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Discussion in 'Credit Talk' started by Mike, Apr 22, 2001.
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In order for the lenders to securitize their credit card and other loans in the form of Asset Backed Securities, they must maintain acceptable FICO ratings in their loan portfolio. Corporate bond analysts pay close attention to FICO. Other than that, the lenders' internal risk management approach may call for several different types of scoring models. The reason is that if the defaults increase, the regulators normally require them to bring the loss reserves up to acceptable levels resulting in all kinds of fees, increased interest rates and a dissatisfied customer base.
It is my understanding from credit repair manuals that almost all lending institutions use their own credit scoring system in addition to the score generated by the credit bureaus.
The questions that are asked on the application are used for their scoring. An example would be the question: "Do you rent or own". You get more points for owning than renting. How long have you been at your job etc.
Re: All do.
For cc, citi and chase have the most respected, predictive in-house scoring models.Most banks will use rent vs own,time at job,ratios,and checking/savings accts.
Some go alot farther.