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ErIog posted:This is kind of the racket in America. How are you supposed to have paid the loan registered with the credit bureau if in order to get the loan you need to have paid off a loan registered to the credit bureau? yes, it sucks and ive encountered similar situation in other countries too. i assume that in america you effectively are forced to take some garbage point of sales instalment loans or some payday loans and pay them off to prove that you can pay off loans, which is a pretty nice trap in itself because neither of those are cheap on the borrower, especially payday loans lmao, and if you are going to repay them on the same day then you’ll alert every aml officer on the planet + paint yourself red as someone who is not a profitable borrower (under the assumption that for 90 day 1%/day loan of $100 on day 3 you can only pay $103+administrative fees, if any, to have it settled)
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Jul 30, 2019 12:00
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from what i've heard paying off all loans also tanks your credit score because you now have no loans you're paying off lmao
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Jul 30, 2019 12:04
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my understanding is you can get a low-limit credit card if you have income but no credit history, and then by paying that off you establish yourself as "someone who knows how to transfer money from their bank account in order to pay their debts"
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Jul 30, 2019 12:04
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Truga posted:from what i've heard paying off all loans also tanks your credit score because you now have no loans you're paying off lmao this is true but only in cases with high-value long-term obligations like car loans, mortgages, and credit cards - logic there is that big companies give those, and they have means to push your skull in for misbehaving, so you’ll be careful around those and cannot afford to be too reckless with anything else either as a consequence. also i wouldn’t necessarily call it a tanking, it’s more of a decrease from like 8 to 7 on a favourability score of 10, when loans are being issued at 5+.
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Jul 30, 2019 12:14
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Jabor posted:my understanding is you can get a low-limit credit card if you have income but no credit history, and then by paying that off you establish yourself as "someone who knows how to transfer money from their bank account in order to pay their debts" can you transfer money to yourself in a loop through paypal and another account and make itself known this way?
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Jul 30, 2019 13:04
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Boiled Water posted:can you transfer money to yourself in a loop through paypal and another account and make itself known this way? no, its only official debt so issued by a legal lender and as reported to an accredited credit history bureau
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Jul 30, 2019 13:18
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Credit reporting is only not prosecutable as stalking because the relative wealth of the perpetrator leads us to blame the victim, hth?
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Jul 30, 2019 13:26
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Truga posted:from what i've heard paying off all loans also tanks your credit score because you now have no loans you're paying off lmao yeah it doesn't 'tank' your score but it may drop an inconsequential amount. you'll still have the paid off loans in your history which accounts for 95% while the no active counts for 5% keep in mind that as long as you're over like- 80 or 75 you'll be considered someone with 'excellent' credit
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Jul 30, 2019 13:37
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2nd Rate Poster posted:FWIW CapitalOne was a part of the keynote at AWS' security conference last month. and they built (and heavily promote) cloud custodian and have actively talked about how proud they are of their cloud misconfiguration detection lmao
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Jul 30, 2019 13:50
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Rex-Goliath posted:keep in mind that as long as you're over like- 80 or 75 you'll be considered someone with 'excellent' credit which is weird because there are a lot of judgment-proof destitute pensioners out there
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Jul 30, 2019 13:58
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flakeloaf posted:which is weird because there are a lot of judgment-proof destitute pensioners out there no i meant percentage not literal age as in yeah paying off all of your debt will hurt your score but it just shifts it from 'excellent' to 'excellent'
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Jul 30, 2019 14:00
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Rex-Goliath posted:no i meant percentage not literal age 
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Jul 30, 2019 14:14
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How do expats coming into the country as adults get a credit score?
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Jul 30, 2019 14:27
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spankmeister posted:How do expats coming into the country as adults get a credit score? very painfully, especially outside eu and when moving from place a to place b with no credit history information sharing initiatives between a and b. your best bet probably is to minmax your cc in such scenario
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Jul 30, 2019 14:33
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spankmeister posted:How do expats coming into the country as adults get a credit score? afaik there's processes where you can send the bank all your paperwork from your home country and they evaluate it. it mostly comes down to how trustworthy that paperwork is and whether the bank has an established relationship with your previous lenders. granted you probably still won't get as good of a rate as if you were in-country the whole time because obviously there's a bit more risk involved with lending to immigrants. the banks want to make money! if there's a suitable creditor out there the bank wants them. this isn't some gatekeeping ceremony. it's just a means of analyzing risk with the information they can legally get. it's really surprising seeing how much bad information there is out there regarding credit in general
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Jul 30, 2019 14:34
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whats the credit score number (in the US) actually mean, anyways? what are the units
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Jul 30, 2019 14:54
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lol USA is stupid
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Jul 30, 2019 14:55
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One credit is 1/64th of a Freedom.
