I do retail finance for used cars..
Scores are lower than ever and soon they will be hiding medical collections under 500 bucks to boost scores.
I just turned someone down with a 355 score. had 31 inquiries for auto loans in the past 3 days.
they had 4 repos in the last 5 years.
How the hell do these people navigate through life?
I mean, it's not really hard - just pay your bills on time and live within your means.
Should be a no-brainer.
The credit industry is very difficult to understand.
I don’t have the highest number available, but I am in that group and close.
I own everything outright...house, lots of land, cars, etc. More cash than most and a sound investment program.
Yet I am considered a risk because I have rarely and infrequently borrowed money.
I am now retired, but when I was working I looked for buyers who had that financial history.
I think credit ratings are a rip off. Anyone in business that cannot make his own decisions as to who to sell to is not competent.
To anyone trying to borrow money, it is a big deal. But the answer to the question posed is not, in my opinion, a clue to the condition of the economy.
Woah, I mean, you gotta work for a 335 score.
Guy needs a car and a job.
I think medical collections should be less important, mostly because they don’t reflect on a customer’s bad judgment or spending habits, that’s beside the fact that it takes the hospitals forever to get the bills to the consumer, then send them immediately to collections.
Student loans are a real issue, they’ll show up as good references when they’ve been deferred for years. In other words, a 30 year old with 2 credit cards with balances and 25k in student loans will often be over 750 credit score, another person with no student loans and the 2 credit cards will be a 630. They’re score inflators, when they should if anything be a negative.