The Current State of Credit Scores in America

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Replied by JoeArg29 on topic Re: The Current State of Credit Scores in America

My comment was not meant to be rude, nor did I say in my statement THAT ALL AMERICANS ENGAGED IN THIS TYPE OF ACTIVITY. I disagree with the poster who claimed manufacturing was the reason for the meltdown. No the problem was Americans about 88% of the population, stat quoted from WSJ 2009. Who lived on borrowed money Bankruptcy rates SKYROCKETED, I also will admit those investment banks like jimmy cayne at BearStearns and Fuld at Lehman engaged in highly risky derivate based CDS (Credit default swaps) they repackaged these instruments, with the help of the Rating agencies who often slapped AAA on them sold to European banks like Deuthsche Bank Paribas, RBS, etc. Nearly cause the world to fall flat, I blame wallstreet for excessive consumption, I blame the vast majority OF Americans who also engaged in similar activity. They affectedly put a blight on tax revenue and as a result, Capital gains, Death tax,etc will go up without question to raise funds for all these WELFARE programs. I am sick of it, Gave my accountant a check for quarterly taxes, it kills me how they can just extoll from certain americans as much as they like, I believe this leads to unapologetic exportation of property, a society that finds greed and excess acceptable because govt is there to bail it. I respectfully Disagree, America is not a blue-collar manufacturing economy, nor retail, WE are pioneers in Defense, Aircraft, Technology, Private Equity, creating inviting products to sell the world. Manufacturing is archaic and effects mostly northern states like Michigan. GM learned the hard way , "whats good for GM is good for America" that idiotic belief is what got them in trouble. Heres to hopefully turning that around, doubtful and dont care, we need to focus our children on Math, Science, and Engineering as tht will seal the deal of our country remanning an economic POWERHOUSE. Not a citizenry of manufacturing getting 40k a year, that is not what I belief our youth will do.


On a lighter note 20 months can get y9ou a gold delta the easiest of all AMEX i confirmed with them. At least wit decent scores. What are they, message me Joey
9 years 1 week ago #1

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Replied by JoeArg29 on topic Re: The Current State of Credit Scores in America

Hey Joe, not sure if you were just writing to me there or not. But I'm not a re-builder, I'm a new-builder?! My credit history is about 20 months so far. 20 years old and trying to meet my goal to get an AMEX.


My comment was not meant to be rude, nor did I say in my statement THAT ALL AMERICANS ENGAGED IN THIS TYPE OF ACTIVITY. I disagree with the poster who claimed manufacturing was the reason for the meltdown. No the problem was Americans about 88% of the population, stat quoted from WSJ 2009. Who lived on borrowed money Bankruptcy rates SKYROCKETED, I also will admit those investment banks like jimmy cayne at BearStearns and Fuld at Lehman engaged in highly risky derivate based CDS (Credit default swaps) they repackaged these instruments, with the help of the Rating agencies who often slapped AAA on them sold to European banks like Deuthsche Bank Paribas, RBS, etc. Nearly cause the world to fall flat, I blame wallstreet for excessive consumption, I blame the vast majority OF Americans who also engaged in similar activity. They affectedly put a blight on tax revenue and as a result, Capital gains, Death tax,etc will go up without question to raise funds for all these WELFARE programs. I am sick of it, Gave my accountant a check for quarterly taxes, it kills me how they can just extoll from certain americans as much as they like, I believe this leads to unapologetic exportation of property, a society that finds greed and excess acceptable because govt is there to bail it. I respectfully Disagree, America is not a blue-collar manufacturing economy, nor retail, WE are pioneers in Defense, Aircraft, Technology, Private Equity, creating inviting products to sell the world. Manufacturing is archaic and effects mostly northern states like Michigan. GM learned the hard way , "whats good for GM is good for America" that idiotic belief is what got them in trouble. Heres to hopefully turning that around, doubtful and dont care, we need to focus our children on Math, Science, and Engineering as tht will seal the deal of our country remanning an economic POWERHOUSE. Not a citizenry of manufacturing getting 40k a year, that is not what I belief our youth will do.
9 years 1 week ago #2

