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FICO to incorporate buy-now-pay-later loans into credit scores

(www.axios.com)
277 points cebert | 1 comments | 24 Jun 25 00:03 UTC | HN request time: 0s | source
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firesteelrain ◴[24 Jun 25 00:21 UTC] No.44361592[source]▶
Credit scores will tank further
replies(3): >>44361606 #>>44361746 #>>44361866 #
UltraSane ◴[24 Jun 25 01:02 UTC] No.44361866[source]▶
If customers make every payment their score should improve.
replies(4): >>44361943 #>>44362076 #>>44362277 #>>44364598 #
dh2022 ◴[24 Jun 25 01:16 UTC] No.44361943[source]▶
What is the benefit for a consumer to use this type of loan and then pay it back on time versus using a credit card and then paying the card back on time?

To me this seems like a new product that would target a different consumer than the one that makes payments on time. But I would like if someone challenges this view. Thanks!

replies(5): >>44362029 #>>44362066 #>>44362282 #>>44362283 #>>44368088 #
firesteelrain ◴[24 Jun 25 01:37 UTC] No.44362066[source]▶
It’s like layaway. Also you didn’t really need credit before to get them.
replies(1): >>44363370 #
1. dh2022 ◴[24 Jun 25 06:28 UTC] No.44363370{3}[source]▶
I guess it would make sense for larger purchases that could not be paid within a month..,,