Re: Re: FICO...does it make any sense ??? Here is how Fico works: A bag of marbles represents the consumer. CRA 1 shows 25 red marbles in the bag. CRA 2 reports 25 blue marbles in the sack CRA 3 Says 25 Green marbles in the bag. FICO analyzes the information from all three of the CRAS and assigns a score of 75 to the sack made up of 25 each of red blue and green marbles. Upon opening the sack we find it contains 100 black marbles. Why was Fico unable to assign the correct score? The END ************************* LB 59 A
Re: Re: FICO...does it make any sense ??? I understand why you say that, but I think that most people (and I mean the ones who actually are at fault for their own credit problems) on this board are some of the best credit risks around. It's nothing like seeing the ugly of what you've done to your credit, and having to take the time to fix it, to imprint in your psyche how important it is to pay on time and not get overextended. I used to be 30 days late all the time b/c I honestly did not care one iota when companies got their payments. But because of this board, I will never view credit or my payments habits the same again.
Re: Re: Re: Re: FICO...does it make any sense ??? Hint: We have suspended the email address for VCR because there are some who view privacy as a crime.
Nope...one makes you an insurance risk: "Insurance industry research shows that consumers that are looking to obtain new credit accounts have more insurance losses. While not all inquiries initiated by you result in an account opening, it is an indication of a possible increase in credit obligations. Inquiries as a result of "shopping" for an auto loan and/or a mortgage loan are counted as one inquiry if they result within 30 days. " (1 inq from 1/2003 on EQ)
Re: Re: FICO...does it make any sense ??? Insurance companies have to collect the MOST they can from each person with-out paying out one cent.... I don't know if it is true...but insurance companies have or had >$1,000,000,000 in the "RESERVES BANK" THAT IS MORE THAN A BILLION DOLLARS!!!
Re: Re: FICO...does it make any sense ??? 1*I have to say that they do work for their intended users. 2*they just know that they need, say 40% of their loans to be to people at or above 600. 3*By segregating their loans, with certain percentages at one level, and certain percentage at another level, they add predictability into their FUTURE PROFITS. 4*we are pretty predicable in terms of what percentage will default, 5*It really screws me as an individual, but what we can we do? One more thing, and this will piss us all off. (Bad reporting aside), most of the people on this board ARE BAD CREDIT RISKS... 6* After all, many have legitimate collections, 7* missed payments, 8*high balances. 9*would you loan money to a complete stranger who'd filed bk before and was late on three of his credit cards? ShaleDC ::::::::::::::::::::::::;''''''''''' 1*Not really because it's all based on an illusion. 2*But they can't be sure the group is really 600. 3*only problem is Fico does any thing but reveal the true level(s). 4*Thing is Fico isn't an accurate guide to make such a prediction. 5*Stop supporting them with our money. 6*Oh is that so?Then why is it that 99% of them can't be validated? 7*You mean like the 2 $25 payments i made on Sprint that never got credited although my bank paid them.Or is it the 2 $50 payments I made to my trash hauler who never credited them to my account even though the bank paid them the $100? Perhaps it's my failure to pay the phone company $75 in returned check fees on forged check copies. 70% of the information fed into FICO is exactly this kind of false information. 8*In and of them selves are meaningless 9*I sure as heck couldn't make a decision based on the uncontrolled rumor mill known as credit reports.
Re: Re: Re: FICO...does it make any sense ??? It would seem that you fall into the category mentioned in teh excert from the article that LB posted: Michael