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Replied by Joeyman on topic Re: The Current State of Credit Scores in America

My scores are all well above 800, resposibility is key, credit is not a right, its a privelage of being an honest borrower. The financial collapse of 2007-and now is a result of both greed, and on the part of consumers rapid consumption of LUXURY goods. Using cards as loans, HELOC, etc At that time the market waa great yet people live Well beyond the means they should have. I dont feel sorry for any consumer whos card was revoked, cancelled, had a CL reduction etc. (Unless its amex related, that an entirely different story ha) You should have not been so wreckless, I believe things will remain the way they are as it safeguards and weeds out deadbeats from honesty. I also believe verification of INCOME will soon become mandatory for all credit instruments, think about it, the bank, CU, etc are issuing you an unsecured in some cases line of credit by way of credit card heloc personal loan. That is a huge risk if the borrower is overstating income by even 10%, and ILLEGAL. I always send my card issuers my Bank statements to have on file, I am glad its harder to get cards with large CL. People need to get out of DEBT and earn the trust of isssuers so many that were burned by deadbeats who declared bk. That ultimetly hurts others, because guess who absorbs the cost, US. Sorry for the diatribe but this issue is my soapbox



Hey Joe, not sure if you were just writing to me there or not. But I'm not a re-builder, I'm a new-builder?! My credit history is about 20 months so far. 20 years old and trying to meet my goal to get an AMEX. :cheesing:
9 years 1 week ago #3

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Replied by smcc on topic Re: The Current State of Credit Scores in America

JoeArg29, I may not agree with your assessment, but I do respect your opinion. kdb030609 is right on a lot of his answers and I have to say I was one of those people who had large limits on my credit cards with BOA and used less than 1% of the total limit at any given time paying it off in 30 days. Not everyone who had high limits were irresponsible. Many of us attained those limits based on being responsible and managing our credit. Many people here at FG have had their limits slashed, not because of irresponsibility but because of the banks limiting thier exposure.

I can understand your point on the banks being more careful in the future when it comes to lending credit, I really do, but many members here at FG are VERY responsible when it comes to money / credit mgmt, and have had their limits slashed or cards closed where irresponsibility was not the culprit.
9 years 1 week ago #4

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Replied by kdb030609 on topic Re: The Current State of Credit Scores in America

My scores are all well above 800, resposibility is key, credit is not a right, its a privelage of being an honest borrower. The financial collapse of 2007-and now is a result of both greed, and on the part of consumers rapid consumption of LUXURY goods. Using cards as loans, HELOC, etc At that time the market waa great yet people live Well beyond the means they should have. I dont feel sorry for any consumer whos card was revoked, cancelled, had a CL reduction etc. (Unless its amex related, that an entirely different story ha) You should have not been so wreckless, I believe things will remain the way they are as it safeguards and weeds out deadbeats from honesty. I also believe verification of INCOME will soon become mandatory for all credit instruments, think about it, the bank, CU, etc are issuing you an unsecured in some cases line of credit by way of credit card heloc personal loan. That is a huge risk if the borrower is overstating income by even 10%, and ILLEGAL. I always send my card issuers my Bank statements to have on file, I am glad its harder to get cards with large CL. People need to get out of DEBT and earn the trust of isssuers so many that were burned by deadbeats who declared bk. That ultimetly hurts others, because guess who absorbs the cost, US. Sorry for the diatribe but this issue is my soapbox


