FICO freaks only look at this

Discussion in 'Credit Talk' started by J. Vick 71, Sep 17, 2003.

  1. J. Vick 71

    J. Vick 71 Well-Known Member

  2. J. Vick 71

    J. Vick 71 Well-Known Member

    Last trade today was 60.00 the price should go way down after this!!!

    EASY MONEY after it goes down, but only my opinion!
  3. Butch

    Butch Well-Known Member

    SAN RAFAEL, Calif.--(BUSINESS WIRE)--Sept. 16, 2003-- Fair Isaac Corporation (NYSE:FIC - News), the leading provider of analytics and decision technology, today announced that the company's new Model Builder for Predictive Analytics software will be included with offerings of its Strategy Machine analytic solutions, allowing customers to develop their own custom analytic scoring models.

    Now ya know why we say that ALL fico scores are a joke. Each creditor will soon have their own internal scoring models, rendering your FICO utterly meaningless.

  4. lbrown59

    lbrown59 Well-Known Member

    1*Now ya know why we say that ALL fico scores are a joke.
    2*Each creditor will soon have their own internal scoring models, rendering your FICO utterly meaningless.
    1*It's always been a joke - so what's new about this?
    2*Always been meaningless.

    THE END ** *** ** LB 59
  5. lbrown59

    lbrown59 Well-Known Member

    1*Fair Isaac is offering a series of specialized web seminars and training (Translation Brainwashing) sessions for customers to introduce them to Model Builder and to the specifics of the integrated software opportunity. Model Builder for Predictive Analytics is supported by extensive Fair Isaac training and professional services offerings that help customers build their own skills and avoid costly delays and inefficiencies in their modeling designs.

  6. catnap1972

    catnap1972 Well-Known Member

    WHOOHOO! Higher interest rates for everybody!
  7. Flyingifr

    Flyingifr Well-Known Member

    Just another reason to turn down credit apps. I can hear the brainwashing session now.

    "If our model tells you to not make the loan and you make the loan and it goes south,WE TOLD YOU SO. If you don't make the loan, see how much money we saved you? If you make the loan and it is repaid on time, it's better to be safe in the projections than sorry."
  8. Hedwig

    Hedwig Well-Known Member

    But if we know someone in a business, are they going to release enough for us to learn something about THEIR scoring model? It appears that their model is still the basis for everything, it can just be modified.

    Maybe they realize that we're learning how to manipulate our scores!!
  9. J. Vick 71

    J. Vick 71 Well-Known Member

    FICO scores are important to who? People like me that have ruined their credit and need a mortgage someday. I am sure if I had decent credit and I pulled my FICO score I would think the scores are dumb to. It's what Fair Isacc goes by and is the way it is. FICO scores gave me hope and showed progress in credit repair and obtaining new credit. If I looked at my credit report at any time after my bankruptcy and never knew a score, what would I think? TERRIBLE credit and not much hope, why even try? Fair Isacc included the FICO score simulator on the reports, did they NEED to do that? We would have never known how to manipulate the scores without it.

    I do believe someone will actually crack open how the scores are created and the different variables that drive the score. It's only a matter of time, not if but when?

    Of course only the brainwashed like me that run their life by the FICO score and simulator really believe in the system. Actually finding ways to rise these scores will save thousands and thousands of dollars in interest on a mortgage alone. At least that is what I believe, almost like a religion.

    Fair Isacc's next step? Who knows.
  10. GEORGE

    GEORGE Well-Known Member

    Re: Re: FICO freaks only look at this

    F.I.C.O. sold every business on the was so they could make an INSTANT DECISION...CUSTOMERS ATE IT UP!!!



    IT MAY TAKE ONE MONTH OR MORE TO GET YOUR CARD...BUT SO WHAT!!! Some people have to wait as long as 4-5 weeks NOW with F.I.C.O.
  11. lbrown59

    lbrown59 Well-Known Member

    Re: Re: FICO freaks only look at this

    click the link below
  12. Butch

    Butch Well-Known Member

    Re: Re: FICO freaks only look at this

    "Intuative Modeling", "Artificial Intelegence".

