Comments on: FICO and the Credit Card Financial Prison: How a Three Digit Credit Score Reflects Consumerism and not Financial Independence. http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/ Investing ideas for preserving wealth in a fluctuating market. Thu, 29 Jul 2010 14:34:27 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: unclejoe http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-19366 unclejoe Wed, 24 Feb 2010 02:37:32 +0000 http://www.mybudget360.com/?p=1475#comment-19366 Willow asked if local banks or credit unions are any better. M&T bank, a Mid-Atlantic regional institution has a similar policy. I went to a branch to cash one of their checks for $35 that I had recieved for rototilling a lady's garden. They wanted to charge me $5.00 to cash that $35 check. So no, it's not just the biggest banks. They're all trying to steal your money in any way they can. They're broke and don't have the dignity to just roll over and die without taking the rest of the country with them. Willow asked if local banks or credit unions are any better.
M&T bank, a Mid-Atlantic regional institution has a similar policy. I went to a branch to cash one of their checks for $35 that I had recieved for rototilling a lady’s garden. They wanted to charge me $5.00 to cash that $35 check.
So no, it’s not just the biggest banks. They’re all trying to steal your money in any way they can. They’re broke and don’t have the dignity to just roll over and die without taking the rest of the country with them.

]]> By: Nemo http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-19327 Nemo Tue, 23 Feb 2010 06:51:06 +0000 http://www.mybudget360.com/?p=1475#comment-19327 If your job sucks and pays less than 30K gross a year, and you have debt that is unpayable, stop paying. Don't ever miss a meal (at home, natch') or not change the oil with synthetic and a K&N oil filter. They don't call CC's "unsecured loans" for nothing. They can call as long as you let them. The bank you borrow from can call forever, but they won't (6 months, max). Then, find out who the collectors are and send them a "drop-dead, do not contact by any means" letter by registered mail. In most States, if they contact you, you sue and win cash-money. In Washington State, CC's are uncollectable in 36 months from the last payment. They won't bother to file a judgement on you (turnips don't give blood or money, but lawyers want cash to work). Don't even bother to file bankruptcy (that's 7 years), just wait and keep your bank account below 4 digits. Work for cash/trade in the free market as much as possible. Always pay your taxes ;-) If your house is underwater 40+% and it's a "non-recourse" loan, stop paying and keep living there. Save your valuables (junk silver, gold, and your health), 'cause you'll need it. Keep working as much as possible and don't leave money in a bank! An older RV that you own free & clear in good condition is much better than a house that makes you a slave. Keep your job and a down payment and you will be able to buy a house in less than 5 years with almost no significant financial penalty (like everyone, you will need 30% down and a legitimate payroll-taxes job that nets 3x the payment, or you keep renting an RV slip). Scum-skimming collectors will contact you for the rest of your life, but they are bothering 40% of Americans at that point, so so what. NEVER-EVER make a payment or the clock begins again at zero. Time is your friend. Eff them and their fake currency. They have forgotten that the law protects them from me more than it protects me from them. -Nemo If your job sucks and pays less than 30K gross a year, and you have debt that is unpayable, stop paying. Don’t ever miss a meal (at home, natch’) or not change the oil with synthetic and a K&N oil filter.

They don’t call CC’s “unsecured loans” for nothing. They can call as long as you let them. The bank you borrow from can call forever, but they won’t (6 months, max). Then, find out who the collectors are and send them a “drop-dead, do not contact by any means” letter by registered mail. In most States, if they contact you, you sue and win cash-money. In Washington State, CC’s are uncollectable in 36 months from the last payment. They won’t bother to file a judgement on you (turnips don’t give blood or money, but lawyers want cash to work). Don’t even bother to file bankruptcy (that’s 7 years), just wait and keep your bank account below 4 digits. Work for cash/trade in the free market as much as possible. Always pay your taxes ;-)

If your house is underwater 40+% and it’s a “non-recourse” loan, stop paying and keep living there. Save your valuables (junk silver, gold, and your health), ’cause you’ll need it. Keep working as much as possible and don’t leave money in a bank!

