Americans have less than desirable credit

[Atlanteax]

http://money.cnn.com/2015/01/22/technology/mobile/tmobile-credit/index.html?iid=HP_LN


T-Mobile said rejections based on credit are an industry-wide problem. According to the company, 63% of Americans have a credit score below 750. T-Mobile also said half of Americans don't have sufficiently good credit to qualify for the company's best wireless plans.

That statistic is from T-Mobile's own internal figures, Carey said. While he doesn't know what it's like at other mobile carriers, he suspects it's close to the same.

"This is the dirty little secret in the industry," Carey said. "You see all these ads -- get this, get that -- but if you step back and see what's happening, one out of every two customers that walks into that store isn't qualified."


CNNMoney asked the nation's leading mobile carriers for their credit approval rates. AT&T (T, Tech30), Sprint (S) and Verizon (VZ, Tech30) did not provide comment before this report was published. None of the three companies that sell your credit data -- Equifax, Experian, TransUnion -- said they could shed light on the issue either.

"We wouldn't have information or statistics on whether or not someone was turned down for a phone -- the carriers would have that," Equifax spokeswoman Meredith Griffanti pointed out. "We simply provide the credit report."


As for T-Mobile, the new deal doesn't apply to folks who are ditching AT&T, Sprint and Verizon to join the company's phone industry-shaking "uncarrier" revolution. They'll still need a credit check. And only half of them are expected to make it.

So if we assume that the figure is correct, this means that 'only' 37% of Americans have 'good enough' credit...

No wonder people keep voting for more handouts ... they cannot manage their own budget, because they expect/anticipate being rescued by the government.

[Parkbandit]

Know what I find amazing? That 37% have a credit score above 750.

I would have thought this number is far, far lower. Like single digits.

[Gelston]

http://money.cnn.com/2015/01/22/technology/mobile/tmobile-credit/index.html?iid=HP_LN





So if we assume that the figure is correct, this means that 'only' 37% of Americans have 'good enough' credit...

No wonder people keep voting for more handouts ... they cannot manage their own budget, because they expect/anticipate being rescued by the government.

Or, perhaps, it is mostly people with low credit scores are trying to ditch plans they signed a contract on by switching to T-mobile.

According to this http://www.governing.com/gov-data/economy-finance/average-credit-score-by-state.html the average credit score in the US is 687... With Minnesota having the highest average at 718.

[JackWhisper]

No wonder people keep voting for more handouts ... they cannot manage their own budget, because they expect/anticipate being rescued by the government.

Dude. GM bailout. Bank bailout! Fannie Mae/Freddie Mac bailout?!?!?! C'mon, Son!

If the big guys get to do it, why can't the little guys!?

[Fallen]

So if we assume that the figure is correct, this means that 'only' 37% of Americans have 'good enough' credit...

No wonder people keep voting for more handouts ... they cannot manage their own budget, because they expect/anticipate being rescued by the government.

Part of the problem is that trying to be a productive member of society ends up leading to a lot of debt. Education costs contribute to the largest form of debt in this country. You should no longer expect to have a decent career with just a highschool diploma, yet higher education keeps getting more and more expensive.

[Ker_Thwap]

I have an awesome credit score, and minimal income. I would never even consider buying a wireless plan that requires a credit check. What is wrong with people?

[Gelston]

I have an awesome credit score, and minimal income. I would never even consider buying a wireless plan that requires a credit check. What is wrong with people?

My wireless plan required a credit check when I first got it in 2002. If you don't pay full price for the phone when you get it, it'll require one.

[JackWhisper]

I have great credit, and my income is just fine. I still pay for everything in cash. Because fuck relying on an arbitrary score based off of not your responsible payments, but whether or not you used a credit card and paid it off in a timely fashion.

[Gelston]

I have great credit, and my income is just fine. I still pay for everything in cash. Because fuck relying on an arbitrary score based off of not your responsible payments, but whether or not you used a credit card and paid it off in a timely fashion.

I pay for everything in stale fig newtons.

[Gnome Rage]

Know what I find amazing? That 37% have a credit score above 750.

I would have thought this number is far, far lower. Like single digits.

My credit score is above 750 and I have pretty massive student loan debt...
At least according to the papers I got after my consolidation from the bank

[JackWhisper]

I remember when I tried to get my first apartment.

Manager: We require you to have decent credit and steady income.
Me: What if I have steady income and a shitload of cash saved up?
Manager: No.
Me: I don't use credit cards. It's not easy to build up credit without credit cards. Possible, though.
Manager: Yep.
Me: Can I put the rent on the credit card?
Manager: No.
Me: Then why does the credit matter?
Manager: So we have history that you pay your bills responsibly.
Me: *Pulls out five grand from my pocket that I had specifically brought because I knew it would happen like this* This is what I brought to show I pay my bills responsibly.
Manager: I need the first, last, and 800 security.

