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cinci zoo sniper
Mar 14, 2013





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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Truga
May 4, 2014


Lipstick Apathy

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

Jabor
Jul 16, 2010

#1 Loser at SpaceChem

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"

cinci zoo sniper
Mar 14, 2013





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+.

champagne posting
Apr 5, 2006

YOU ARE A BRAIN
IN A BUNKER


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?

cinci zoo sniper
Mar 14, 2013





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

Schadenboner
Aug 15, 2011

by Shine


Credit reporting is only not prosecutable as stalking because the relative wealth of the perpetrator leads us to blame the victim, hth?

PIZZA.BAT
Nov 12, 2016

:cheers:



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

Blinkz0rz
May 27, 2001

MY CONTEMPT FOR MY OWN EMPLOYEES IS ONLY MATCHED BY MY LOVE FOR TOM BRADY'S SWEATY MAGA BALLS


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

flakeloaf
Feb 26, 2003

Still better than android clock



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

PIZZA.BAT
Nov 12, 2016

:cheers:



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'

flakeloaf
Feb 26, 2003

Still better than android clock



Rex-Goliath posted:

no i meant percentage not literal age

:eng99:

spankmeister
Jun 15, 2008








How do expats coming into the country as adults get a credit score?

cinci zoo sniper
Mar 14, 2013





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

PIZZA.BAT
Nov 12, 2016

:cheers:



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

CRIP EATIN BREAD
Jun 24, 2002

Hey stop worrying bout my acting bitch, and worry about your WACK ass music. In the mean time... Eat a hot bowl of Dicks! Ice T





Soiled Meat

whats the credit score number (in the US) actually mean, anyways?

what are the units

Xarn
Jun 26, 2015


lol USA is stupid

spankmeister
Jun 15, 2008








One credit is 1/64th of a Freedom.

ymgve
Jan 2, 2004


:dukedog:


Offensive Clock

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

CRIP EATIN BREAD
Jun 24, 2002

Hey stop worrying bout my acting bitch, and worry about your WACK ass music. In the mean time... Eat a hot bowl of Dicks! Ice T





Soiled Meat

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.

BangersInMyKnickers
Nov 3, 2004

I have a thing for courageous dongles



CRIP EATIN BREAD posted:

whats the credit score number (in the US) actually mean, anyways?

what are the units

its like fahrenheit where its arbitrary and stupid and shaggar will defend it

PIZZA.BAT
Nov 12, 2016

:cheers:



CRIP EATIN BREAD posted:

whats the credit score number (in the US) actually mean, anyways?

what are the units

general rule of thumb as every individual lender gauges the risk on their own but:

CRIP EATIN BREAD
Jun 24, 2002

Hey stop worrying bout my acting bitch, and worry about your WACK ass music. In the mean time... Eat a hot bowl of Dicks! Ice T





Soiled Meat

850 of what

CRIP EATIN BREAD
Jun 24, 2002

Hey stop worrying bout my acting bitch, and worry about your WACK ass music. In the mean time... Eat a hot bowl of Dicks! Ice T





Soiled Meat

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

PIZZA.BAT
Nov 12, 2016

:cheers:



oh.

no the unit is entirely arbitrary

Shame Boy
Mar 2, 2010

THE HORROR
THE HORROR





just got back from vacation and the first thing i hear on the radio this morning is the capital one breach :toot:

El Mero Mero
Oct 13, 2001



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.

Shaggar
Apr 26, 2006


Nap Ghost

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.

Guy Axlerod
Dec 29, 2008


I'm pretty sure it's like the SAT. Some raw score is normalized to the range 0-1000, with extreme numbers not reported.

Shame Boy
Mar 2, 2010

THE HORROR
THE HORROR





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

duz
Jul 11, 2005

Come on Ilhan, lets go bag us a shitpost





units of capitalism

cinci zoo sniper
Mar 14, 2013





CRIP EATIN BREAD posted:

whats the credit score number (in the US) actually mean, anyways?

what are the units

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

infernal machines
Oct 11, 2012

ask your pharmacist if tarsier-ashpool is right for you


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

Trabisnikof
Dec 24, 2005

It's always 2am somewhere.


got to love the soundtrack to these videos of using metasploit


https://www.youtube.com/watch?v=zdVuSnCq4ac


im hack.mess_with_vitals()

Xarn
Jun 26, 2015



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.

CRIP EATIN BREAD
Jun 24, 2002

Hey stop worrying bout my acting bitch, and worry about your WACK ass music. In the mean time... Eat a hot bowl of Dicks! Ice T





Soiled Meat

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

Guy Axlerod
Dec 29, 2008


Trabisnikof posted:

got to love the soundtrack to these videos of using metasploit


https://www.youtube.com/watch?v=zdVuSnCq4ac


im hack.mess_with_vitals()

That look of "Oh no I'm dead"

Volmarias
Dec 31, 2002

I'm sure I'll think of something.

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!

Jenny Agutter
Mar 18, 2009



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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The MUMPSorceress
Jan 6, 2012


^SHTPSTS



Gary’s Answer

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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