The general discussion thread within our general discussion.

[NightmareOnElmStreet]

4 hours ago, mr.yuck said:

Anyone heard that 'they' are changing the way credit scores are calculated Starting this summer. Its full on fuck you and I hope you don't ever need credit for anything again season.

Oh god I hope it’s not truth. Lolol. Im barely together again! 

[ndv]

Anyone else find themselves getting commandeered by @MOOGLE? 's Twitter posts from things we should be doing.  I swear, MOOGLE post something amd the next thing I know, it's been 30mins and I am still scrolling. 

[mr.yuck]

6 minutes ago, NightmareOnElmStreet said:

Oh god I hope it’s not truth. Lolol. Im barely together again! 

 

Bro I just missed a small payment on something for the first time in 10 years and it knocked my shit down 65 points. Fucking dramatic. That shit was so devastating I don't even care what happens anymore.

[Schnitzel]

Curious to see what happens this year.

 

After a decade of virtually 0% interest on mortgages we've had like 8 interest rate rises with another 4 predicted before it stops. Total rate rise of about 4.75% predicted.

 

The kicker is about 20% of Australian mortgages that have been on 5 years fixed rate mature this year and when that happens people who've been paying 2.75% interest will instantly jump to the market rate.

So many people who've been paying off 3k per. month and having high disposable income going to struggle once they start paying 6k per month. But how about those who've been struggling to make the 3k payments.

 

Our housing market will be toast.

There will be huge numbers of distress sales  bringing down the price. Pretty good to be first house sale on the block dreadful to be the 7th

 

Imagine falling behind on your loan, having your house repossessed, and then sold and due to price falls still end up owing the bank money. We dont have those loans where you can just hand back the keys.

 

Ouch.

 

 

Side note: I just applied for a job and left a major fucking typo in the application. fuckinell

[MOOGLE?]

18 minutes ago, ndv said:

Anyone else find themselves getting commandeered by @MOOGLE? 's Twitter posts from things we should be doing.  I swear, MOOGLE post something amd the next thing I know, it's been 30mins and I am still scrolling. 

[LUGR]

2 hours ago, ndv said:

Anyone else find themselves getting commandeered by @MOOGLE? 's Twitter posts from things we should be doing.  I swear, MOOGLE post something amd the next thing I know, it's been 30mins and I am still scrolling. 

Clout chasing those tweets.

[mr.yuck]

1 hour ago, NightmareOnElmStreet said:

Oh god I hope it’s not truth. Lolol. Im barely together again! 

 

Damn. I just found an article that says credit scores are at an all time high of 703 on average. People with good credit will likely see an increase of 20 points and people with bad credit will lose an additional 20 points. 

 

So basically they are moving the field goal mid game because too many people are winning right now.

 

https://www.google.com/amp/s/www.cnbc.com/amp/select/credit-score-changes-fico-10/

[Dark_Knight]

805 credit score gang

[KILZ FILLZ]

18 hours ago, ndv said:

A year ago, I decided to beta test affirm to see how much my credit score would go up and made a purchase a few hundred bucks above 3k, financed for 12 months and this coming March I will have the loan paid off.  I am then gonna run my score again.  

I use one of their high interest savings accts. So far so good. I’m getting like $15/mo interest accrued 

[mr.yuck]

3 hours ago, Dark_Knight said:

805 credit score gang

Damn son. You could finance a helicopter no questions asked if you wanted to.

[ndv]

33 minutes ago, KILZ FILLZ said:

I use one of their high interest savings accts. So far so good. I’m getting like $15/mo interest accrued 

 

The only issue I have with affirm is their credibility check in an applicants profile.  Basically, you can put in almost any income you want.  Honestly it kinda reminded me of the Credit Default Swap and all that housing market crash.  Mass majority want it but truly can offrd it. #curbappeal

 

Kinda scary

Edited February 1, 2023 by ndv

[mr.yuck]

12 minutes ago, ndv said:

 

The only issue I have with affirm is their credibility check in an applicants profile.  Basically, you can put in almost any income you want.  Honestly it kinda reminded me of the Credit Default Swap and all that housing market crash.  Mass majority want it but truly can offrd it. #curbappeal

 

Kinda scary

 

I applied for a home Depot contractor account like that. The store basically just called their credit deptment from inside the store, I talked to some one for less than 5 minutes, told them my business did a million a year and they instantly sent me a card for about 10k. I instantly blew through that to catapult my business from a stand still and never looked back. For about a year they sent me bills for payment and I just never paid anything. Eventually the mail and calls stopped. This never went onto my credit in any way as late pays or charge offs, not nothing. This was probably close to 10 years ago at this point. 

 

I don't recommend this as a plan to anyone as company policies might have changed from not giving a fuck to really giving a fuck.

