OK, I am not in favor of gubmint regulation.
But this story really pisses me off. Of all the nasty, shitty things banks can do. Fine, they monitor your use of a credit card but to change your credit SCORE because you do certain things? Like get marriage counseling? WTF?
Maybe it is time for some temporary rules (i.e. a 10 year sunset law) on these make the beast with two backsers.
http://articles.moneycentral.msn.com/Banking/YourCreditRating/YourLifestyleMayHurtCreditScore.aspx
hookersandblow r us...... dropped my score 20 points
Quote from: bobspapa on August 21, 2008, 07:38:13 AM
hookersandblow r us...... dropped my score 20 points
well of course because it was trannyhookersandblow R us
;)
Is this much different than auto insurance companies raising your premium due to a bad credit rating (that may be a result of marraige counselling)? Gotta agree with ducatizzzz here.
Quote from: ducatizzzz on August 21, 2008, 07:47:25 AM
well of course because it was trannyhookersandblow R us
;)
aamco is a shell name
Just to comment on Howie's comment. I will say that I think the insurance rating being affected by credit scores is kinda unfair. If they can make the insurance payment, insure them until they can't. My fiacnée replaced her 2004 Malibu with a 2008 Impala. I put her on the Impala on my policy, as she had been on her own policy with the Malibu. The Impala is $70 LESS PER MONTH with her covered under my policy. My credit is a bit better than hers, which is the only reason we can come up with.
Back on topic... I don't think I like the idea of my visits to the ABC store for bourbon or rum to influence my credit rating...
JM
Crikeys.... I agree... not who I would want to do business with...
I don't have problem with it if they disclose what is in the formula. I can understand where they are coming from.
anyone want to start a class action? and get some massages while we are at it?
Quote from: RobJohn3 on August 21, 2008, 08:58:50 AM
I don't have problem with it if they disclose what is in the formula. I can understand where they are coming from.
that's the problem, and why they are paying a huge fine. they are not disclosing that they cut off previously granted credit for using those kinds of services.
on the other hand, i don't think paying for
marriage counseling is a reason to cut off someone's credit, or at least it should not be legal to do so.
i don't have a problem with them raising or lowering your total credit extended by an analysis of how you use your card (which is SORT OF what American Express does, basing it on your purchase and pay off history).
Things like marriage counseling are socially beneficial and it just reeks of immorality to penalize people for it, among other things.
Tire retreading?
Quote from: ducatizzzz on August 21, 2008, 09:10:30 AM
Tire retreading?
Some people think retreads are less safe than new tires so it is more risky. Look at it like this, if you buy retreads, you are more likely to have a blowout resulting in an accident which could leave you unable to pay your credit card bill..
Quote from: NAKID on August 21, 2008, 09:13:45 AM
Some people think retreads are less safe than new tires so it is more risky. Look at it like this, if you buy retreads, you are more likely to have a blowout resulting in an accident which could leave you unable to pay your credit card bill..
(http://www.helicopterkids.com/brendanla/CRACKPIPE.jpg)
Hey, it's just speculation...
Massages? Seriously? I can't function if I don't get AT LEAST monthly massages. I've had some pretty serious back injuries. The pain is only relieved with regular chiropractic and massage.
Granted I don't use a credit card (I don't even have one anymore..)
Quote from: NAKID on August 21, 2008, 09:16:14 AM
Hey, it's just speculation...
sure.
i would bet it is more sinister though. only certain tires can be retreaded. typical consumer passenger tires cannot. CDL-type truck tires are usually retread-able. I just can't figure out that one.
isnt speculation that tool used in a doctors office, for the look'n at the va jay jay?
The only way your credit card purchases should affect your credit score is if you do or don't pay your bill on time. Period.
The only purchase monitoring your credit card company should do is in relation to fraud...i.e., identifying "unusual" purchases, or swarms of purchases in an effort to identify whether or not your card has been stolen.
You should be free to spend your money as you wish without consequence, as long as your bill is paid and you're not buying anything illegal. It should make no difference what you're buying.
I don't like extra govt. regulations either, but this should be stopped.
I als think it's bullshit for insurance companies to look at credit ratings to determine your rates. I understand where they're coming from, as I'm sure that statistically people with lower credit ratings are higher risk. The problem is they only use the information to raise rates. You never hear them say, "Hey Mr. Johnson, your credit score is above 700, so we gave you a 10% discount". It should work both ways if they're going to use the criteria, and it should be spelled out and transparent.
If your going to visit a rub-n-tug just pay in cash.
This whole credit score has gotten out of hand.
How is this not seen as an invasion of privacy.
Quote from: ducatizzzz on August 21, 2008, 09:19:45 AM
sure.
i would bet it is more sinister though. only certain tires can be retreaded. typical consumer passenger tires cannot. CDL-type truck tires are usually retread-able. I just can't figure out that one.
Must be because if you're trying to make money in commercial trucking with $5 diesel, they figure you've only got a couple more months of liquidity, if that...
Seriously, though, it's even odder than that -- the article said "tire and retread shops," so your credit score gets dinged if you just do basic stuff to keep your car safe & running?
I don't like government regulation, but there's got to be some counterbalance to the growing intrusion of this entirely un-elected, mostly unaccountable nanny state that's growing like kudzu on the corporate side. And now I'll shut up before this gets bumped over to Politics...