  13. Butch

    Butch Well-Known Member

    Re: Re: FICO freaks only look at this

    You're right Vick.

    It is a pretty good indicator of how you're doin.

    I recently bought the Foxy Mrs. Butch a Grand Prix. My average FICO is 780. When the dealership pulled my CR's, their score was 715. "Why", I asked.

    "Because we apply our own criteria which can sometimes lower your score."

    "My guess is it ALWAYS lowers your score", said I. He just smiled and changed the subject.

    That's all I meant.

    A quick read of "The Rule of "72" and Your Score" (link below) explains why.

  14. RichGuy

    RichGuy Well-Known Member

    The "Custom Analytic Scoring Models" are obviously a way to evade existing and pending disclosure requirements. They're trying to pretend that the scores are generated by the business "customers" and have nothing to do with FICO or the CRA's.
  15. Nestea

    Nestea Well-Known Member


    So, when the auto dealerships advertise "$99 a month" for a 2004 Corvette, and on the bottom it says "minimum score 775 to qualify for this deal", then their custom software can score the best possible real fico of 820 into a score of only 769 for their (tricky) purpose...

  16. RichGuy

    RichGuy Well-Known Member

    Usually they just say or print "OAC" or "on approved credit," which doesn't limit them in any way. They could refuse to approve anything under 840 if they want, without altering the score in any way.
  17. GEORGE

    GEORGE Well-Known Member

    How does "DOWN PAYMENT" affect the "IF YOU QUALIFY" part???

    $5,000 DOWN??? BONUS POINTS???
    I have NEVER had 775 F.I.C.O.
    But I NEVER had a "BADDIE" either...
  18. J. Vick 71

    J. Vick 71 Well-Known Member

    Thanx for changing the light bulb in my head.

    I always read on here comments like "FICO is garbage" or "FICO doesn't mean anything". Every time I saw those short comments I thought they made no sense at all. I really was SO brainwashed into the whole FICO score deal. I probably spent $1000-$1500 on the FICO scores trying to guess exactly how they do it on my reports and others. I actually believed that the money spent would save me more in interest in the long run. I now see exactly what it is they are doing and do not like it at all. All of this time, effort, and money was spent on a score Fair Isacc determines. I still believe it's good to pull these if needed but not wanted.

    If Fair Isacc told me how long I was going to live by a score with their variables, or any other life situation with the scores it doesn't matter really. Does FICO determine my credit score if I get hit by a truck or the zip code I live in or anything outside of my credit report? No, its just credit patterns compared to others.

    The only main thing I learned out of all of that is how EXACTLY the credit scores are driven by Fair Isacc. I'll trust my own decisions from now on instead of theirs. Thank you for the "FICO is garbage" comments, I now realize the other end. It is really mind blowing what Fair Isacc is doing now and later. I have SO much to read. Thank you!
  19. Butch

    Butch Well-Known Member

    Ok Vick, here's one for ya to think about.

    On TU, ONLY the last 24 months history is reported. You can't see anything that occurred 25 months ago.

    Yet, FICO DOES consider neg. info. from 25 months ago.

    Ergo, FICO may present a lower FICO score from something 25 months ago, THAT YOU CAN'T EVEN SEE.

    IN fact, if something neg, happens today and you don't pull your report until October 2005, YOU'D NEVER EVEN KNOW IT.


  20. J. Vick 71

    J. Vick 71 Well-Known Member

    Re: Re: FICO freaks only look at this

    Tell me if I am wrong here. On TU it's the prior 24 month history that WE see. And then of course if its late within the last 6 yrs 9 months or 7 whatever, it shows as a negative account more or less. That part we do see on TU when it is pulled by us. But we do not know exactly when it was late. On TU is it possible to have better results with a dispute after 25 months have past since the last late? I would think on the TU end of it they would see at least 7 years of history every month on the account. FICO I'm sure gets the same information that TU does not show us. I would guess that TU actually keeps track of lates even past 7 years but it wouldn't show on the report. So who really sees this stuff that they don't show us? Only FICO and TU?

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