I'm fortunate to not have suffered from any of things you mentioned. I know there are people that had CL's cut. They didn't have any negative things going on with their finances. More banks than AMEX were out there Closing accounts & slashing limits on cards. Regardless of how stable the customer was Financially.
As far as living beyond there means. I understand what you saying. How ever irrational it may seem in some cases people did have some circumstances that caused this big financial bubble to burst. I know making upper six figure income can insulate you a little more financially from the huge cost increases in fuel in 2008.
A lot of people may have made the mistake to use credit cards as a short term solution. However a lot of people knew no other way. For example what would you tell the boss if you didn't have enough left over in the weekly budget. To cover the increased cost to get to work. In an already weak economy do you miss work? Then creating a loss in wages or possible job loss. Of course you can always move back in with Mom & Dad! LOL! I know there are a lot of people that live paycheck to paycheck! I know its not right but it happened! For a lot of people the cost of living outpaced the growth of their income.
I feel half the problem with our economy today. Is that we've lost our strong manufacturing base. We still know how to make things. Just now our economy has gone to a retail base. As a society we better not wait to long to change it back. As Americans we need to get back to our core values.
9 years 1 week ago #5

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Replied by JoeArg29 on topic Re: The Current State of Credit Scores in America

My scores are all well above 800, resposibility is key, credit is not a right, its a privelage of being an honest borrower. The financial collapse of 2007-and now is a result of both greed, and on the part of consumers rapid consumption of LUXURY goods. Using cards as loans, HELOC, etc At that time the market waa great yet people live Well beyond the means they should have. I dont feel sorry for any consumer whos card was revoked, cancelled, had a CL reduction etc. (Unless its amex related, that an entirely different story ha) You should have not been so wreckless, I believe things will remain the way they are as it safeguards and weeds out deadbeats from honesty. I also believe verification of INCOME will soon become mandatory for all credit instruments, think about it, the bank, CU, etc are issuing you an unsecured in some cases line of credit by way of credit card heloc personal loan. That is a huge risk if the borrower is overstating income by even 10%, and ILLEGAL. I always send my card issuers my Bank statements to have on file, I am glad its harder to get cards with large CL. People need to get out of DEBT and earn the trust of isssuers so many that were burned by deadbeats who declared bk. That ultimetly hurts others, because guess who absorbs the cost, US. Sorry for the diatribe but this issue is my soapbox


Also I would like to add UZpolo you ar without question WRONG ON EVERY ASSERTION.
I Closed on a second home, leased 2 cars, and did it within the same month. WITHOUT ANY PROBLEM. I recieve royalty checks from our families ranch in S. Texas monthly and goes directly to JpMorgan via the 7 drilling companies. My annual income on that alone is ALOT and even so thats an understatement. Chase has no probelm loan me money, as we say, I will put it undercontrqct today and can close tomorrow. I am not a spolied entiitled brat. i have worked my way up to JR VP of Real Estate with the family company. I work my butt off and get 250k a year, not "Rich" by any means if that was my sole income. I on applications with Credit Card issuers is listing only the working income, though I JUSTIFY putting the royalty payments, AS ITS INCOME THAT IS DOCUMENTED ON MY BANK STATEMENTS. Like clock work, so the whole notion you cant do this and that is poorly asserted. in addition Credit is KEY for our country to prosper, My Father uses much of the "petro dollars" from our Oil and Gas operations and invest heavily in acquisitions of Real Estate, Joint Ventures in new media, and 12 other business he has started. Well sometimes the deal makes sense to go to GoldmanSachs the bank responsible for our families Holding company to lend us 75 million or whatever the amount. Its a complex and hard to explain reason with respect to tiered derivatives, etc. So please STOP like so many, asserting, half-truths, lies, and misinformation. That notion of CASH only is a saying invoked often by people scorned because they DIDNT ACT RESONSIBLY when had credit! I WITHOUT QUESTION OBJECT TO YOUR NOTIONS OF LOGIC THEY ARE WITHOUT MERIT.
9 years 1 week ago #6

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Replied by JoeArg29 on topic Re: The Current State of Credit Scores in America

AMEX pre-selected me in early June upon my entry. I decided to wait because it was only for the charge cards, and I really want like one of the Blue's or the Costco AMEX. So this month I filled out the form for pre-selects and they said I wasn't pre-selected for anything at this time. However, one of the generic responses was something along the lines of filling out the form within the last 30 days could renown to this. Which i don't know if I waited a full 30 days. I'm gonna do it again like mid August or something...