Quote from: bobspapa on August 21, 2008, 09:33:20 AM
isnt speculation that tool used in a doctors office, for the look'n at the va jay jay?
i thawt that wuz a finger?
Quote from: ducatizzzz on August 21, 2008, 09:46:34 AM
i thawt that wuz a finger?
I would question your wife's Dr.'s qualifications. Also if his office has a disco ball, it is no office. :o
Quote from: fwtcc on August 21, 2008, 09:51:16 AM
I would question your wife's Dr.'s qualifications. Also if his office has a disco ball, it is no office. :o
didn't say that's what he used.. that's what I use!
Quote from: ducatizzzz on August 21, 2008, 09:55:12 AM
didn't say that's what he used.. that's what I use!
Screw inflating your tires, that's the best way I have heard to save money in a bit. ;D
Quote from: fwtcc on August 21, 2008, 09:51:16 AM
I would question your wife's Dr.'s qualifications. Also if his office has a disco ball, it is no office. :o
A gynecologist who advertises happy endings... well there's something you don't see every day. Probably best to pay that one with cash too.
I may be a little late to the party here, but I totally agree with Tizzz here.
In fact, my disgust with the credit rating "racket" is such that I want a complete consumer revolt against the industry.
In researching my options for the repair of my own credit (boy does divorce do wonders for it... [bang]) I learned a few things. 1 - there is no quick solution 2 - there are a lot of wackos and scam artists who think they can repair your credit and 3 - it may sound like a conspiracy theory to sum, but I TOTALLY believe that the credit agencies, FICO and the banking system truly want everyone's credit to be as LOW as possible.
The lower everyone's credit, the more they can charge for interest and the more selective they can be for loans. It's a wicked endless cycle.
[/rant]
Quote from: green bastard on August 21, 2008, 09:34:00 AM
How is this not seen as an invasion of privacy.
...yeah, how isint it?
i say bull shit!...
also, how do the banks know that you are paying for YOUR own happy ending? and not your brothers 18th birthday present?!?
its absolutely bull shit!!
...i wonder how bad it would be to pay for your son/doughter/friend-in-need rehab with your credit card!?!?!? [roll]
or how about buying alkihool?..."sir, your score has gone down 30pts because we noticed that you have encresed the consuption of Pabst, by a good 40% this month"...
or cigaretts?...higher risck of cancer, death hence higher risk of dieing with a debt....
or weappons?...you own weappons so you probably are more likely to be in an environment where guns are used...enhanceing the risk of getting hit or killed even if just by accident...(especially if ya go huntin' with Chaney)
good call,
jackassus Tizzz
Quote from: tommys67 on August 21, 2008, 10:38:54 AM
The lower everyone's credit, the more they can charge for interest and the more selective they can be for loans. It's a wicked endless cycle.
[/rant]
I guess me paying my mortgage on time every month and paying my credit card off every month is a big ol' fly in their ointment ~
JM
(http://tbn0.google.com/images?q=tbn:Vnv7DgWXlHo9mM:http://www.sfondideldesktop.com/Images-Movies/Fight-Club/Fight-Club-0015/Fight-Club-0015.jpg)
Quote from: the_Journeyman on August 21, 2008, 10:52:23 AM
I guess me paying my mortgage on time every month and paying my credit card off every month is a big ol' fly in their ointment ~
JM
people who pay their bills on time are called "deadbeats" in the credit world. go figure.
i had a Visa card with Providian that I never used (and always paid off immediately if I did)-- I just kept it because they gave me free access to my FICO online. They cancelled it.
Um, you can still use cash...
mitt
Quote from: howie on August 21, 2008, 08:05:19 AM
Is this much different than auto insurance companies raising your premium due to a bad credit rating (that may be a result of marraige counselling)?
Quote from: Triple J on August 21, 2008, 09:33:40 AM
I als think it's bullshit for insurance companies to look at credit ratings to determine your rates. I understand where they're coming from, as I'm sure that statistically people with lower credit ratings are higher risk. The problem is they only use the information to raise rates. You never hear them say, "Hey Mr. Johnson, your credit score is above 700, so we gave you a 10% discount". It should work both ways if they're going to use the criteria, and it should be spelled out and transparent.
In California providing your Social Security number when shopping for insurance is not required by law. And they cannot deny you insurance if you don't provide that info either. Therefore no credit checks.
What I wonder is which circumstances absolutely require a Social Security number. It really irked me when the home phone company kept insisting I provide them my SSN upon signing up for new service when the reality is I don't have to provide the number. They just put a maximum limit on the account.
*sigh*
I really hate the credit industry.
I also dislike the culture we have that has driven prices of "must have" items to a level where debt is the only practical way to attain such things. Like, oh, a 4-year engineering degree, or a house.
Looks like now I also need to carry around a list of the items I should buy with cash, because Big Brother is watching. [roll]
The 9mm SIG I picked up a couple months ago and my most recent trip to the range will be the last time I buy a firearm or ammo with my credit card.
(NOTE: I don't pay interest, pay it off in full every month, I just use it for the cash back... CapitalOne and Discover effectively pay me for using their card ;D).
and to think there is a medical insurance "fico score" in the works [roll]
Two words: PAY CASH 8)