Own an Android Phone? You Might Not Get That Loan

Discussion in 'HardForum Tech News' started by Megalith, May 6, 2018.

  1. Megalith

    Megalith 24-bit/48kHz Staff Member

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    Bloomberg opinions that personal loans could soon be approved or denied on the basis of something as insignificant as what phone someone used. The financial sector seems eager to use a person’s digital footprint and other big data to predict behavior for determining credit scores.

    One of their findings, for example, is that the difference in loan default rates between iPhone and Android owners “is equivalent to the difference in default rates between a median FICO score and the 80th percentile of the FICO score.” iPhone ownership, apparently, is a reliable proxy for higher income and thus for creditworthiness.
     
  2. Teenk9

    Teenk9 Gawd

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    What garbage. I know so many that have owned iphones through the years that have defaulted on student loans and car payments but kept up the payments on their iphones.
     
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  3. Uvaman2

    Uvaman2 2[H]4U

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    This type of stuff, along with insurance is reaching epically absurd hights... It will only get worse with full blown AI behind it.. good news is we might have companies doing just be opposite waiting to be born and grow.
     
  4. kromc5

    kromc5 [H]Lite

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    Considering China's new credit plan and the desire for one world goverment and religion it should not be suprising. The endgame of is to be able to identify and terminate a person from being able to engage in any commerce in any part of the world instantly. Everything about a person will be used to determine if you a world citizen or not. Conisder the Utah NSA datacenter that most Senators claimed to have no knowledge of and its massive bulk datacollection.
     
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  5. azuza001

    azuza001 Gawd

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    What nonsense. You can get iPhones for 150$ new, there is nothing special about owning an iPhone.

    Own a blackberry now days though, and not because work makes you, and you got someone who is either stubron or loyal.
     
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  6. heatlesssun

    heatlesssun [H]ard as it Gets

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    From the article:
    The PC Mater Race.
     
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  7. Simmonz

    Simmonz 2[H]4U

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    I use a blackberry motion because when I was going for a new phone last boxing day I couldn't find one at my carrier with a removable batttery so I went with the biggest battery I could which was the BB Motion at 4000 mah. Loving it so far. I don't use Netflix or youtube, don't play games, don't care about camera quality, just web browsing and calls/texts.
     
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  8. homernoy

    homernoy Limp Gawd

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    Maybe I should send my 14 and 18 year old daughters to get a loan. I have an Android, they both have iPhones. This makes sense.............

    Also, I live in Seattle where there are way too many bums..er..homeless people. Most that I've seen somehow manage to have an iPhone.
     
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  9. lostin3d

    lostin3d [H]ard|Gawd

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    Well not sure what they'd say about me. I've got student loans, house loans, and never owned a cell phone(job does provide one). I've had a landline for around 20 years though.
     
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  10. THRESHIN

    THRESHIN 2[H]4U

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    priorities, obviously the iphone is the most important thing in anyone's life because well iphone. android just isn't as cool.
     
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  11. M76

    M76 [H]ardForum Junkie

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    Actually this makes sense, apple owners worry more about appearances than actual merits. So they're more likely to default on a loan, meaning they can get that collateral more likely off of them. Just because you have an expensive phone doesn't mean you can afford an expensive loan.
     
  12. Spidey329

    Spidey329 [H]ardForum Junkie

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    They're saying iPhone owners are less likely to default on a loan.
     
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  13. Chunder

    Chunder Gawd

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    If only we had some kind of an entity that could enact rules which prevent banks and insurance companies from using a citizens car/phone/housing/education/age/sex etc to determine their loans/rates.
     
  14. M76

    M76 [H]ardForum Junkie

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    Yes that's what they're saying, and this is what I'm saying. In my honest opinion iphone is a poser's device. Sure there are many wealthy people who own iphones. But the wannabe types are more likely to own iphones as well.
     
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  15. Commander Shepard

    Commander Shepard 2[H]4U

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    My credit score is 757. My phone is a Pixel 2 XL. I wonder which would have more of an impact towards getting a loan?
     
  16. brentsg

    brentsg [H]ard|Gawd

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    I mean it could be something as immature and ridiculous like that, or perhaps maybe Android didn't provide THEM with a better experience so they bought something else.

    Regardless, this is bullshit. The ability to participate in commerce or anything else needs to be based upon what a person has or has not done. It can't be based on some profile bullshit. If we're going to go full on stupid like that then let's just go back to denying people because they are the wrong color, or too short.
     
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  17. Betaboy1983

    Betaboy1983 [H]ard|Gawd

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    So every kid fresh out of high school gets a loan and I don't?
     
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  18. M76

    M76 [H]ardForum Junkie

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    So you think they tried an Android before buying an Iphone? Nah for most it's a purely emotional choice. It's not even a styling choice, they don't like the style of the phone, they like the assumptions that come attached with owning an iphone.

    Either way it's not a good indicator of wealth and income stability. I'd trust a guy owning an expensive android phone over someone who owns an iphone. The same as I'd trust a guy more who owns an expensive watch that is not a rolex, than the one who flaunts a rolex. Because one is certainly bought it for himself, while the other is purchased it for others to see. If you know what I mean.
     
  19. nutzo

    nutzo [H]ardness Supreme

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    So I might be denied a loan because I have an android phone, even though nobody with an iPhone could possibly have a higher credit score than me?
    Complete nonsense.

    FYI: The best they can do is match my credit score since I'm usually at 850 :eek: (based on the credit score one of my credit card companies prints on the bill each month)
    Funny part is that the wife hasn't had a job or any income for almost 18 years (stay at home mom), yet she usually matches my credit score most months. :confused:
     
    Last edited: May 6, 2018
  20. nutzo

    nutzo [H]ardness Supreme

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    And while that might be statistically true, the numbers are likely due to very low income people buying the cheapest phone they can get.

