Lenders Checking Your Facebook Accounts?

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You know, stuff like this is just getting out of hand. You mean to tell me I can get a bigger loan because I have a bunch of Facebook friends? Wait a minute…if that is true...quick, send me a friend request so we can all boost our chance of getting a million dollar loan. :D

Creditors are checking out what you post to your Facebook and Twitter accounts. They're checking out who your friends are and who the people are in your networks. The presumption is that if your friends are responsible credit cardholders and pay their bills on time, you could be a good credit customer.
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That's the problem with social networks. Its fun and then it becomes business. The less I'm on Facebook the better.
 
Just another reason why I'm not on Facebook, Myspace, or Twitter.
 
Oh, cool. I only made a Facebook account when somebody else wanted to friend me, never used it again.. So the only two friends I have on it is a millionaire and a guy with awesome credit. :D
 
I don't know anyone that doesn't have all that information set to private. Unless the guy at the bank tries to be my Facebook friend, I don't see this working. And is this really what loan officers are going off of these days? Fundamentals be damned!




 
Nothing wrong with being on FB, just dont be a show off an have everything open to the public, i dont show shit to the public, only friends have access to my info and if i dont know you, i dont add you.

Problem is too many people are such attention whores who have 500+ friends which i am sure they have not even talked to %99.9999999999999999 ever since adding them, most people on social sites add people and show everything soley to show off.
 
Steve said:
You know, stuff like this is just getting out of hand. You mean to tell me I can get a bigger loan because I have a bunch of Facebook friends? Wait a minute…if that is true...quick, send me a friend request so we can all boost our chance of getting a million dollar loan. :D
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This seems like FUD. How would a bank pull credit reports on the people when there's pretty limited information on who they are/where they are?
 
as a commercial lender I can pretty much guarantee that Facebook has nothing to do with credit decisions.
 
Not to worry, I am making a new social networking site called FaceSpaceChirp, it will be about 6 months before it is ruined!
 
To some extent I actually understand what they are doing. Loans and credit are all about risk assessment. The idea is for them to make money on the loan. They can't do that if they don't get the money paid back to them. They are just doing their research in order to make an informed decision about who they are extending credit to.
 
Dan_D said:
To some extent I actually understand what they are doing. Loans and credit are all about risk assessment. The idea is for them to make money on the loan. They can't do that if they don't get the money paid back to them. They are just doing their research in order to make an informed decision about who they are extending credit to.
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How does one make ANY informed decision from Facebook posts? Really?
 
Facebook sucks bla bla bla

Myspace sucks bla bla bla

Twitter sucks bla bla bla

I fail to realize that [H] is just another online social networking tool bla bla bla

Did I miss anything?
 
radioactivez0r said:
How does one make ANY informed decision from Facebook posts? Really?
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Because your Facebook posts are a reflection of who you are in real life.

There's no such thing as a law of small numbers, but that doesn't stop the data gathered from being statistically accurate and useful for the lender.
 
radioactivez0r said:
How does one make ANY informed decision from Facebook posts? Really?
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With what some people put on their Facebook pages do you really have to ask? It will tell them what kind of idiot someone is. If they see a bunch of marijuana leaves plastered all over a page it's normally a pretty safe bet that you shouldn't loan that guy money.
 
AVT said:
Because your Facebook posts are a reflection of who you are in real life.

There's no such thing as a law of small numbers, but that doesn't stop the data gathered from being statistically accurate and useful for the lender.
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Good thing I dont have accounts on any of those... wait that reflects on me as being a hermit with no friends and no credit...

/slides back under rock.
 
We keep talking about how important privacy is, and how surveillance on the Internet is a bad thing, while at the same time we post more and more details about our lives on social networking sites, blogs etc. Of course companies, employers etc. will use this information. Don't post anything about yourself on the net unless you want everyone in the world to know about it.
 
You know what they say...you are what you eat.

No, wait...you are who you hang out with. In other words, you're a reflection of your friends. It's too bad I have very few Facebook friends since I was really hoping to get that $1.5 million mortgage.
 
No wonder my credit card ive had for 3 years still has a $750 max, I don't have a facebook account! never mind that I pay the bill every other week and it has never been maxed or late.
 
I don't need anything bad enough to ask for a loan that relies on my Facebook friends.
 
Jakalwarrior said:
No wonder my credit card ive had for 3 years still has a $750 max, I don't have a facebook account! never mind that I pay the bill every other week and it has never been maxed or late.
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Paying off your card entirely doesn't help increase your credit score as much as you'd think. Not that it has much to do with your limit, anyway. My CC limits were increased radically by just maxing my cards regularly. I also pay them off monthly.

AVT said:
Because your Facebook posts are a reflection of who you are in real life.

There's no such thing as a law of small numbers, but that doesn't stop the data gathered from being statistically accurate and useful for the lender.
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Agreed. Posts aside, Facebook only works if it's really you, like LinkedIn (and quite unlike MySpace or SecondLife). It's not that hard to Google a few names on your profile to see who's a VP.
 
I fail to see how your friends' credit and/or loan paying ability has ANYTHING to do with your own. I do not choose (real) friends by their financial situations, and I would think it'd be even less so with Facebook, since most of the "friends" there are barely acquaintances.
 
srangara said:
Paying off your card entirely doesn't help increase your credit score as much as you'd think. Not that it has much to do with your limit, anyway. My CC limits were increased radically by just maxing my cards regularly. I also pay them off monthly.



Agreed. Posts aside, Facebook only works if it's really you, like LinkedIn (and quite unlike MySpace or SecondLife). It's not that hard to Google a few names on your profile to see who's a VP.
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I took mine to 2/3 of its max one time and it knocked ~70 points off my credit score. Hurt me dearly since I was in the process of getting a mortgage. Since then I pay the thing off every pay day.
 
I have over 4000 friends becasue of mafia wars... and if i unfreiend them after joining mafias, then I dont get to see thier Job Assist Posts!! So I leave em! :eek:

of course, my main page is nothing but mafia spam...lol Ive met some hawt girls from mafia though..so its all good :D
 
and by met he means he seen pictures a dude googled and put as their profile pic cuz they are "chicks
 
swiftB3 said:
I fail to see how your friends' credit and/or loan paying ability has ANYTHING to do with your own. I do not choose (real) friends by their financial situations, and I would think it'd be even less so with Facebook, since most of the "friends" there are barely acquaintances.
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Perhaps you don't. Most people do.

If you live in a wealthy neighborhood and have wealthy friends, chances are you'll have an easier time paying bills than someone who spends time around people with substance abuse problems.
 
AVT said:
Perhaps you don't. Most people do.

If you live in a wealthy neighborhood and have wealthy friends, chances are you'll have an easier time paying bills than someone who spends time around people with substance abuse problems.
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I agree. I don't think I would want friends to ask me to lend them money to pay off debt all the time. We all want responsible friends, right? The people we hang out with influence us the most.
 
Dan_D said:
Just another reason why I'm not on Facebook, Myspace, or Twitter.
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I personally wouldn't go that far. While Facebook provides a good opportunity to strip yourself of all privacy, you do have the call as to what type of data ends up on there.

Keeping your privacy under control on Facebook is as simple as keeping no information on your profile, deleting your old posts & comments after they're a month old & nobody cares about them anymore, and not using any applications.

Doing all of this allows me to take advantage of being able to stay in touch with people (especially since FB Chat is basically the new AIM) while keeping my privacy in my own hands.
 
Catboxer said:
I don't know anyone that doesn't have all that information set to private. Unless the guy at the bank tries to be my Facebook friend, I don't see this working.
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At least someone's brain is working today.
 
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