Why the Credit Score System is Racist
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- Опубликовано: 20 окт 2023
- In today's video, we're diving deep into a critical and often controversial topic: "Why the Credit Score System is Racist." This video explores the complexities surrounding credit scores and how they may inadvertently perpetuate racial disparities. Through insightful analysis and expert interviews, we'll uncover the historical context, systemic nuances, and the real-life impacts of these financial protocols on various communities. Join us in this important conversation, and don't forget to like, comment, and subscribe for more content that makes you think!
#CreditScore #SystemicRacism #FinancialEquality #EconomicJustice #InclusiveFinance
Link to full episode: • New Black-Owned Bank, ... ( • New Black-Owned Bank, ... )
Racism is good to me because I have an 752 credit score as a black man. If that is racism, then I want more of it.
Exactly.
Facts mine is at 770 I'm cool with this. This guy just using trigger words to rile up ppl. If you know how credit works then you will never have bank issues
My heart goes to the entire community for JOBFLIPUSA building up something even my grandpa can understand. This is so smart by them to launch it to shatter the doubts and fears of the common folk which is not even correct to begin with. Everyone knows the state of inflation and recession now and the way out is already in progress. Now it's just about catching the big fish
I suggest everyone reads " The sum of us: what racism cost everyone and How we can prosper together by Heather Mcghee
Keep pumping out these game changers. Thank you. 🎉
Many Thank you to you guys. I'm learning and broaden my education knowledge.
Excellent Lesson History And Knowledge for action.
Ashley Bell knows learning from history will always keep you aware of the undermining truth. #salute
Wow the last line in this clip is crazy!!! Doing my research!!!
36 Mexican, needed business loan, asked recently retired dad for help, he has great credit never been in debt, has about 200k in IRA after tax, owns a house locked in 3% owes about 100k ,applied for a loan at his C.U got denied in about 2 hours, next we applied at big chain bank and got approved at 1st for 80k loan and after finding out my dad is retired they denied us.
Wow! Good stuff 🥰 We must remember that “Black Codes” are still in affect let us not be fooled. I also believe banks are racist including those “credit unions.” They will give us a loan for a “vehicle” all day long! But, let it be a “business loan” with good or bad credit access denied.
These are facts you have spoken! They will give loans to blks as long as those loans keep us in high interest debt but, as soon as you acquire a loan that will make more money than debt. They will not grant nor honor the loan application no matter how stand-up the credit is! It's another form of racial redlining and modern-day Jim Crow tactics
My favorite Finance channels: Earn Your Leisure, Stock Brotha, & Wallstreet Trapper. Make my week complete! 🔥 🔥 🔥
Just subbed to Stock Brotha off of your co-sign, already had the other 2.
Very insightful!
I've come to realize that the key to amassing wealth lies in making sound investments. I purchased my first home at the age of 21 for $87,000 and sold it for $197,000. My second home, acquired for $170,000, was later sold for $320,000, and my third property, purchased at $300,000, fetched $589,000, with buyers covering all closing costs and expenses. Not reaching a million before retirement feels like an unfulfilled goal.-
I'm exploring different investment opportunities and would appreciate others' insights on this matter.~
I initially started my investment journey with the guidance of a financial advisor named *Jenny Pamogas Canaya.* Her transparent approach granted me full control of my investments, and her fees are reasonable, considering my return on investment. Nonetheless, it's crucial to conduct thorough research before engaging with any financial advisor.-|
In today’s economy where would you say is one of the best places to purchase a property at “ low” cost? Is there still such a thing?
Tips?
work with an adviser!!!@@Evilmindy12
Low income home owners often fall victim to predatory lending. High interest loans that are impossible to pay off if you fall behind...they do this with the intention of putting a lien on your house and take your home. That 18% car loan could LITERALLY leave you homeless if things get difficult.
This bother is Blessed!
I think as a community, we need to teach better financial literacy & stop being such heavy consumers to lifestyles only celebs can afford. You shouldn’t pay for a 40k car is your salary is 55k. Damn near 20% of your take home income is going to a car payment and that’s not including everything else.
That's the real issue. See it all the time. Carrying a$500 bag and has a net worth of $5.
How is it possible that Iv learned so many effective skills and facts from EYL’s platform than I’ve learned in my entire life , So much is hidden from us
This is inspiring❤
Wow wow wow!!! I’m over here like what does it take to start a bank??
we need one consolidated system when it comes to financing. Anything we try to do separately in a system not created by us will be used up like any other small business in America . The gaps will to big to sustain over long period of time
Payday loan places in the black community too, they are the devil. There is a path that leads right to those places. Low wages, high living costs, and bills, but most importantly desperation lead people to those places. I get trying to get by, but I hate people who prosper from anothers struggle.