My scores are all well above 800, resposibility is key, credit is not a right, its a privelage of being an honest borrower. The financial collapse of 2007-and now is a result of both greed, and on the part of consumers rapid consumption of LUXURY goods. Using cards as loans, HELOC, etc At that time the market waa great yet people live Well beyond the means they should have. I dont feel sorry for any consumer whos card was revoked, cancelled, had a CL reduction etc. (Unless its amex related, that an entirely different story ha) You should have not been so wreckless, I believe things will remain the way they are as it safeguards and weeds out deadbeats from honesty. I also believe verification of INCOME will soon become mandatory for all credit instruments, think about it, the bank, CU, etc are issuing you an unsecured in some cases line of credit by way of credit card heloc personal loan. That is a huge risk if the borrower is overstating income by even 10%, and ILLEGAL. I always send my card issuers my Bank statements to have on file, I am glad its harder to get cards with large CL. People need to get out of DEBT and earn the trust of isssuers so many that were burned by deadbeats who declared bk. That ultimetly hurts others, because guess who absorbs the cost, US. Sorry for the diatribe but this issue is my soapbox
9 years 1 week ago #7

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Replied by Joeyman on topic Re: The Current State of Credit Scores in America

Joeyman, you have the right idea. AMEX isn't going anywhere and if they have solicited you for one of their cards, great ! As long as you continue to manage your credit in a responsible manner, that solicitation is an open invitation ! If they haven't sent you anything yet its just a matter of time.

As far as advice, Wanderer is always here and I try to show my face on a regular basis. Your a smart person Joeyman and you have been on this site long enough to make a wise and correct decision but we are always here to bounce anything off us



AMEX pre-selected me in early June upon my entry. I decided to wait because it was only for the charge cards, and I really want like one of the Blue's or the Costco AMEX. So this month I filled out the form for pre-selects and they said I wasn't pre-selected for anything at this time. However, one of the generic responses was something along the lines of filling out the form within the last 30 days could renown to this. Which i don't know if I waited a full 30 days. I'm gonna do it again like mid August or something...
9 years 1 month ago #8

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Replied by Joeyman on topic Re: The Current State of Credit Scores in America

Joeyman, you have the right idea. AMEX isn't going anywhere and if they have solicited you for one of their cards, great ! As long as you continue to manage your credit in a responsible manner, that solicitation is an open invitation ! If they haven't sent you anything yet its just a matter of time.

As far as advice, Wanderer is always here and I try to show my face on a regular basis. Your a smart person Joeyman and you have been on this site long enough to make a wise and correct decision but we are always here to bounce anything off us



Thanks! But you and Wanderer are smarterrrrrrrrrrrrrrrrrrrrrrrrrrr! :fun: :fun: :fun:
9 years 1 month ago #9

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Replied by smcc on topic Re: The Current State of Credit Scores in America

Joeyman, you have the right idea. AMEX isn't going anywhere and if they have solicited you for one of their cards, great ! As long as you continue to manage your credit in a responsible manner, that solicitation is an open invitation ! If they haven't sent you anything yet its just a matter of time.

As far as advice, Wanderer is always here and I try to show my face on a regular basis. Your a smart person Joeyman and you have been on this site long enough to make a wise and correct decision but we are always here to bounce anything off us
9 years 1 month ago #10

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Replied by Wanderer on topic Re: The Current State of Credit Scores in America

Thanks man! I've been so tempted to apply for an AMEX, but I decided to hold off. I should let my current accounts age more, and wait for some CLI's to happen.


