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Started By
Message
re: Experian: Millennials have horrible credit
Posted on 5/1/19 at 6:11 pm to Cosmo
Posted on 5/1/19 at 6:11 pm to Cosmo
quote:
I pay for everything with credit card, you are dumb not to, they give you free money for using the card.
Not really...
If I pay you 100 cash for a good, you get 100
If I pay you 100 credit for a good, you get say 95 to 98 dollars and the credit card company gets the rest. Nicking a few dollars off you upfront may not seem like much but it adds up. Allowing a few companies (Visa MasterCard AMEX) such a near monopoly is never good for the consumer.
In the 1980's, AMEX was making 200+ million a year just on the interest on the float between when they got the cash and when they had to give it up.
When PayPal was formed their business model allowed massive income just on their float.
2
Posted on 5/1/19 at 6:14 pm to Cheese Grits
You're talking about the cost of doing business for the store or vendor you purchased from.
That's not an effect on the purchaser. Unless you want to argue the price of goods goes up to compensate.
That's not an effect on the purchaser. Unless you want to argue the price of goods goes up to compensate.
Posted on 5/1/19 at 6:15 pm to TH03
quote:
Unless you want to argue the price of goods goes up to compensate.
Cost of business are always passed on to the consumer.
Posted on 5/1/19 at 6:18 pm to Cheese Grits
Right and if you're going down that road, that's a different conversation entirely.
I pay $100 cash and that's it.
I pay $100 on my credit card and get cash/points back. That is free money to me for using the card.
With the obvious caveat of paying it off in time.
I pay $100 cash and that's it.
I pay $100 on my credit card and get cash/points back. That is free money to me for using the card.
With the obvious caveat of paying it off in time.
This post was edited on 5/1/19 at 6:20 pm
Posted on 5/1/19 at 6:20 pm to cable
quote:
Compared with the national average of 701, millennials had an average FICO Score of 665 in the fourth quarter of 2018, according to Experian data
This millenial feels bad for the rest of the national population and their awful credit scores.
Posted on 5/1/19 at 6:21 pm to Seldom Seen
quote:
Probably because they try to pay for everything with credit. I mean we are talking about the generation that doesn't like cash or checks.
Paying with cash or check is outright stupid in 2019.
Posted on 5/1/19 at 6:22 pm to Antonio Moss
Cash will always have its place, but bringing up checks in 2019 is retarded.
Posted on 5/1/19 at 6:23 pm to Cheese Grits
quote:
Cost of business are always passed on to the consumer.
Including ones that pay cash and check, so your point is irrelevant
Posted on 5/1/19 at 6:24 pm to The Pirate King
quote:
I’m calling bullshite on 701 being the national average. There’s a ton of people with awful credit.
Bunch of young/ undiverse creditors out there rising that average probably. You can pump your score up really quickly at 18 with a small credit card but in reality you couldn’t get approved for much of anything with a profile like that. Most people are in the 600s
Posted on 5/1/19 at 6:24 pm to Antonio Moss
quote:
Paying with cash or check is outright stupid in 2019
My cocaine dealer doesn't take Square dude
Posted on 5/1/19 at 6:24 pm to cable
So millennials have a few K in CC debt, and a ton of student loan debt. Yeah, I an see where that would weigh down on their credit score.
Posted on 5/1/19 at 6:25 pm to wildtigercat93
Are most of you going off your credit karma credit score?
This post was edited on 5/1/19 at 6:25 pm
Posted on 5/1/19 at 6:25 pm to TH03
quote:
I pay $100 cash and that's it.
Correct, no middleman
(US government acts as middleman for free)
quote:
I pay $100 on my credit card and get cash/points back. That is free money to me for using the card.
No, they are just paying you a % of what they are taking from you. Sorta like folks who get tax rebate checks and think it is a good thing. It really means you overpaid your taxes and the government used your money interest free till they had you cash the check.
It is interesting that you and others believe it is "free money" when it is really a percentage of your own money they are paying you with. The bigger issue is you are providing them with data about your buying habits they can resell and make more money for themselves.
If I pay cash they can not track my spending habits and resell that data.
Posted on 5/1/19 at 6:25 pm to cable
quote:
$5,231
If that's all they got then I'd say they're doing fantastic. Still, debt is debt.
Posted on 5/1/19 at 6:26 pm to fallguy_1978
quote:
My cocaine dealer doesn't take Square dude
I’ll amend to exclude black markets from my previous statement
Posted on 5/1/19 at 6:26 pm to TH03
quote:
ringing up checks in 2019 is retarded.
Jussie Smolett still writes checks.
Posted on 5/1/19 at 6:26 pm to The Pirate King
quote:
calling bullshite on 701 average
100% agree!
Look at all debt consolidation stuff on TV!
Posted on 5/1/19 at 6:28 pm to Cheese Grits
quote:
It is interesting that you and others believe it is "free money" when it is really a percentage of your own money they are paying you with
Do you really think we don't know this? It's easier to just say free money.
It's literally in the name. "cash back" directly states it's your money being paid back.
The point is, cash doesn't do that.
Posted on 5/1/19 at 6:28 pm to Cheese Grits
quote:
Cost of business are always passed on to the consumer.
Aside from SOME gas stations let me know the next time you get a 2-5% discount fort paying in cash, sucker.
Posted on 5/1/19 at 6:28 pm to Antonio Moss
quote:
Including ones that pay cash and check, so your point is irrelevant
Cash has no transaction cost
Checks have near zero transaction costs
Neither method generates annuity returns to a very limited corporate sphere.
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