Payday loans take on risky loans that people generally wouldn’t qualify at the bank. They are risking more, have less capital to offset the risk than the major banks and are still giving opportunities. When people are in bind and very fast. Remember it costs more and is riskier for them to have brick and mortar in these low income areas also.. convenience does cost and large banks you usually can’t find in your neighborhood
They are the devil💯 Beware of folks who are apologists for these predatory lenders. It would be free for public schools to teach Financial Literacy in schools but there is a willful omission of such programming.
This all sounds good. They'll give a payday loan before a bank loan. You're denied a bank loan upon completion of the informational phone call. And don't have a last name ending in (son) you are done!!!!
We have one black bank here in Houston. Which bank is it that’s managing over 1 billion?
The book he just referred to is a must read and digest book! I finished it 3 years ago and I have never been the same!!!
What is the name of the book?
@@Slomoe88 "The Color of Money" by Mehrsa Baradaran
Any info on OneUnited Bank?
supposedly black bank
Vital information here. Wow
What about ucc filling when you get a SBA loan does that apply
I can appreciate this conversation but im very unsure if we can build in a system not for us. We definitely will have small wins here and there but being stuck at the 2% of many things speaks we are in a daily math equation. We must understand they are playing the long game and we are playing catch up. Not sure what the answer is but it is clear it must build outside of the normal structure if we truly want to impact and make change and more importantly a foundation for our community..
I'm at 850 right now. I'm a middle aged Black woman
I want to hear ONE National Credit Union for FBA-Lineaged, where the members are the owners. That can be done before Reparations, like NOW!
Wow that’s the PNC bank of today
Tell this to the owner over at Valuetainment. He's such a racist.
Love the content (info), but can you fellas sell regular sweaters, maybe coffee cups, etc....
Your score sounds racist 😂
So how do we get around the regulators?
I knew I wasn’t the only one felt it was like thag.
It use to take a while to get ur credit score up. Now all of a sudden it sky rockets up.
Yeah even that seems a bit suspicious
The discrimination is real my wife and I make over 100k but bank underwriting wouldn't approve us for 190k loan with is having enough money for closing threw up all these roadblocks.
I would say I don't know how I find you on RUclips, but I
know better. My husband and I have been in prayer so that
we get our credit scores up and our credit record in great
shape so that we can purchase our forever home. It was no
one but God that led me to....
Gl o bal te ch cre di ts olu t i o n 🔴 or g .l thank
God for this wisdom. All my 17 inquiries and collections deleted with my score raised to 798 .I highly recommend if you need help tooI would say I don't know how I find you on RUclips, but I
know better. My husband and I have been in prayer so that
we get our credit scores up and our credit record in great
shape so that we can purchase our forever home. It was no
one but God that led me to....
Shout out to ready life!
Car insurance too
How?
@@Americansikkunt they jack up premiums depending on zip code and the black and poor zip codes get way higher rates. Idky it’s not illegal
@@GeronFletcher what if there was a practical reason for insurance companies to charge higher rates to poor zip codes?
@@Americansikkunt well my local news station did a story on this very thing earlier this year and insurance companies still have declined to comment on it. Because it’s new age redlining and they know it
@@GeronFletcher I see. Have you considered the practical aspect of it?
For example, if poor zip codes are higher risk of at-fault accidents,
insurance companies will be paying out more and need to pay for those payout somehow.
Is this fair to raise rates for other poor individuals for the faults of others? No. But it is practical ($$$)? Yes. It accomplishes the need for payout money. It wouldn’t exactly make sense to charge the Rich just because they have more money,
especially if they’re lower-risk of at-fault accidents (all comes to down to $$$).
Black people are less likely to understand the current system =/= the current system is racist. We can complain all we want to and even try to change it over time, but in the meantime it would behoove everyone to learn how to get above a 760 credit score.
for what? to buy material things to keep up with other people? what if i make 300k a year and spend only 20 percent of my finances a year and live like im poor while investing in gold, silver, iridium, amazon, tesla, microsoft and google? why would credit matter to me if everything i have i own and i never rented ever? if i control my whole life and have relationships with the supermarket owners, land owners and other major people that dont make me pay for much to begin with.. as a black man, i beat the game that was designed for me to lose and i gotta sit back and watch others cry about racism, im a black king, i make racism bow to me, my mental power comes from my 9 ether dna.. im not a fake black excellence type person that claims to be pro black yet still uses the poor choice of words calling white people "supremacist" supreme to you maybe but not to me.. they respect me and i beleive its because they only respect intelligence beyond intelligence.. their whole system designed by their forefathers is a game for me, yall still oppressed by it... how? are you really black? cause yall dont act like it. Black people are supposed to be the worlds greatest scientist, engineers, mathmaticians, architects etc etc instead yall obsessed with the kids game called "credit" wtf do you need "credit" for if your in position to give out credit .. yall fighting for a position to "get" credit smh ass backwards
Brruuhh these ppl are fuxkin CRAZY..I did 13 yrs in prison, came home with NO CREDIT, now my Experian is a 771 my EQUIfax is 797..I GET WHAT I ASK 4..Aaand I live in a town that is considered impoverished....these ppl seek complaints NOT EDUCATION..if they can get us to keep thinking that we are being victimized WE WILL NEVER PROSPER..THIS AINT 1950
Tell me how bro
Also, in 2023 there are a lot of tools that allow you to check rates and credit scores that are free and don't require in person interaction.. thus can't judge you on race.