Hey hey hey... I've been here for ya! Meya is in summer session College attending graduate school and getting smarter with a little going crazy. ColoNative has been around but quiet and hjm ... hmm..!
9 years 1 month ago #11

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Replied by Joeyman on topic Re: The Current State of Credit Scores in America

Hopefully we can all say this is a "cool" thread if we can learn something from it, no matter how large or small, and react upon it. Obviously Joeyman your doing the right thing, hopefully others can learn something from what you do everyday and apply it to their financial strategy.



Thanks man! I've been so tempted to apply for an AMEX, but I decided to hold off. I should let my current accounts age more, and wait for some CLI's to happen. :laugh: :laugh: :laugh:



Where in the world has ColoNative, Meya, and Hjm been????? :confused:
9 years 1 month ago #12

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Replied by uzipolo on topic Re: The Current State of Credit Scores in America

Hopefully we can all say this is a "cool" thread if we can learn something from it, no matter how large or small, and react upon it. Obviously Joeyman your doing the right thing, hopefully others can learn something from what you do everyday and apply it to their financial strategy.


welp i dont knwo what to actually learn from the topic in general, but here is what i did LEARN from the article....

it seems to me like the so called customer is not that bright
he didnt get sound advise and he didnt surround himself with people with great credit managing skills and also didnt use the resources neccessary to get where he needed to be as far as the 100,000 mortage/hose is concrened

now..back to the article on the outside looking in if you dont have money in the first place why even bother....

meaning that..
1.if you HAVE credit dont bother to charge if you are broke, i just dont get it, its not cute at all

2.if you are laid off,hospital leave, etc..and have credit dont use it ..period

3. if you dont have money, dont even try to apply because the name of the game is money..thats it its no easy way out

because these people want they money and its up to us to out beat them in they own game which is pay ahead of schedule and pay the full balance but without money dont even waste your time and effort dont put yourself in situations..i mean WHY GIVE THEM THE REASON

i mean i seen that thread where people have 20-30 credit/store cards and you cant get mad at them because they have a plan..one of them...money because they know they are not sock drawing these cards they are using them on a monthly basis dont let them fool you they are USING MONEY whether they borrow, money transfer,work at home, poker, etc..MONEY IS INVOLED

now if they have all these cards and they credit score is still in the 600's ..then houston we have a problem

when i read those particular 2 threads not one of them mentioned they credit score..which is why they would not mentioned that but the accounts are still open they mentioned they closed some but the other 17-20 cards are open so i guess they are doing something right




and lastly about the article when the customer purchase a auto loan/car i assuming 2-3 months before he tried to get that mortage..man come on..this is what i mean he didnt surround himself with the right people
they preach and preach and PREACH(the realters, brokers, bankers, csr, lenders, account managers,etc..) this to us like a religion
they tell you dont purchase anything big, ot take hits on your inquiry while trying to purchase a house.. i mean this was just foolish

but the good news is is his score if its just one point to make a difference hopefully someone has pulled him to the side and said, hey man.this is what you need to do...............

but at the same time we dont know why he wanted to get this house in the time frame that he got the automobile eithier..

is he goint through a divorce and had to move
did he not know basic credit procedures
was he a victim of a national disaster and he needed to move right away as far as emergency concerns

does he have a family?

well anyway......thats what i learned form the article.

says uzipolo-finance globe Ph.D
9 years 1 month ago #13

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Replied by smcc on topic Re: The Current State of Credit Scores in America

Hopefully we can all say this is a "cool" thread if we can learn something from it, no matter how large or small, and react upon it. Obviously Joeyman your doing the right thing, hopefully others can learn something from what you do everyday and apply it to their financial strategy.
9 years 1 month ago #14

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Replied by Joeyman on topic Re: The Current State of Credit Scores in America

entered in my EXCEL spreadsheet.[quote


Re]http://www.financeglobe.com/SocialNet/forum/showthread.php?t=1581[/URL]



PS:

Guys, this has turned out to be a cool thread - The Current State of Credit Scores in America. :cool: :cool: :cool: :cool:
9 years 1 month ago #15

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