Servile Consumer Index Plummets Across The Board
Americans' credit scores fall as they struggle to pay bills
"As more consumers struggle with bills, their credit scores are paying a price.
From the third quarter of 2008 to the first quarter of 2009 — the latest data available — the average TransUnion credit score dropped 6 points to 651, the credit bureau says. Scores fell more dramatically in states hardest hit by the housing bust: California saw a 10-point drop, for example, and Arizona, 11.
"Consumers are feeling the bite of the current recession," says Ezra Becker, a director in TransUnion's financial services group. "With delinquencies showing up in credit files, it's not surprising that the average score is decreasing somewhat."
Becker believes credit scores aren't likely to improve — and could even drop further — through the second quarter of 2010.
More than 200 million U.S. consumers have credit scores, so a change of even a few points in the national average can be significant, experts say."
Who gave these scumbags the ability to grade our worth as individuals, anyway? And how was the criteria set up to do such a thing?
Let me give a personal example of why no one should give a shit about what their credit score is according to this asinine system For over ten years I had a sterling credit record, never missing payments, always paying much more than monthly minimums, even while I carried tens of thousands of dollars on numerous accounts. For ten years I used credit absolutely responsibly while the card companies reaped a bonanza in interest payments, and it actually worked for me because of my freedom to go places and acquire things.
But then a little over a year ago it all changed. I believe the banksters and corporate interests knew what was coming and became Total Scumbags. They decided people who they dealt with for years like me should be hammered with unilateral interest rate hikes. They would bury that bit of news in the monthly blizzard of paper garbage along with the bills, and if you didn't catch them and cancel your account they raised the interest to over 30%. Monthly minimums were doubled. Credit limits were slashed. And a whole lot more. They knew the game was finished and went for the jugular to get what they could as fast as possible.
Here's how the game was rigged so that you could never, ever win let alone come out even. Although my record as a consumer was absolutely spotless, unilateral changes by the credit companies lowered my "credit score" through no fault of mine.
Here's the kicker - once it starts it keeps getting worse. Because one bank did something other banks would follow suit. Down go the numbers. And here's something else - every time your "credit score" gets scrutinized it goes down. One bank studied my numbers every month for a year; probably more did too. Down they went. I paid balances off completely at one point and the accounts were closed anyway.
You can't win in this rigged system and you can't even break even, but you can leave the game. Don't get caught up with caring about how some arbitrary office somewhere grades you according to bogus criteria so that criminal banks can run roughshod over you. At this point I couldn't care less how I'm rated, and not only because in an absolute sense I'm not sending another penny to the scumbags, but because in a comparative sense I'm not alone. Far from it. The system is going down, the banks are completely insolvent and defaults are multiplying exponentially. Accordingly our "credit ratings" are meaningless garbage that you can easily work around. They're only used to bludgeon us through fear. Don't be fooled.
"As more consumers struggle with bills, their credit scores are paying a price.
From the third quarter of 2008 to the first quarter of 2009 — the latest data available — the average TransUnion credit score dropped 6 points to 651, the credit bureau says. Scores fell more dramatically in states hardest hit by the housing bust: California saw a 10-point drop, for example, and Arizona, 11.
"Consumers are feeling the bite of the current recession," says Ezra Becker, a director in TransUnion's financial services group. "With delinquencies showing up in credit files, it's not surprising that the average score is decreasing somewhat."
Becker believes credit scores aren't likely to improve — and could even drop further — through the second quarter of 2010.
More than 200 million U.S. consumers have credit scores, so a change of even a few points in the national average can be significant, experts say."
Who gave these scumbags the ability to grade our worth as individuals, anyway? And how was the criteria set up to do such a thing?
Let me give a personal example of why no one should give a shit about what their credit score is according to this asinine system For over ten years I had a sterling credit record, never missing payments, always paying much more than monthly minimums, even while I carried tens of thousands of dollars on numerous accounts. For ten years I used credit absolutely responsibly while the card companies reaped a bonanza in interest payments, and it actually worked for me because of my freedom to go places and acquire things.
But then a little over a year ago it all changed. I believe the banksters and corporate interests knew what was coming and became Total Scumbags. They decided people who they dealt with for years like me should be hammered with unilateral interest rate hikes. They would bury that bit of news in the monthly blizzard of paper garbage along with the bills, and if you didn't catch them and cancel your account they raised the interest to over 30%. Monthly minimums were doubled. Credit limits were slashed. And a whole lot more. They knew the game was finished and went for the jugular to get what they could as fast as possible.
Here's how the game was rigged so that you could never, ever win let alone come out even. Although my record as a consumer was absolutely spotless, unilateral changes by the credit companies lowered my "credit score" through no fault of mine.
Here's the kicker - once it starts it keeps getting worse. Because one bank did something other banks would follow suit. Down go the numbers. And here's something else - every time your "credit score" gets scrutinized it goes down. One bank studied my numbers every month for a year; probably more did too. Down they went. I paid balances off completely at one point and the accounts were closed anyway.
You can't win in this rigged system and you can't even break even, but you can leave the game. Don't get caught up with caring about how some arbitrary office somewhere grades you according to bogus criteria so that criminal banks can run roughshod over you. At this point I couldn't care less how I'm rated, and not only because in an absolute sense I'm not sending another penny to the scumbags, but because in a comparative sense I'm not alone. Far from it. The system is going down, the banks are completely insolvent and defaults are multiplying exponentially. Accordingly our "credit ratings" are meaningless garbage that you can easily work around. They're only used to bludgeon us through fear. Don't be fooled.
posted by nolocontendere at 5:20 PM
2 Comments:
Credit is also becoming monopolized by a few of the biggest corporate kings. Chase, for example, has bought both of the credit companies I had accounts with in the past 10 years, despite the fact that I tried to avoid Chase because their finance charges were higher. After all I've heard about J.P. Morgan, I despise having to owe him anything.
Absolutely agree about those criminals. Chase was one of the banks that tried to sneak a change to maximum, usurious interest rates on my wife and I. I caught one but didn't catch the other. They can rot in whatever hell they choose.
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