The Ongoing New Financial Era Thread

Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Thu Jun 27, 2019 11:04 am

Normally, this would be a true statement, _dad, but these are not normal times.

Sure they are. That Trump is more publically obnoxious than all his predecessors is the only "abnormal" thing here. But, otherwise all of this is true to form. And, hoping the opposing party fails, even to the detriment of the general public, so you can take political advantage of it, is as American as mom, baseball and applie pie. There is nothing new in rooting against the general interest so you can benefit.

There is no chance the Democrats are hoping for a successful negotiation with China. None.
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Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Thu Jun 27, 2019 3:42 pm

psu_dad wrote:I wasn't aware that things like whether or not we are in a recession was the subject of an opinion.
What that survey actually discovered probably has nothing to do with a recession, as economists think of them. I doubt they asked each respondent if they knew what "recession" meant. Rather, the survey just discovered that 40% of the Americans they talked to weren't happy with their current financial situation.

But you probably know that and were just being snarky.


For some reason I didn't notice the end of this post early. So, just to be clear: yes, I was being snarky.
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psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Sat Jun 29, 2019 2:35 pm

I had to take a break from my yard work because I realized I hadn't yet payed the monthly bills. On the DiscoverCard web site, I noticed that my FICO score continues to decline. I've actually now dipped below "Exceptional" into "Very Good". The reason given is "credit mix lacks different types of credit". I paid off my mortgage and my wife's car last year. I payed off my HELOC earlier this year. Other than a couple of monthly CC bills (which I always pay off in full), I'm debt-free. And my FICO score is taking a swan dive.

This ... despite being less of a credit risk than I've ever been in my entire life.

Mrs psu_dad: You're exaggerating.
Me: I'm two months from a "Deadbeat" score. Three, tops.
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Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Sat Jun 29, 2019 2:39 pm

The way credit scores is generated is moronic. But, if you want to stay ahead, I suggest you:

1. Take $5,000 out on your HELOC and start paying off the interest and a few hundred a month. But, keep some amount outstanding.

2. Take out a few more credit cards. Don't run a balance on them. Just have them. The greater your immediate ability to suddenly drown yourself in debt, the less of a credit risk you are.

You may think I'm joking about these two suggestions but, sadly, I'm not.
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psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Sat Jun 29, 2019 3:01 pm

Supposedly the FICO people are planning to roll out a new UltraFICO score which factors your savings into the score. The current FICO score doesn't consider that (nor income). They just monitor how well you handle your credit obligations.

The downside is that you have to give them access to your savings accounts. Just "read" access, I presume. But that still doesn't give me the warm fuzzies.
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PittGradPSUMad
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Re: The Ongoing New Financial Era Thread

Postby PittGradPSUMad » Sun Jun 30, 2019 12:17 pm

I try not to become annoyed at my credit ratings. I owe zero, zip, zilch. I use a credit card to pay for almost everything I purchase, then pay it off at month's end. I build enough points to get a free airplane ticket or two each year. Recently, I opened a Home Depot cc account to get a 10% discount on a new tractor mower and, of course, my credit score drops. My credit report says my score is lower because I use my credit cards too much. Uck them. At this age, I don't give a crap.
Yeah, well, that's like your opinion, man.

psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Sun Jun 30, 2019 2:55 pm

I use a credit card to pay for almost everything I purchase,

For many years, my wife and I used our bank debit card to pay for groceries. Then, several years ago, I saw a woman paying for a large grocery order with a credit card. I initially thought to myself "Man, that's rough. Having to borrow to pay for food." Then it occurred to me that I probably had it all wrong. If your credit card company is going to kick back $$$ for every dollar charged and you can pay off the balance each month. then you'd be crazy not to put everything on your card.

And that's what we do now.
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Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Fri Jul 12, 2019 1:55 pm

U.S. Authorities Seize 20 Tons Of Cocaine From Ship Owned By JP Morgan

I wonder if that was Jamie Dimond's personal stash.
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Blue&White
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Re: The Ongoing New Financial Era Thread

Postby Blue&White » Fri Jul 19, 2019 7:36 am

This could be the funniest thing you read all week: Melinda Gates on capitalism

I'm not for or against Melinda Gates. I honestly couldn't care about her either way. But, the idea that someone who achieved incredible wealth because she got married is in a position to tell anyone about the pros or cons of capitalism is hilarious.

That said, I'd rather hear from her than Jamie Dimon any day of the week. That guy is a total douche.
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psu_dad
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Re: The Ongoing New Financial Era Thread

Postby psu_dad » Fri Jul 19, 2019 7:55 am

"We should be taxing the wealthy more than middle-class, middle-class more than low-income."

WTF is she talking about?

The top 10 percent of all taxpayers pay 70% of the federal income tax collected.
The top 50 percent of all taxpayers pay 97% of the federal income tax collected.

How much more progressive does she want to make it?

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The problem isn't the collection of taxes. The problem is the dearth of quality jobs for working class people.
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