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Jul 30, 2019 14:55
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Rex-Goliath posted:it's really surprising seeing how much bad information there is out there regarding credit in general is it really, when a lot of the bad information directly benefits the banks
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Jul 30, 2019 14:55
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when i used to work at a pizza joint while in college it was absolutely shocking how many people with terrible credit scores would give (bad) advice to other people and it was accepted as gospel.
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Jul 30, 2019 15:01
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CRIP EATIN BREAD posted:whats the credit score number (in the US) actually mean, anyways? its like fahrenheit where its arbitrary and stupid and shaggar will defend it
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Jul 30, 2019 15:03
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CRIP EATIN BREAD posted:whats the credit score number (in the US) actually mean, anyways? general rule of thumb as every individual lender gauges the risk on their own but: 
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Jul 30, 2019 15:04
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850 of what
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Jul 30, 2019 15:06
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i mean, i have ~830 credit but i have no idea what its 830 of. it just seems like a weird number to arbitrarily end at so im assuming the units have SOME meaning
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Jul 30, 2019 15:08
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oh. no the unit is entirely arbitrary
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Jul 30, 2019 15:08
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just got back from vacation and the first thing i hear on the radio this morning is the capital one breach 
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Jul 30, 2019 15:10
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There are also like a dozen of other credit scoring systems for different types of borrowers. Business owners have like 3: liquid credit SBSS (0-300), D&B(0-100), FICO(0-100). Where the units are, of course, all meaningless, but have the added fun of using different scales and risk breakpoints.
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Jul 30, 2019 15:13
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and then at the end of the day they're gonna pay more attention to your listed assents and income history than just your score. its all entirely arbitrary.
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Jul 30, 2019 15:14
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I'm pretty sure it's like the SAT. Some raw score is normalized to the range 0-1000, with extreme numbers not reported.
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Jul 30, 2019 15:15
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it's primarily a mechanism to deny things to minorities in a way that doesn't look discriminatory so it doesn't need to mean anything
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Jul 30, 2019 15:19
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CRIP EATIN BREAD posted:850 of what units of capitalism
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Jul 30, 2019 15:19
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CRIP EATIN BREAD posted:whats the credit score number (in the US) actually mean, anyways? it works like this, simplifying let’s say that score of 40 is 10% probability of non-repayment. then you pick a point interval, for example 10, that will be your “points to double the odds” - meaning that score of 30 implies 20% probability, and score of 50 - 5%. that’s quite literally it to the actual number formula, it’s a logarithmic conversion of probabilities of bad or good thing happening during loan contract
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Jul 30, 2019 15:26
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a bunch of RCEs discovered in old VxWorks IP stack 200 million estimated devices affected, most of which will probably never be patched because they're ancient embedded systems no one has thought about in years
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Jul 30, 2019 15:40
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got to love the soundtrack to these videos of using metasploit https://www.youtube.com/watch?v=zdVuSnCq4ac im hack.mess_with_vitals()
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Jul 30, 2019 15:52
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CRIP EATIN BREAD posted:850 of what Of profit bank has made from you, why do you think you need to have "credit history" which you gain by taking and paying back loans.
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Jul 30, 2019 16:02
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idk i just sign things and then i pay them and the number keeps going up and they let me get bigger and better things
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Jul 30, 2019 16:09
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Trabisnikof posted:got to love the soundtrack to these videos of using metasploit That look of "Oh no I'm dead"
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Jul 30, 2019 16:10
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cinci zoo sniper posted:yes, it sucks and ive encountered similar situation in other countries too. i assume that in america you effectively are forced to take some garbage point of sales instalment loans or some payday loans and pay them off to prove that you can pay off loans, which is a pretty nice trap in itself because neither of those are cheap on the borrower, especially payday loans lmao, and if you are going to repay them on the same day then you’ll alert every aml officer on the planet + paint yourself red as someone who is not a profitable borrower (under the assumption that for 90 day 1%/day loan of $100 on day 3 you can only pay $103+administrative fees, if any, to have it settled) There are Secured Credit cards, where you make a small refundable deposit then can draw against it via the card. It's like a debit card but worse, but builds a history of being able to repay your credits and with effectively no risk for the bank. If you're a child with parents who aren't broke, you can just have Daddy cosign any card they would issue him, iirc. Then presto you have an immediate prebuilt road to credit, thanks to generational wealth!
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Jul 30, 2019 16:12
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Shame Boy posted:it's primarily a mechanism to deny things to minorities in a way that doesn't look discriminatory so it doesn't need to mean anything
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Jul 30, 2019 16:33
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Schadenboner posted:Credit reporting is only not prosecutable as stalking because the relative wealth of the perpetrator leads us to blame the victim, hth? holy poo poo you made a good post
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Jul 30, 2019 16:40
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