An older RV that you own free & clear in good condition is much better than a house that makes you a slave. Keep your job and a down payment and you will be able to buy a house in less than 5 years with almost no significant financial penalty (like everyone, you will need 30% down and a legitimate payroll-taxes job that nets 3x the payment, or you keep renting an RV slip).

Scum-skimming collectors will contact you for the rest of your life, but they are bothering 40% of Americans at that point, so so what.
NEVER-EVER make a payment or the clock begins again at zero. Time is your friend.

Eff them and their fake currency.

They have forgotten that the law protects them from me more than it protects me from them.

-Nemo

]]> By: Vendetta http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-19209 Vendetta Fri, 19 Feb 2010 18:55:35 +0000 http://www.mybudget360.com/?p=1475#comment-19209 In order to bring down "the system", borrow to the hilt and max out all your cards. Take out cash draws and keep the cash in a safe place, and buy strategic as well as tactical items with that cash (so as to be untraceable) - like beans, rice, guns and lots of ammo. THEN, default on it all. The creditors will call you day and night, and mail threatening letters. Let them. Drain their time, energy, and finances harrassing you. And when they come to repo all your possessions, take whatever defensive measures are necessary to protect yourself, your loved ones, and your possessions - because you have NO ability for self-defense if they take it all away from you - because that is what they are going to do EVEN against those who are debt free! BECAUSE ... big government is against you, big business is against you, big finance and banking are against you - "they" are ALL against you. They take perverse enjoyment in demeaning you, torturing you, and eventually, killing you. Stay at the ready, American Citizen, and fight for your life, your country, and your God against those whose plans are to take it all away and enslave and murder you and yours. "As for me, give me liberty or give me death." In order to bring down “the system”, borrow to the hilt and max out all your cards. Take out cash draws and keep the cash in a safe place, and buy strategic as well as tactical items with that cash (so as to be untraceable) – like beans, rice, guns and lots of ammo.

THEN, default on it all. The creditors will call you day and night, and mail threatening letters. Let them. Drain their time, energy, and finances harrassing you.

And when they come to repo all your possessions, take whatever defensive measures are necessary to protect yourself, your loved ones, and your possessions – because you have NO ability for self-defense if they take it all away from you – because that is what they are going to do EVEN against those who are debt free!

BECAUSE … big government is against you, big business is against you, big finance and banking are against you – “they” are ALL against you. They take perverse enjoyment in demeaning you, torturing you, and eventually, killing you.

Stay at the ready, American Citizen, and fight for your life, your country, and your God against those whose plans are to take it all away and enslave and murder you and yours.

“As for me, give me liberty or give me death.”

]]> By: Skittles http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-19169 Skittles Thu, 18 Feb 2010 16:19:53 +0000 http://www.mybudget360.com/?p=1475#comment-19169 Over the last 30 years or so, credit, via FICO, has a stranglehold over modern life. Anyone intending to participate in society will find their score affects everything from insurance premiums to whether they can rent to whether they will be hired. Interestingly, prospective employers like to see a little debt on a candidate's score not merely because it demonstrates reliability but because an indebted employee is less likely to quit. Credit companies have also thoroughly enmeshed our SS#s into their tracking systems. These entities have accumulated tremendous power, and are not accountable to anyone, certainly not their customers. Woe betide you if you're a victim of ID theft or if you try to correct a mistake on your FICO score. Over the last 30 years or so, credit, via FICO, has a stranglehold over modern life. Anyone intending to participate in society will find their score affects everything from insurance premiums to whether they can rent to whether they will be hired. Interestingly, prospective employers like to see a little debt on a candidate’s score not merely because it demonstrates reliability but because an indebted employee is less likely to quit.

Credit companies have also thoroughly enmeshed our SS#s into their tracking systems. These entities have accumulated tremendous power, and are not accountable to anyone, certainly not their customers. Woe betide you if you’re a victim of ID theft or if you try to correct a mistake on your FICO score.

