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

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277 points cebert | 5 comments | 24 Jun 25 00:03 UTC | HN request time: 0.362s | source
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PostOnce ◴[24 Jun 25 00:47 UTC] No.44361768[source]▶
Theoretically, credit should be used for one thing: to make more money. (not less)

However, instead of using it to buy or construct a machine to triple what you can produce in an hour, the average person is using it to delay having to work that hour at all, in exchange for having to work an hour and six minutes sometime later.

At some point, you run out of hours available and the house of cards collapses.

i.e., credit can buy time in the nearly literal sense, you can do an hour's work in half an hour because the money facilitates it, meaning you can now make more money. If instead of investing in work you're spending on play, then you end up with a time deficit.

or, e.g. you can buy 3 franchises in 3 months instead of 3 years (i.e. income from the 1 franchise), trading credit for time to make more money, instead of burning it. It'd have been nice had they taught me this in school.

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1. potato3732842 ◴[24 Jun 25 11:54 UTC] No.44365174[source]▶
I'm really sick of this sort of look down your nose at a huge fraction of consumers type behavior. It's the same sort of stupidity that underpins the famous "surely everyone else is wrong" behavior that is exemplified by principal skinner[1].

I eat garbage by the standards of anyone who gives a crap about food and you don't see me going around looking down on everyone for wasting resources on fancy food ingredients and fancy cookware and whatnot. At the end of the day these unnecessary things bring enough perceived benefit to people's lives that they seem worth it, whether that's you overpriced LeDouchebag brand enameled dutch oven or a financing service for consumer garbage doesn't really matter. It's all a "needless" expenditure at the end of the day that people find worth it.

I've never used these services and probably never will, nor am I saying the prevalence of these things is optimal at scale, it's probably not, but I'm not gonna sit there and act like 1 in N consumers, probably hundreds of millions of people, is wrong or ignorant for using them or that I know better for not.

-shitposted from my 8yo phone while driving my $500 car through traffic on bald tires

[1] https://knowyourmeme.com/memes/am-i-so-out-of-touch

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2. suddenlybananas ◴[24 Jun 25 11:58 UTC] No.44365198[source]▶
Le Creuset pots are genuinely great though
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3. tristor ◴[24 Jun 25 15:49 UTC] No.44367499[source]▶
> shitposted from my 8yo phone while driving my $500 car through traffic on bald tires

I mostly agree with you, but some of those "needless" expenditures have negative externalities when avoided. Whether that's processed foods causing heart disease and diabetes that strain public health resources, or your bald tires greatly increasing the likelihood of an automobile accident that could kill you or someone else. Your response takes an opposite extreme that none of this matters, when in fact much of it matters, but it's not like treating it like it matters makes you a better person. We need to eliminate moral value judgements from the equation, while still being reasonable.

4. eric_the_read ◴[24 Jun 25 15:59 UTC] No.44367610[source]▶
Absolutely! But they're not, IME, 6x as great as a $50 Lodge dutch oven. They don't solve a categorically different problem or solve the same problem in an innovative new way. They're just really nicely made, is all.
5. lurking_swe ◴[25 Jun 25 20:51 UTC] No.44381701[source]▶
well built and work well - yes!

However i bought one and regretted it immediately. I think i just don’t like dutch ovens in general. The pot is heavy as hell. I gave mine away to a friend for free lol.

Carrying a 25 pound weight in the kitchen / dining room is not my idea of fun. :) I use an All-Clad stainless steel pot now instead. Weighs half as much and it will last forever.