 

Good luck out there everyone!

[KILZ FILLZ]

13 minutes ago, ndv said:

 

The only issue I have with affirm is their credibility check in an applicants profile.  Basically, you can put in almost any income you want.  Honestly it kinda reminded me of the Credit Default Swap and all that housing market crash.  Mass majority want it but truly can offrd it. #curbappeal

 

Kinda scary

everytime i open the app they ask me for my income, and every time i press the button for “skip” lol.
 

I checked the acct and it’s 3.5% APY. it’s separate from my bank so I can’t touch the money easily (protect myself from myself). My only concern is if they fail and i lose my shit. A la FTX or Celsius. But I’m kinda reassured that won’t happen because of all the shopping and financing shit people use affirm for. I don’t believe many people use them solely as a savings acct, but I also have nothing to base that on. When I opened the acct I told some friends and none of them had even heard of afffirm before. 

[ndv]

30 minutes ago, KILZ FILLZ said:

everytime i open the app they ask me for my income, and every time i press the button for “skip” lol.
 

I checked the acct and it’s 3.5% APY. it’s separate from my bank so I can’t touch the money easily (protect myself from myself). My only concern is if they fail and i lose my shit. A la FTX or Celsius. But I’m kinda reassured that won’t happen because of all the shopping and financing shit people use affirm for. I don’t believe many people use them solely as a savings acct, but I also have nothing to base that on. When I opened the acct I told some friends and none of them had even heard of afffirm before. 

 

I hear you.  I haven't opened a savings account with them, yet. But have given it thought.  I do agree with the thought of consumer consumption is the driving factor for the success of Affirm and new age lending companies alike.  I know they have been giving me options lately to get a credit card and open a savings account.  I may take them up on their offer by end the year.  I want to, again, finance something useful, but haven't come across anything that has made me pull the trigger, came close, but now cigar.

Edited February 1, 2023 by ndv

[NightmareOnElmStreet]

10 hours ago, KILZ FILLZ said:

everytime i open the app they ask me for my income, and every time i press the button for “skip” lol.
 

I checked the acct and it’s 3.5% APY. it’s separate from my bank so I can’t touch the money easily (protect myself from myself). My only concern is if they fail and i lose my shit. A la FTX or Celsius. But I’m kinda reassured that won’t happen because of all the shopping and financing shit people use affirm for. I don’t believe many people use them solely as a savings acct, but I also have nothing to base that on. When I opened the acct I told some friends and none of them had even heard of afffirm before. 

Tf are y’all talking about? Savings accounts at affirm? Never heard of such a thing! I have used it a couple times to buy shit I didn’t feel like paying for outright. Like my stupid carhart seat covers lol. Am I slippin?! 

[LUGR]

2 hours ago, NightmareOnElmStreet said:

Tf are y’all talking about? Savings accounts at affirm? Never heard of such a thing! I have used it a couple times to buy shit I didn’t feel like paying for outright. Like my stupid carhart seat covers lol. Am I slippin?! 

Weren’t those seat covers trash?

 

I swear you were on here saying they were faulty.

[metronome]

On 1/31/2023 at 6:25 PM, Schnitzel said:

Curious to see what happens this year.

 

After a decade of virtually 0% interest on mortgages we've had like 8 interest rate rises with another 4 predicted before it stops. Total rate rise of about 4.75% predicted.

 

The kicker is about 20% of Australian mortgages that have been on 5 years fixed rate mature this year and when that happens people who've been paying 2.75% interest will instantly jump to the market rate.

So many people who've been paying off 3k per. month and having high disposable income going to struggle once they start paying 6k per month. But how about those who've been struggling to make the 3k payments.

 

Our housing market will be toast.

There will be huge numbers of distress sales  bringing down the price. Pretty good to be first house sale on the block dreadful to be the 7th

 

Imagine falling behind on your loan, having your house repossessed, and then sold and due to price falls still end up owing the bank money. We dont have those loans where you can just hand back the keys.

 

Ouch.

 

 

Side note: I just applied for a job and left a major fucking typo in the application. fuckinell

 

We have similar issues here in Canada.  Our fed govt introduced a mortgage stress test condition of loan which pissed a ton of people off because it prevented them from getting into a way bloated mortgage, also the feds fault, because they weren't curbing baloney foreign investment/money laundering which inflated the real estate market here WILDLY.

 

I big brained it about a 2 yrs ago and broke my mortgage early to get into a smaller interest rate.  Paid a penalty of about $6k to save ~$15k over the life of the loan (5 yrs.... bank tried to talk me out of it lol "think of the penalty!" and wanted me to do a "port" option where I only paid a ~280 penalty to save 2k, no thx)

 

So now my interest rate is set below 2% for another 3 years and I am hoping that by then things have settled down a bit and the central banks are done with rate hikes.  In the mean time I'm making as many payments to principal above my regular payments to chunk out what the interest will be on the next loan when its time to renew.  Weee....

