OK, how is this logical? My brother, with perfect credit, has a 642 EQ. They list four inquiries in the last 2 years and 3 positive accounts with a six month history. He owes $512 and has access to $9,000 of lines. Here is the reason codes: First Reason Code: 10 Your first reason code is 10, â??Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too highâ?. Second Reason Code: 1 Your second reason code is 1, â??Amount owed on accounts is too highâ?. Third Reason Code: 33 Your third reason code is 33, â??Proportion of loan balances to loan amounts is too highâ?. Fourth Reason Code: 8 Your fourth reason code is 8, â??Too many inquiries last 12 monthsâ?. Good thing he didn't apply for AMEX. EQ shows a judgment for me, a library collection, a medical collection, nearly 40 hard inquiries since July, 4 student loans, 10 credit cards opened since July, and my score is now 672. What sense does FICO make?
It makes no sense. It was created to drive normal people insane by having them endlessly anaylyze every inquiry and balance amount. to create an obessive culture of people who check ce every other day to see if scores move.... LOL
I will ask him for permission. However, I wouldn't count on it, because he is very funny about his personal information getting out there. He won't even use his credit card online except with credit bureaus.
And that, folks, is the crux of the biscuit. You can rant, call them liars and post messages until you're blue in the face, and you'll have only a slight effect. But when you actually show evidence, you've got them. One person showing the documents is more powerful than a thousand outraged, anonymous declarations on the Internet (it's even become a joke: "I saw it on the Internet, so it must be true!"). And, since the topic is this telling, personal-- even mysterious-- dossier, you won't see many. It is a fundamental state of affairs on which the credit reporting agencies count.
If you're calling me a liar, you don't know me. I was merely trying to show the nonsense of FICO. If you read into it further, then that's not my issue. Why should my brother just hand over his credit report to a stranger to prove it exists?
Check to see if his credit limits are being reported. If not, that would explain 3 of the 4 reason codes...and if the inquiries were recent, that would explain the fourth.. jmart
I could be wrong, but I didn't take it as any sort of name calling. Greg sounded a bit frustrated, maybe, the point being that it's the people who are being screwed, who have hard evidence, that need to stand up and be counted. All of the anecdotal evidence in the world doesn't do as much good as one piece of hard cold proof. And, I also took it that Greg was offering his impartial services, or to suggest someone else's, so that Opportunity could meet up with Preparedness and get Lucky. Am I close, Greg?
For the very reason I just stated: You say something is wrong, and Fair, Isaac and the credit reporting agencies point to their statistics. You say their model is off, and they say, "Prove it." Nobody wants to come forward with their reports-- which makes sense: You do, and the next thing you know some crook puts two and two together and you're a victim of identity theft (which the CRAs don't mind talking about; good fear factor-- sells credit reports). If this were Judge Judy's court, you would lose because there's no documentation. Happens every time. I'm not calling you a liar, nor am I even trying to insult you. I'm making a point about the conundrum.
