check out this article I found (happened to be on my computer, its about 400 pages long) Credit Scoring System (This is a sample of the system of a major bank.) Factors_________ Score__________ 1. Years at job: a. Less than one year 0 b. One or two years 1 c. Two to four years 2 d. Four to ten years 3 e. Over ten years 4 2. Monthly income level a. Less than $1,000 0 b. $1,000 to 1,500 1 c. $1,500 to 2,000 2 d. Over $2,000 3 3. Present obligations past due a. Yes 0 b. No 2 4. Total monthly payments to income after taxes comparison a. 50% 0 b. 40 to 49% 1 c. 30 to 39% 2 d. Under 30% 3 5. Prior loans at any branch bank a. No 0 b. Yes, but not closed 0 c. Yes, but closed with two or less eleven-day notices per year 2 6. Checking account at this bank a. None 0 b. Yes, with over five rejected items over the past year 1 c. Yes, with no rejected items In the past year 2 7. Length at present or previous address a. Less than three years 0 b. Three years or more 1 8. Age of newest automobile a. Over one year old 0 b. Less than one year old 1 9. Savings account a. No 0 b. Yes 1 10. Own real estate a. No 0 b. Yes 3 11. Telephone in own name a. No 0 b. Yes 1 12. Credit references a. No 0 b. Yes 1 When you apply for credit, your application is scored and the evaluated on the basis of criteria given by the bank's Credit Policy Committee. These criteria vary from bank to bank. Below we have listed the scoring system. 90-100% of possible points Loan Granted 75-89% of possible points Loan granted unless negative items on credit report 50-74% of possible points Risk 40-49% of possible points Review with possible rejection 0-39% of possible points Automatic rejection STOP COLLECTION AGENCIES IN THEIR TRACKS! You have the right to STOP collection agencies from ever writing or calling you again. The Fair Debt Collection Practices Act contains an empowering tool in for the consumer. By law, a collection agency must stop contacting you after they receive a letter telling them to. The body of the letter should basically read: You are hereby notified under provision of public laws 95-109 and 99-361, also known as the Fair Debt Collection Practices act, that your services are no longer needed. Your organization is to immediately CEASE & DESIST all attempts to collect this debt. I will not recognize any collection agency and will deal only with the original creditor (WHOEVER THE CREDITOR IS) More Info In 1938 a federal law was passed known as the Wage Earner Plan. It is administered by the same branch of our courts that handle bankruptcy. You must be a wage-earner to use the law - that is the primary requirement. The Wage Earner Plan does not in itself 'wipe out' debts, but a little-known proviso of your filing requires that your creditors must appear to verify your indebtedness to them. Statistics indicate that 40% fail to appear, in which case, those debts are indeed 'wiped out'. In some cases 100% of the creditors fail to appear, which enables you to wipe out ALL your debts without bankruptcy. If some of the creditors do appear, then the court allows you to spread your payments out over a three year period in smaller amounts so that you can afford to pay. Once you file under the Wage Earner Plan, you stop bill collectors, lawsuits, judgements, assignments, seized bank accounts, and other actions against you. And to top it off, your credit rating is, in many cases, improved because you made an honest effort to work with the lending firms. Additionally, if the seller used deceptive trade practices to induce your purchase, your debt may be wiped out under the provisions of the Uniform Commercial Code. Under the Homestead Act, your residence can be exempted from levy to the extent determined by local law. Check at your local courthouse.