 

 

[Dark_Knight]

23 hours ago, Dark_Knight said:

805 credit score gang

Nvm it’s 795 right now. Idk what happened. Please give me time to recover during this low point of my life.

[LUGR]

3 hours ago, Dark_Knight said:

Nvm it’s 795 right now. Idk what happened. Please give me time to recover during this low point of my life.

Creed….you need some Creed to give you the strength to overcome.

[metronome]

Self Improvement Through Scott Stapp 

[KILZ FILLZ]

13 hours ago, NightmareOnElmStreet said:

Tf are y’all talking about? Savings accounts at affirm? Never heard of such a thing! I have used it a couple times to buy shit I didn’t feel like paying for outright. Like my stupid carhart seat covers lol. Am I slippin?! 

I have a hard time not touching the money in my savings acct if it’s in the same app as my debit card/checking. So I moved my savings acct over to affirm to make it harder for me to touch the money. When I have savings and checking both on my bank app I would xfer from savings to checking to spend on dumb shit. My life is a series of safeguards I set up to protect future me from current dumbass/drunk me lol 
 

[One Man Banned]

Interest rates don't justify having a savings account for me, they're shit compared to what they used to be and your money doesn't earn much to make it worth it.  Feel like it's just as good to keep my money under the mattress or buried in the back yard.  

 

[grim540]

I was today years old when I learned that Physical(You're So) was a Adam & the Ants song.

[Elena Delle Donne]

22 hours ago, Dark_Knight said:

Nvm it’s 795 right now. Idk what happened. Please give me time to recover during this low point of my life.

 

 better than me. they hate that i refuse to open more than one card and have no debt 

[NightmareOnElmStreet]

23 hours ago, Dark_Knight said:

Nvm it’s 795 right now. Idk what happened. Please give me time to recover during this low point of my life.

I find the scores we think we have are never fucking accurate anyways. I pay for experian alert supposed to be the top place to keep tabs on that type of shit. Then when you go try to get loans people are like naw b. You’re trash lol. 

[NightmareOnElmStreet]

The top three can read one thing and somehow lenders are always coming up with different numbers. I fucking hate credit. 

[KILZ FILLZ]

1 hour ago, Elena Delle Donne said:

 

 better than me. they hate that i refuse to open more than one card and have no debt 

Gotta play their game. Just have auto bill pay set up on different CCs for bills you KNOW you will be paying no matter what - phone, wifi, car insurance etc. on different cards. You’ll be spending the money every month anyway but this way it’s working for you and you’re using their own game against them. 

[mr.yuck]

6 hours ago, KILZ FILLZ said:

Gotta play their game. Just have auto bill pay set up on different CCs for bills you KNOW you will be paying no matter what - phone, wifi, car insurance etc. on different cards. You’ll be spending the money every month anyway but this way it’s working for you and you’re using their own game against them. 

 

Plus cash back rewards, plus miles. 

 

7 hours ago, NightmareOnElmStreet said:

I find the scores we think we have are never fucking accurate anyways. I pay for experian alert supposed to be the top place to keep tabs on that type of shit. Then when you go try to get loans people are like naw b. You’re trash lol. 

 

Haha. When I sold cars back in the early aughts, when I pulled some ones credit, it wasn't just a number, it was super detailed. All accounts listed out, bankruptcies, every account was broken down to show every payment made over the past 2 years and it would show if the payment was on time 15 days late, 30 days late and so on. It was a map. You could look at some one and be like "okay! Your score is trash! But you always made your payments on time. You look really good, you look really good. Oh! Here it is. This is when you got divorced. Oh! Here's where you filed bankruptcy." There was always a lender that would be willing to listen and take these things into consideration. The shit was so obvious, I was doing this at 20 years old with no schooling or any kind of training.

 

That shit is out the window. Everything is fed through an algorithm now. And the algorithms are fucking wild. The algorithms will take weird shit into account, like statistically people that apply for loans on Wednesday morning are 0.75% less likely to make timely payments. 

 

"Denied"

[mr.yuck]

I feel like my entire life is a cautionary tale. 

If y'all are thinking about doing something new and you're not really sure; run that shit by my DMs first. I'll never lead you astray.

[One Man Banned]

On 2/3/2023 at 4:27 PM, mr.yuck said:

That shit is out the window. Everything is fed through an algorithm now. And the algorithms are fucking wild. The algorithms will take weird shit into account, like statistically people that apply for loans on Wednesday morning are 0.75% less likely to make timely payments. 

 

"Denied"

 

Typed somethin thoughtful here then erased.  Meh?