Congress considers credit-reporting overhaul, including putting government in charge of scores

[Gods_Debris]

Them Amex cards are legit. Just stopped using the platinum and switched to the gold for the everyday use since the intro points window closed. I still think most folks should realize that’s it’s still better to ensure u have cash to cover any purchase. Credit is a gimmick designed to trick us into buying things we can’t afford. And that affects all races. It ain’t just us black folk

I disagree. Credit is a leveraging tool for business that people have been taught to abuse.

 

[Shaka54]

I disagree. Credit is a leveraging tool for business that people have been taught to abuse.

You're both right and consumerism is a major driving force behind it. Businesses need you to maintain debt for them to make a profit. People have been encouraged and coaxed into this mindset. That abuse is a two-way street.

 

[xxxbishopxxx]

Was it a loan or a credit card? If it was a credit card, did you close the account?

Closing the account reduces the amount of credit available to you, increases the percentage of credit you are using when you have other debt, and decreases the average age of your accounts/history and can cause your score to drop. Tho I think it's supposed to remain on your report 7-10 years so the age thing might be less of an issue.

So if you have 3 credit cards with a 1000.00 limit, 2 have a 500.00 balance and one has a zero balance, if you close one account with a zero balance, you go from using 33% of your available credit to 50%, and if the account you closed was 20 yrs old and the two you kept were 10 years old, you've reduced the average length/age of your history. At least that was the gist I got from reading about this a while back.

not disagreeing with you. My comment is about the credit industry in general. It's complete fucking bullshit. I literally fucked up my credit at one point by paying off all my debt and cancelling my one credit card. All of sudden, I had no credit history, even though I paid off a student loan, car note, and a credit card. The credit card was paid off and cancelled about a year or two before I tried getting another one.

 

[actinanass]

you do not want the government to run the credit score. If they did, do not be surprised that social behavior will start being a part of the scoring.

 

[woodchuck]

you do not want the government to run the credit score. If they did, do not be surprised that social behavior will start being a part of the scoring.

And criminal history.

 

[xxxbishopxxx]

you do not want the government to run the credit score. If they did, do not be surprised that social behavior will start being a part of the scoring.

why do you think that won't happen anyway?

 

[actinanass]

why do you think that won't happen anyway?

it won't happen because businesses would reject being associated with a credit system that judges social behavior. The internet is a cold world, and if any type of action was to be made public like this, do you know how hard the libertarians dark web types will go on that company?

 

[Shaka54]

you do not want the government to run the credit score. If they did, do not be surprised that social behavior will start being a part of the scoring.

why do you think that won't happen anyway?

it won't happen because businesses would reject being associated with a credit system that judges social behavior. The internet is a cold world, and if any type of action was to be made public like this, do you know how hard the libertarians dark web types will go on that company?

Begin at around 8:45 and see how it's already been in place and how it's done.

 

[actinanass]

Begin at around 8:45 and see how it's already been in place and how it's done.

I think you misunderstand what I'm saying.

I'm talking about some black mirror shit. There's a lot of opportunity in our current system to better our credit situation. What you do not want is the government using their metadata of point out if you're "problematic" or not.

 

[Shaka54]

I think you misunderstand what I'm saying.

I'm talking about some black mirror shit. There's a lot of opportunity in our current system to better our credit situation. What you do not want is the government using their metadata of point out if you're "problematic" or not.

Naw, I got chu. I'm just saying they're using a different method to obtain the same results.

 

[durham]

My old Capital One card. Funny thing is, I had 3 at the time, and still have 2 now. MUCH better interest rate than that one, so I stopped using it. About a year or so later, they cut it off. I rarely use the 2 that I have now, because our AMEX platinum is our do it all card, and our Costco Visa is our gas card.

I was thinking about that Amex Platinum, but that bitch is $650/yr. Are the perks worth all that, in your opinion? I can pay the fee, I just want to know of that shit is worth it

 

[Gods_Debris]

And criminal history.

Who's? Certainly not D Whitman

 

[jagu]

I was thinking about that Amex Platinum, but that bitch is $650/yr. Are the perks worth all that, in your opinion? I can pay the fee, I just want to know of that shit is worth it

My wife and I have our separate platinum cards. I have the business card and she has the personal card.
If you own a business it is very much worth it. I get about $4000 worth of free stuff that I use every year.


The personal card is worth it if you travel often.

 

[jagu]

All this scariness about credit is funny.
No one is chasing after you or holding a gun at you ti spend credit cards.
But I will say that the easy access to credit is what makes America a very dynamic economy. Y’all don’t want to live in a country where you pay cash for everything trust me.

 

[Mo-Better]

Looks like a pure case of government overreach. They can't handle the load they have. Guess the credit agencies refused to play ball.