]]> By: carlos carboney http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-16917 carlos carboney Fri, 11 Dec 2009 09:16:36 +0000 http://www.mybudget360.com/?p=1475#comment-16917 the shadow foreclosure market is trying the same trick japan tryed and the results will be catastrophic to say the least, and it can last for years. the banks do not need to liquidate any assets (they got fat mooooney) and can hold out FOREVER, ha ha, so don't expect the housing to correct in the future. rents will even go down, or they won't be able to rent the place out. credit? forget it! got the monthly ur in, its that simple. it s a new day and new rules will apply. the silly landlords have not come to terms with it yet, but don't worry bunny they will very soon. nobody i know is even thinking of using credit, do you? maybe for a car, but thats it. the credit kings have been deposed. the new standard will be "a job" and the next job market is security. everybody ignored the bubble even though they knew it was coming. the next ignored issue is security... lets say about mid 2010 and on... look out! its gonna get hot. there are 20,000,000 people that will be on permanent wealfare or they will live in the streets. these people do not like living in the street and when enough of these people hit the street its gonna be a party, if u wanna call it that, ha ha. watch for food snatching, being harassed at the market for change and even robed. the future is security, like it or not believe it or not. i'm going to guard school. ta ta the shadow foreclosure market is trying the same trick japan tryed and the results will be catastrophic to say the least, and it can last for years. the banks do not need to liquidate any assets (they got fat mooooney) and can hold out FOREVER, ha ha, so don’t expect the housing to correct in the future. rents will even go down, or they won’t be able to rent the place out. credit? forget it! got the monthly ur in, its that simple. it s a new day and new rules will apply. the silly landlords have not come to terms with it yet, but don’t worry bunny they will very soon. nobody i know is even thinking of using credit, do you? maybe for a car, but thats it.
the credit kings have been deposed. the new standard will be “a job” and the next job market is security. everybody ignored the bubble even though they knew it was coming. the next ignored issue is security… lets say about mid 2010 and on… look out! its gonna get hot.
there are 20,000,000 people that will be on permanent wealfare or they will live in the streets. these people do not like living in the street and when enough of these people hit the street its gonna be a party, if u wanna call it that, ha ha. watch for food snatching, being harassed at the market for change and even robed. the future is security, like it or not believe it or not. i’m going to guard school. ta ta

]]> By: OC House Hunter http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-16783 OC House Hunter Mon, 07 Dec 2009 05:06:08 +0000 http://www.mybudget360.com/?p=1475#comment-16783 Thanks for another interesting commentary "360". We have now experienced first hand the results of the greed driven financial sector. We also now see that our representatives in Washington will do anything to bail them out. Punishment is out of the question. With this knowledge, what can we do to beat them at their game? Have there been any lawsuits against Fair Isaac for distorting the credit worthiness of an individual? As you say, perfectly rational actions, such as seeking multiple quotes for a new loan can reduce your score if you don't do it just right. It seems that we should be able bring suit if our scores are improperly reduced. Thanks for another interesting commentary “360″. We have now experienced first hand the results of the greed driven financial sector. We also now see that our representatives in Washington will do anything to bail them out. Punishment is out of the question. With this knowledge, what can we do to beat them at their game? Have there been any lawsuits against Fair Isaac for distorting the credit worthiness of an individual? As you say, perfectly rational actions, such as seeking multiple quotes for a new loan can reduce your score if you don’t do it just right. It seems that we should be able bring suit if our scores are improperly reduced.

]]> By: Carter http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-16690 Carter Fri, 04 Dec 2009 21:17:54 +0000 http://www.mybudget360.com/?p=1475#comment-16690 Ruthless default will crash their scheme. Ruthless default will crash their scheme.

