Bad news: The new FICO score changes could impact the credit cards you qualify for

[Burnt Reynolds 5,058]

What's funny is we were so spoiled by low prices in the US we hardly ever used my two CC's, my score hovered in the high 700s and never went anywhere. Since being in Canada, we have 9 credit cards, all tailored to cashback, points, and promotions, and use them all the time. For example, wait until they have diaper sales, diaper points bonuses, and then they have a store-based points bonus, which winds up making the cost a fraction of what it normally was, plus points back into our account to spend later, which wind up worth more when they do redemption events. So it's like making the money you spend work for you. We convert those to different "points" (Air Miles, PC points, etc.), some of which utilize both CC transactions and store transactions, hoard the points until redemption events where those points have more value, and use them. 

 

Of course, some people might complain about privacy, but people also want a more personalized service. Can't have both where people know what you want and tailor promotions to you but can't identify you. Double-edged sword.

Edited January 24, 2020 by Burnt Reynolds

[Voice of Reason 10,298]

1 minute ago, Steeleballz said:

 

  You mean the rewards/cash back thingies? I was thinking about getting one that had a good return for groceries. 

Yeah.  I don't fall for airline miles or stuff like that (though I have friends who swear by those).  I deal strictly with % cash back.  Amazon Prime pays 5% for all Amazon purchases (I know you don't, but I do).  My Citibank pays 4% cash back on all fuel and 3% at restaurants, and another visa pays 2.5% on ALL purchases.

[Burnt Reynolds 5,058]

8 minutes ago, yuna628 said:

It is as far as I am aware, I believe it would look at both the sponsor and beneficiary score (though I think in some cases that would be difficult) as well as any loans. The specifics of the rules were not extremely clear when I reviewed the draft documentation and then the full rules before the lawsuits came out. It was for a whole host of visas, would not seem to affect K1s but would affect those adjusting. I would agree that it would be a form of government prying that wouldn't reveal anything too useful, but the better the score would be accepted with a ''positive weight'' whatever that means. But these changes were just one of many in-depth facts the USCIS wanted to know on the new self sufficiency and sponsorship forms. No one really knows what they intend as it's blocked for now.

 

Yep, hear him grumping about this all the time. Some months for whatever reason you have a big bill. Why is it such a big deal, especially when you pay it right off?

That's odd. I wonder if they'd look at the Canadian one. That I'd definitely prefer, because it shows a consistent/responsible credit history and a good score. Since I've been in Canada for the last decade, if they look at my US credit history for the prior 2-8 years they'll just see a blank paper. And since its two different systems, they don't really talk to each other by default.

 

Given its uselessness and unfairly burdensome criteria for a slew of sponsors, hopefully it gets canned in the courts.

Edited January 24, 2020 by Burnt Reynolds

[Steeleballz 7,550]

1 minute ago, ALFKAD said:

Yeah.  I don't fall for airline miles or stuff like that (though I have friends who swear by those).  I deal strictly with % cash back.  Amazon Prime pays 5% for all Amazon purchases (I know you don't, but I do).  My Citibank pays 4% cash back on all fuel and 3% at restaurants, and another visa pays 2.5% on ALL purchases.

 

  I'll probably look for one like that. The one I have has some kind of setup where it's online purchases for 3 months, then gas for 3 months, then something else. It's like they set it up to make it difficult to keep track of. I never really payed much attention because I thought it's only $400 a year. Now I'm thinking why not. It's an extra $400 a year. 

[Burnt Reynolds 5,058]

18 minutes ago, ALFKAD said:

Yeah.  I don't fall for airline miles or stuff like that (though I have friends who swear by those).  I deal strictly with % cash back.  Amazon Prime pays 5% for all Amazon purchases (I know you don't, but I do).  My Citibank pays 4% cash back on all fuel and 3% at restaurants, and another visa pays 2.5% on ALL purchases.

There's definitely a trust issue when dealing with a type of in-house fiat/points program, as they can change things arbitrarily. In the US, I definitely would avoid these. In Canada, a few (PC->Scene->Air Miles) are actually worthwhile. The cashbacks are okay but they're often ridiculously low outside promotional periods, like 2% at most. The airline miles cards, hotel ones, etc. collectively suck. When I first came to Canada they had an Amazon CC but I hadn't established credit yet so couldn't nab one, then they canned it out of the blue, so I was SOL on that. 

 

Another thing is, I never encountered the sort of anti-CC hostility in the US that I get with businesses in Canada, especially with premium cards. I kinda assumed people factored the overhead by default. 

[OriZ 3,157]

The amount of weight they put on credit scores, to me, is like driving while looking in the rear view mirror, expecting that to reflect what's going on infront of you.