 

[Big Tex]

I was thinking about that Amex Platinum, but that bitch is $650/yr. Are the perks worth all that, in your opinion? I can pay the fee, I just want to know of that shit is worth it

It depends on if you travel.

I have it and I use the Uber perk every month. I get free SirusXM, Walmart plus. And use the $50 Saks credit every 6 months. But the real perks are the lounge access everywhere. $200 travel credit. That upgrade perk is amazing if you use it. My first trip to Europe I stayed at the Shard in London for the first night. The room I booked was $600 a night. They upgraded me to a $900 a night suite. Also you get $70 a day free breakfast when you book through their fine hotels and resorts site as well as a likely $100 credit to use during your stay and often times a free night if you stay 3-4 nights.

Also, Amex has partnership with almost every airline and you can transfer your points almost anywhere. I waited until Flying Blue had a +25% miles transfer promotion and transferred 200k miles and got a bonus 50k miles.

And if you buy your ticket with the platinum, if you need an emergency evacuation due to illness, it's 100% covered.

Before covid, I definitely got more value than the annual fee. I'm looking to travel more next year.

So it's definitely worth it if you travel. I'm sure there are more perks I'm forgetting, but those are the ones I have used.

 

[tebriel69]

you do not want the government to run the credit score. If they did, do not be surprised that social behavior will start being a part of the scoring.

Ala China.

 

[tebriel69]

It depends on if you travel.

I have it and I use the Uber perk every month. I get free SirusXM, Walmart plus. And use the $50 Saks credit every 6 months. But the real perks are the lounge access everywhere. $200 travel credit. That upgrade perk is amazing if you use it. My first trip to Europe I stayed at the Shard in London for the first night. The room I booked was $600 a night. They upgraded me to a $900 a night suite. Also you get $70 a day free breakfast when you book through their fine hotels and resorts site as well as a likely $100 credit to use during your stay and often times a free night if you stay 3-4 nights.

Also, Amex has partnership with almost every airline and you can transfer your points almost anywhere. I waited until Flying Blue had a +25% miles transfer promotion and transferred 200k miles and got a bonus 50k miles.

And if you buy your ticket with the platinum, if you need an emergency evacuation due to illness, it's 100% covered.

Before covid, I definitely got more value than the annual fee. I'm looking to travel more next year.

So it's definitely worth it if you travel. I'm sure there are more perks I'm forgetting, but those are the ones I have used.

Co sign all this. I haven’t used the travel perks yet but eveyone from online to in real life agree that for trace, the Amex platinum is the way to go. If u military like me, your fees are waived so it makes sense to have one. They also have tons of perks. I haven’t seen that SiriusXM one tho….gonna research that one. Also, can someone explain how credit helps u in business other than being able to secure a loan?

 

[Gods_Debris]

You're both right and consumerism is a major driving force behind it. Businesses need you to maintain debt for them to make a profit. People have been encouraged and coaxed into this mindset. That abuse is a two-way street.

To be clear I don't mean the credit that businesses extend to consumer markets but the debt businesses take on to facilitate normal functions of said businesses. Credit is the life blood of industry.

 

[Big Tex]

Co sign all this. I haven’t used the travel perks yet but eveyone from online to in real life agree that for trace, the Amex platinum is the way to go. If u military like me, your fees are waived so it makes sense to have one. They also have tons of perks. I haven’t seen that SiriusXM one tho….gonna research that one. Also, can someone explain how credit helps u in business other than being able to secure a loan?

How to use the Amex Platinum digital entertainment credit - The Points Guy

If you can max out this benefit alone, the Amex Platinum is automatically a better deal than ever before.

thepointsguy.com

 

[tebriel69]

How to use the Amex Platinum digital entertainment credit - The Points Guy

If you can max out this benefit alone, the Amex Platinum is automatically a better deal than ever before.

thepointsguy.com

Thx

 

[woodchuck]

I was thinking about that Amex Platinum, but that bitch is $650/yr. Are the perks worth all that, in your opinion? I can pay the fee, I just want to know of that shit is worth it

Like many have said here, it's great if you travel often. Also, it covers your ass where airlines and cruise ships won't, as far as if you have to cancel your trip at the last minute due to an emergency.

 

[Camille]

I didn't want to make a separate thread for this.

Debt collectors can now slide into your DMs as Trump social media rule takes effect

During the Trump administration, amongst all of the many terrible things being done in order to line the wealthiest Americans’ pockets at the expense of the rest of us, the Consumer Financial Protection Bureau proposed new rules as an update to the...

m.dailykos.com

 

[Ceenote]

I didn't want to make a separate thread for this.

Debt collectors can now slide into your DMs as Trump social media rule takes effect

During the Trump administration, amongst all of the many terrible things being done in order to line the wealthiest Americans’ pockets at the expense of the rest of us, the Consumer Financial Protection Bureau proposed new rules as an update to the...

m.dailykos.com

This aint gonna end well for many...fucked up!!