]]> By: bubba http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-16654 bubba Fri, 04 Dec 2009 03:11:26 +0000 http://www.mybudget360.com/?p=1475#comment-16654 Revolution is the solution. Coming to a haven near you... Revolution is the solution. Coming to a haven near you…

]]> By: Willow http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-16639 Willow Thu, 03 Dec 2009 18:06:19 +0000 http://www.mybudget360.com/?p=1475#comment-16639 Thank you! I really appreciate that you wrote this column. None of us can hang on much longer and it seems nobody at the top really gives a damn. Do they want a revolution? Honestly, how stupid can they get? I read that the executives at Goldman Saks are now obtaining concealed weapon permits and buying guns to protect themselves. Guilty conscious? Perhaps they are knowingly and intentionally driving this country and its people to civil war. Perhaps to break it up...the old divide and conquer routine. Obviously, something is WRONG. Very, very wrong and it's been building insidiously for 30 years or more. People are more than scared, they are angry, hungry and getting more desperate by the day. Our leadership is failing. I don't know one person who trusts the government anymore. This is not a good sign. No one I know trusts the banks, either. My friends are cutting up their credit cards; they refuse to spend on anything over and above the necessities. They only put very little money in their accounts. Just enough to cover bills. With a 1% interest on their savings accounts, it is probably better to stuff the cash in a cookie jar. Seriously. Everybody I know is asking for cash only. They don't even want checks. My girlfriend was charged $6.00 to cash a check at Chase on a draft that was issued by Chase just because she didn't have an account at their stinking bank. WTF? I wonder, Mr. 360, if credit unions and local banks are any better? Care to comment or write an article about any kind of alternatives? There's got to be something better than the mattress. Thanks so much for this FICA article. We all appreciate it. Thank you! I really appreciate that you wrote this column. None of us can hang on much longer and it seems nobody at the top really gives a damn. Do they want a revolution? Honestly, how stupid can they get? I read that the executives at Goldman Saks are now obtaining concealed weapon permits and buying guns to protect themselves. Guilty conscious? Perhaps they are knowingly and intentionally driving this country and its people to civil war. Perhaps to break it up…the old divide and conquer routine.

Obviously, something is WRONG. Very, very wrong and it’s been building insidiously for 30 years or more. People are more than scared, they are angry, hungry and getting more desperate by the day. Our leadership is failing. I don’t know one person who trusts the government anymore. This is not a good sign.

No one I know trusts the banks, either. My friends are cutting up their credit cards; they refuse to spend on anything over and above the necessities. They only put very little money in their accounts. Just enough to cover bills. With a 1% interest on their savings accounts, it is probably better to stuff the cash in a cookie jar. Seriously. Everybody I know is asking for cash only. They don’t even want checks. My girlfriend was charged $6.00 to cash a check at Chase on a draft that was issued by Chase just because she didn’t have an account at their stinking bank. WTF?

I wonder, Mr. 360, if credit unions and local banks are any better? Care to comment or write an article about any kind of alternatives? There’s got to be something better than the mattress.

Thanks so much for this FICA article. We all appreciate it.

]]> By: FatNSassy http://www.mybudget360.com/fico-and-the-credit-card-financial-prison-how-a-three-digit-credit-score-reflects-consumerism-and-not-financial-independence/comment-page-1/#comment-16638 FatNSassy Thu, 03 Dec 2009 15:56:50 +0000 http://www.mybudget360.com/?p=1475#comment-16638 Four years ago I declared bankruptcy after 28 years of perfect credit. A major reason was standing up for my beliefs at a major corporation whose name you would recognize immediately and suffering from years of harassment. No matter. I refused to rebuild my credit score and pay cash for everything. I have never been happier or more at peace. Yes there are moronic landlords and employers who are too stupid to realize the limitations of credit scores. I am glad I don't have to deal with them as they don't deserve me. I am NEVER late with the rent, or missed a day of work in years. We do need consumer protections against allowing insurance rates to be based on credit scores. FIGHT BACK! Four years ago I declared bankruptcy after 28 years of perfect credit. A major reason was standing up for my beliefs at a major corporation whose name you would recognize immediately and suffering from years of harassment. No matter. I refused to rebuild my credit score and pay cash for everything. I have never been happier or more at peace. Yes there are moronic landlords and employers who are too stupid to realize the limitations of credit scores. I am glad I don’t have to deal with them as they don’t deserve me. I am NEVER late with the rent, or missed a day of work in years. We do need consumer protections against allowing insurance rates to be based on credit scores. FIGHT BACK!

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