It's called personal responsibility. Sadly too many in black community love to look rich but do not attempt to learn to build wealth yet proud to make Nike and the like wealthy.
Bank Black…reminds me of black Wall Street. Having access to resources to be the best love ❤it! If we look at the history of the white banking system they got robbed especially during the gold rush. So miss me with the predatory lending. Great clip.🎉
Black banks historically deny black customers at higher rates than publicly owned banks.
Whoa, PNC! Hmm we've got some work to undo & do!
Knowledge
Anybody on this thread saying this isn't true is either a bot or willfully ignorant. There are lawsuits out there for this very thing! People being denied credit because of their zip code and etc. This is very real!!
Accountability?
My score is over 800 and I’ve never been denied for a loan. If the system is racist, it must have missed me.
Duh if it stopped everyone then it would be obvious but you probably have a healthy credit vs someone else
Smh
I was approved for a loan 4 yrs ago to purchase a vehicle.. during those 4 yrs..no accounts were added to my credit report..not even a hard inquiry..Never made a late nor missed a payment but my credit score is exactly what it was prior to receiving the loan.🤔
My credit score is over 800, but I still think this conversation deserves consideration and our own personal research.
You got alot of stuff in your name that you pay off. Someone like me going with a 700 but I never paid nothing off so I get denied
💯
Truth
Kanye West said he was trying buy a bank 🏦💵🇺🇸🇯🇲🌍
I have an 836 credit score and I'm not white, it's not the system, it's the person and their decisions
Even more, what is the need to label yourself Black Owned bank?? Especially if you feel like Black people and buisnesses are targeted and treated unfairly….your setting your self up to fail at the very start. Bank of America used to Bank of Italy until the realize they were limiting themselves by marketing to just Italians
Wow
The reason that SBA loans for Blacks is low, since the last financial crisis, banks no longer make 85% guarantee loans if the customer’s business can cover their 15% exposure. The SBA cracked down on the banks for making loans that didn’t cover their credit exposure. So now, banks generally require collateral coverage of 100% of the loan amount for the SBA loan. Services companies have low chance and asset healthy businesses help with collateral but the delta for Black owned businesses has been hard to make up. It goes to the point you made about racism playing a part. How do you reasonably expect a business to cover 100% of the loan exposure?
I need help, were doing homes by ourselves, please help.
We can do better than others, just need a hand up, being black fba
😮😢
When two Caucasian sit in an apartment and come up with credit scores I been knew it was a sham and to put black folks behind the 8 ball in credit
Ouwee
Wowwwww
It’s also Classist. And anti human
“Being held accountable for your actions is racist” so pathetic dude
It's actually you that is racist
I THINK CREDIT SCORES ARE BASESD ON CHARACTER. NOT RACE😂
dti
Even racist people want your money 😂green is green
If all black banks
Can include high interest
On people's saving accounts?
That'll earn the trust back
From the masses
How would that work???
@@PurpleSoulMKE Just all savings account for each client? Add compound interest 2 draw and keep black people! The longer we keep our money into the bank? The longer our money grows!!!!
@@PurpleSoulMKE u cute
No cap
Dude wtf. Are you seriously putting this information out? Racist? When are black people going to take accountability?
Man this is a disappointing video. I actually watched this entire interview with Ashley bell. More excuses for us a culture to keep being down ourselves. Continuing to point out “financial racism” is getting us nowhere financially. So what the system is against us get over it. Your content use to be so good I use to be excited to tune in now all I’m being educated on through your channel is wow is me and it’s so hard out here blah blah blah. Thank you for the previous content brothers but these convos are repetitive.
Exactly. Tired of the victim Olympics. Get out there and grind
People like you are all so foolish, arrogant & ignorant. Just because you are able to learn to rig the system ( you're within very low percentage of Black people). Living in America and saying that the current system isn't racist, when everything that was built to sustain this country, ESPECIALLY FINANCIAL INSTITUTIONS, are racist. Theres tons of data out there and to discredit literal research is insane.
Wow