That was my first experience in credit stupidity. And I paid my rent on time every month. I do understand why he was wary of bringing me as a tenant, but I just didn't see the logic when I was that young.

[JackWhisper]

I pay for everything in stale fig newtons.

Dude I fucking love fig newtons.

If they're stale, put them in the toaster for 15 seconds. They're back to six shades of awesome.

[Gnome Rage]

Now they just have your parents sign something saying they'll pay if you don't.

Pretty much for everything until I turned 21 they asked for a parental signature of some sort.

[JackWhisper]

.....That just sucks for parents of asshat kids. Especially if the kid knows how to forge the parent's signature and they don't require the parent be present for identity confirmation of said parent.

[Atlanteax]

Part of the problem is that trying to be a productive member of society ends up leading to a lot of debt. Education costs contribute to the largest form of debt in this country. You should no longer expect to have a decent career with just a highschool diploma, yet higher education keeps getting more and more expensive.

So graduate HS, work a few years at a low-tier job, saving up some cash, and then go to college.

Tuition bills/debt will be more easily handled, and I would consider it fair to say that odds are that students would take college 'more seriously' after working fast-food / etc a few years.

[Gnome Rage]

The one I got had to be notarized, so I think they get around that. But I was like 20 years old, expected to go home (3 hour drive) on a weekday (17 credit schedule with an internship) between the hours of 9-5, to bring my dad the paper (which couldn't be faxed or scanned), to have him go get it notarized, so I could drive it back to the office, and drop it off in person along with like 1k in security deposit. What if I didn't speak to my parents or something, I dunno. They didn't offer my any other options, when I said it would be very hard for me to do that they were basically just like -shrug- this is our policy.

[Fallen]

Agreed with you both. You're pretty much expected to use your parent's credit at an early age. For getting your own place, for buying a car, or for living in your parent's house rent free trying to build your own credit. I built my credit with the help of uncle Sam.

[Fallen]

So graduate HS, work a few years at a low-tier job, saving up some cash, and then go to college.

Tuition bills/debt will be more easily handled, and I would consider it fair to say that odds are that students would take college 'more seriously' after working fast-food / etc a few years.

That would work for community college, but i'm not seeing how that would help pay for a 4+ year degree. On top of that, you had better be prepared to live the "taker" lifestyle living off mommy and daddy if you mean to save up any meaningful amount of money out of working minimum wage. Let's also throw in the increased learning curve after spending several years out of highschool, then trying to jump right into college classes. How long are SATs good for? I suppose you could use that as your window for how long you could work and save up to pay for school.

[Gnome Rage]

I paid off two 3k CC bills (tuition refunds thank fucking god because the interest was disgustingly high). So... I get myself in trouble twice cause I'm a dumby that doesn't learn once, but I handle it, now its technically all wrapped up into my student loans (so I'll be paying that til I'm 50ish) and what happens? My credit card limit goes up by almost 1,500 because I paid off these two huge bills... but I didn't really pay them off, just shifted it. I feel like that is pretty predatory.

I pretty much don't touch my CC anymore, it is in my wallet for emergencies, and I have one of those medical credit cards where you can carry a balance for 12 months interest free, but if you don't pay it you get wholloped with back due interest (for my dental work that I need to spread the payment of over like 3-4 months), and I use my debit card, sometimes... but mostly I use cash now.

[JackWhisper]

I just had all my bills and my parents bills forwarded to me, put them all on a credit card, and had my bank billpay the credit card every month on the first after synchronizing the pay dates to all be the sixth. Worked great, and it only took me a few hours of eyerolling to set it up.

[Gnome Rage]

I dunno about taking time off after school -- not that I'm not sure the information is in there somewhere, I know for a fact it isn't as fresh and retrievable as when I was 18 and had just learned it in school. The biggest problem I noticed with my adult (40+) classmates was that they didn't have the quick retrieval of the information we learned (presumably, they may not have learned in the same fashion as us, and curriculum can change). I don't think I could personally have done all my the schooling that I did if I didn't do it within the first 5 years out of high school, but I'm sure other people, more self-driven people perhaps, could manage it.

[Gelston]

How long are SATs good for?

Don't know, never had to submit scores for that or the ACT. At LSU Shreveport after a certain age, they don't require them.

[JackWhisper]

When I went to college, every single class I asked if I could take a condensed finals test and avoid having to take a class where I was bound to learn little to nothing that I would retain after six months.

Hey, it was worth a shot.

[Gelston]

When I went to college, every single class I asked if I could take a condensed finals test and avoid having to take a class where I was bound to learn little to nothing that I would retain after six months.

Hey, it was worth a shot.
Never heard of CLEP?

[JackWhisper]

That isn't in every college, sadly. And, while that seems damn useful, I really wish I had pursued that course a bit more avidly a decade ago. Hah. Likely, quite a lot fewer allowed for it ten years ago, too.