    I think if they where to compare lower middle class buyers, they would get a different result, as someone who buys a phone they can afford would be less likely to default compared to someone buying something they can afford.

    Also, as the wealthy go, I doubt there would be any difference in default rates.
     
  21. Nebell

    Nebell [H]ard|Gawd

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    This is why you need to stop shitting on crypto currencies and start promoting them. We don't need bankers pulling this shit on us.
     
  22. TwiceOver

    TwiceOver 2[H]4U

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    I prefer the 100% down loan.
     
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  23. dgz

    dgz [H]ardness Supreme

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    Down with that revolution
     
  24. Makaveli@BETA

    Makaveli@BETA 2[H]4U

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    Wow this sounds very illegal is it?

    We have these in Toronto.

    They beg for money on the street I followed one of them and watched her go into a alley and pull out an Iphone 8.

    Scammer!
     
  25. SPARTAN VI

    SPARTAN VI [H]ardness Supreme

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    Maybe I'm naive, but I don't see this as a problem that crypto currency would avoid. The problem of assessing credit worthiness is a lending issue not exclusive to currency, IMO. Say for instance I'm lending a bicycle to someone, wouldn't it be prudent for me to either ask for collateral (e.g. deposit) and assess their ability to return my bike? In a universe where crypto currency has taken over, how would lenders assess credit worthiness?
     
  26. Disco_Stu_04

    Disco_Stu_04 Limp Gawd

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    Bank will sell the loan off within days anyway. They don't care.
     
  27. Kdawg

    Kdawg Gawd

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    ahaha. who are the dumbfuck statisticians who arrived at this?

    confounding factor at best.
    A lot of iphone owners are irresponsible spenders.

    Stick to tried and true data, like credit card payment history. These "big data" companies are just coming up with this bullshit to stay relevant when, in reality, they're not needed.
     
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  28. jmilcher

    jmilcher [H]ardness Supreme

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    Agreed
     
  29. mnewxcv

    mnewxcv [H]ardness Supreme

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    Based on that part alone it just seems like people who don't care about money don't default on loans. People doing search engine searches care about money because they don't have enough
     
  30. djoye

    djoye 2[H]4U

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    My bad. I've only ever paid cash for Android phones (Nexus 5 and Pixel 2) and use a pre-paid mobile plan, I think the real problem is that I love same-as-cash deals and always pay off those loans before the explosive interest hits; guess who hates that? CREDITORS. /gloat
     
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  31. Dead Parrot

    Dead Parrot 2[H]4U

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    Wonder what that big data algorithm will do with my old flip phone? Or worse, a Windows phone? This is the same type of crap the insurance companies do with your credit history. One missed payment raises your insurance rates.
     
  32. SamuraiInBlack

    SamuraiInBlack [H]ardness Supreme

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    I have an LG V20. I can name thirty people at my work with iPhones whose credit scores are so low you can't even trust their cash.
     
  33. Elios

    Elios [H]ardness Supreme

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    id argue that some one with an iphone is LESS likely to pay the lone back
     
  34. Dick Johnson

    Dick Johnson [H]Lite

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    I own a $20 a month flip phone and my FICO score is 850.
    sHj1RR7.png
     
  35. zkostik

    zkostik Gawd

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    Yeah, this is the biggest load of crap ever. Buying a damn phone on contract has nothing to do with credit or being able to use credit properly. Market crash was a great example of that as well, too many were allowed to buy what they never shouldn't have. All the piss poor students and random bums are rocking the newest pimped out iPhones and are in Starbucks using their free internet. Other folks who value their money don't always buy these as they don't necessarily care for the looks but just want a decent smartphone but not the pimped out cost that comes along with it. Other than forced prices, I would argue that folks that actually can afford these outright, don't buy them as they value their earned money and don't want to blow them on an overpriced phone. I too am using an older Android (2014) phone as i simply don't feel they are worth the price they demand. Not like it's 2007 when it was hip to have an iPhone, now everyone has one so who cares which model you have anyway. I don't play games or fuck around on mine, it's just for calls and random maps/internet and email. I think back then expensive phones has to be bought outright, I remember I had to buy my WinMo phones at least and they were great smartphones at the time so it wasn't like iPhone was first smartphone. My 2c...
     
  36. Mut1ny

    Mut1ny [H]ard|Gawd

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    If the Passport even had half way functioning smartwatch compatibility I'd still be using one. I just love my Gear S3 so goddamn much and all it does. Still think the Passport is the best smartphone made ever and the BB10 OS is still amazing despite its lack of support now.
     
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  37. DukenukemX

    DukenukemX [H]ardness Supreme

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    At this point I would expect the banks to collapse soon as a lot of people are defaulting on their loans. Just look at Ford and why they're cutting out their cars. Too many auto loans that are defaulting. So of course anything like what phone you use might be an indication that a person won't default on a loan, which is stupid as hell and desperate as hell.

     
  38. Simmonz

    Simmonz 2[H]4U

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    I never had a Passport but loved my Blackberry Bold back in the day.
     
  39. exlink

    exlink [H]ardness Supreme

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    Ah wonderful, if this is a factor for deciding loan eligibility then expect another recession soon.
     
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  40. Mut1ny

    Mut1ny [H]ard|Gawd

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    Oh the Passport is amazing. Great large screen and the keyboard...My God...the keyboard. Fanfuckingtastic. Capacitive too so you can scroll and zoom with it through touch. BB10 OS is also pretty amazing. Lack of apps, sure (when did BB not?), but it had real time multitasking, instant access at all times to messages...just a great solid OS a head of its time.