[Voice of Reason 10,298]

15 minutes ago, OriZ said:

The amount of weight they put on credit scores, to me, is like driving while looking in the rear view mirror, expecting that to reflect what's going on infront of you.

Gotta have SOME measure of your potential.  The past is more telling than the future.  You, who has been predicting a market crash for the past 6 years, should recognize that fact.

[TBoneTX 46,276]

I have approximately 12 zillion credit cards.

The Costco Visa yields a rebate of nearly $400/year.

The Avianca Visa got me a free Business Class round-trip to Ecuador.

These and all the others get paid off in full* every month.

 

*I actually round the payment up to the nearest higher dollar.  Wonder if this helps the credit score any...

[TBoneTX 46,276]

Actually, aren't mobsters usually charged under the FICO statutes?

[Nature Boy 2.0 8,386]

43 minutes ago, TBoneTX said:

Actually, aren't mobsters usually charged under the FICO statutes?

Lawd jesus  help me 

[Neonred 3,665]

11 hours ago, ALFKAD said:

Yeah.  I don't fall for airline miles or stuff like that (though I have friends who swear by those).  I deal strictly with % cash back.  Amazon Prime pays 5% for all Amazon purchases (I know you don't, but I do).  My Citibank pays 4% cash back on all fuel and 3% at restaurants, and another visa pays 2.5% on ALL purchases.

While my brain tells me cash back is the best way to go, I'll be one of those that (sort of) swears by airline miles.  Through my business I charge a lot and it almost all goes on an American Express Skymiles card.  Manage to get a couple of international roundtrips every year for the wife and myself.  Just recently booked for later this year to Europe. 

 

My choice for personal use is usually Amazon Prime or Costco Citi card.  Costco card also has some other great perks such as additional years of factory warranties. 

[Voice of Reason 10,298]

5 hours ago, Neonred said:

While my brain tells me cash back is the best way to go, I'll be one of those that (sort of) swears by airline miles.  Through my business I charge a lot and it almost all goes on an American Express Skymiles card.  Manage to get a couple of international roundtrips every year for the wife and myself.  Just recently booked for later this year to Europe. 

 

My choice for personal use is usually Amazon Prime or Costco Citi card.  Costco card also has some other great perks such as additional years of factory warranties. 

Don't get me wrong, airline miles CAN net you some great deals.  A buddy recently transferred 50,000 points from a CC to his Amex airline miles card, got something like 3X or 5X the points for transferring, and paid his way round trip to Africa last year.  Had that been my daily-use card, I would have gotten $1250 cash.  His value was definitely more (I think his seat would have been around $4500-5K had he paid in dollars?)

I'm just not patient enough to look for deals like that.  I prefer to let the cash build for about a year, then simply apply it to one CC statement.

[OriZ 3,157]

11 hours ago, ALFKAD said:

Gotta have SOME measure of your potential.  The past is more telling than the future.  You, who has been predicting a market crash for the past 6 years, should recognize that fact.

Well, the latter part of your comment is simply false, so I feel no need to even respond to it for the millionth time.

The first part of your sentence contradicts the second part of it and is also totally false.

 

So the way I see it, you've proven my point.

 

P.S. don't be salty that you didn't listen to me about my crypto project 2 years ago

Edited January 25, 2020 by OriZ

[Voice of Reason 10,298]

39 minutes ago, OriZ said:

Well, the latter part of your comment is simply false, so I feel no need to even respond to it for the millionth time.

The first part of your sentence contradicts the second part of it and is also totally false.

 

So the way I see it, you've proven my point.

 

P.S. don't be salty that you didn't listen to me about my crypto project 2 years ago

I understand that you can't admit your market predictions have been wrong for quite some time now.  One day, you WILL be right, I promise.  

 

As to the bold part, I don't see how you came to that conclusion.  My past performance is highly accurate, in a bank's eyes.  My future earnings, a lot more risky.  So for them to take a chance that I will continue to earn more, I show them my recent performance, and they decide whether or not I am worth the risk.  

 

And FWIW, I DID listen.

[Nature Boy 2.0 8,386]

13 hours ago, OriZ said:

The amount of weight they put on credit scores, to me, is like driving while looking in the rear view mirror, expecting that to reflect what's going on infront of you.

When we pull an app, and you see late payments or repos on previous car loans, which is reflected in the score. Its a pretty good indicator to a lender of future behavior.  We do have some secondary lenders that will do the 550's with BK's or repos, but its often at 18-21% interest and they plan for a high % of repos in their business model. When you have people come in that are 820's and have a long history of paying their auto loans on time, the chance of them defaulting is almost 0% and they qualify for an interest in the 2's

 

Also when someone dips into the 670's and below, the banks usually require proof of residence and income, unless they put a lot of money down