment or are late, they get charged another fee and get reported. Fuck credit scores.
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Hey hey, its okay - it's not AS BAD as the worst financial crisis in our living lifetimes. Things are alright.
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Not as bad yet
Prances off singing "I'm still standing"
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It's possibly worse if you take out the AI bubble...And it's still getting worse
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These delinquency rates are “more consistent with an economy in recession than one still in expansion,” FICO said, adding that mortgage and home equity loan delinquency rates are still near historic lows.
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I have heard banks have been bending over backwards to allow people to keep up to date on their loans though.
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They aren't. I recently went through fucking hell with my mortgage company trying to figure out a plan to stay, or even just stay until the house sold. They drug their feet and were so incompetent during the whole process and were zero help.
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Why would Obama do this?
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I was there. It wasn't that great.
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I'm doing my part! struggles harder
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Yo, leave some struggle for the rest of us.
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I wonder if it had anything to do with fucking up everyone's student loan repayment plans immediately after taking office
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Im sure the sudden restart of payments and people missing it were absolutely a contributing factor
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My personal scores have increased by about 100 points in the last 6 months (I started getting worried about interest rates getting even worse and consolidated my credit cards under a personal loan with a definite payoff date).
At this point I really don't care what my credit score is, but this feels like a bad time to have debt, and for once in my life I feel lucky that I'm able to be paying off debt faster than I can take on more - which really hasn't been the case since I went to university in 2007 (and never finished for financial reasons).
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That only makes sense if wages rise to meet massive inflation.
So no, not a good time to have debt.
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I too went to university in 2007 and didn't finish for financial reasons! I had a meager $1500 loan, I couldn't afford to pay off. Ended up paying through the IRS taking my tax refunds about 5 years. Paid $7000 for a $1500 loan. Fun times.
My credit, is however, still in the shitter. I've never owned a credit card. I refuse it.
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Getting your credit score up can have benefits. My credit was destroyed after my bank scammed me and I couldn't pass the background check to rent an apartment. I literally had to bribe a landlord with an extra $1k deposit just to rent an apartment. That's just one example but there's many more. The world is increasingly stacked against those with bad credit, and in favor of those with good credit. It really is in your interest to game your score up with a low limit card.
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An inflation event is a great time to have debt. The best time to have debt. The money is worth more when you get it, and the debt you owe shrinks in value.
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If you have a stable job, this is a great time to have debt. The dollar is decreasing in value, so as long as the amount you make keeps pace with that devaluing, the value you actually owe is decreasing.
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IF you have a wage that is adjusted/raised at least to inflation's levels
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You don't want to be in debt when the merry go round stops
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Something something, leading indicators...
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Is it because they know we’re all about to get sucked by the rise in healthcare prices in 3 months?
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This ride is super fun but we've been accelerating downward for a long time and that ground is getting awfully close...
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I helped!
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You know once you stop giving a shit about your debt score, you find so much more peace.
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What the hell is a credit score?
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more like some stupid usa-shit
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With just this information in front of me – I can’t really tell if this is a statistical outlier.
Also something of a lagging indicator as you need to actually start missing payments before they fall. And not terribly significant if you were only seeing them shift a few points during the worst foreclosure crisis in US history.
Then there's another question of their validity in an industry geared towards marketing and sales. Keep in mind that many of the companies with the worst foreclosure rates had AAA credit scores right up until bankruptcy.
Wouldn't scores fall earlier than that as more people utilized their credit lines and their credit: debt ratio changed? I'm sure the impact is much less than missing payments, but I think that would be an important thing to monitor for trends
They can also fall for stupid reasons. I recently finished paying off my car and my credit score dropped by 6 points!
That'll teach you not to participate in capitalism.
It's not like they want to punish you for paying off your car.
The reality is that a high percentage of the population loads up on more debt after paying off current debts, so the algorithm reflects that. Usually those points come back after a couple of months.
This is only a brief fluctuation as the average age of your accounts decreases.
Well.
You can say it hasn't happened in 18/18 years since it last happened.
This admin just reintroduced medical debt to be included in credit scores again, while also restarting student loan collections.
So the data being measured has changed, and also people had a sudden increase in large payments.