Re: Re: Re: FICO Freaks Only What is "fraudulent" about it? It is a "real" mathematical formula, based upon "real" data, used by "real" people to make "real" decisions thousands of times daily? Again, we may not like being "scored", especially scored LOW, but guess what, it is what it is. Would we all feel the same if our scores were all in the 800s? Hmmm......
Re: Re: Re: FICO Freaks Only Actually, you CAN find out ALL the holdings of a mutal fund, FOR a SPECIFIC point in time, but just like your credit report, it is always changing. AND...just like a credit score, a mutual funds "rating" will be calculated based upon performance RELATIVE to other funds. The funds "rating" can change, without changing anything about the fund itself. FICO is similar, not only are there subtle differences in your report day to day, time passage, aging, balance changes, etc.. Your FICO score is also being calculated based upon ALL the other consumer info and reports out there. The "baseline" is always changing, even if nothing on your report is. As for "tailored scoring models", what is so wrong with that? Each industry and situation is different. We seem to not want to be "judged" by FICO, yet any other system is criticized even more! The "credit decision" will always be based upon several factors. The total package is what needs to be of conern, based upon each individuals circumstances. The "Score" is merely a comparison "tool", to put a "quantitative" measurement to a "qualitative decision". If YOU were lending the $$$, WHAT would you base a DECISION on?
Re: Re: FICO Freaks Only It always comes back to a basic common denominator: The FICO score as predictor and analytical assessment of credit risk is contingent on the information contained in your file. CRA's hold powerful political strings. The name of the game is still volume processing - not accuracy and due diligence. What is the REAL percentage of consumers with inaccurate information in their files? My guess is that it is quite high. I say my FICO score is a bunch of bull@!*. I have been battling incorrect data for the last four years. Therefore, whatever FICO that is associated with my file(s) is nothing but crap. My CRA files(s) contain wrong addresses, wrong balances. Re-aged accounts. A charge off for an individual in my same apartment building with the same name. I Tried to open a checking account with Bank of America and the bank rep said my FICO was 20 points below their approval requirement. Can a potential creditor get a FICO score from a credit file that has items in dispute?
Re: Re: Re: FICO Freaks Only Is possible, but I am betting that is another whole aspect of the algorithm. I am sure the FICO formula has a function to try and see if you are trying to "beat or use the system".
Re: Re: Re: FICO Freaks Only bizwiz41, FICO does not take into account things like where you live, where you work, or how much you make. Individual creditors may use this information, in addition to your credit score, when they make a decision.
Re: Re: Re: Re: FICO Freaks Only IT IS RIGGED!!! I have had PERFECT credit for over 25 years and I NEVER EXPECT TO GET 800!!! NEVER LATE NEVER OVER-LIMIT NO COLLECTION NO BK NO REPOSESSION IT MAY BE USED BY "REAL" PEOPLE...BUT THE SYSTEM IS NOT "REAL" LOGICAL How can one owe <LESS> money with 674...than they did with 739???
Re: Re: Re: Re: FICO Freaks Only WHEN ONE HAS NEVER HAD A BADDIE IN THEIR LIFE...BUT CAN HAVE A SPECIFIC NUMBER ON A SPECIFIC DAY BE USED AGAINST THEM...THERE IS SOMETHING WRONG WITH THAT!!!
Re: Re: Re: Re: Re: FICO Freaks Only This would be my guess. I read that you lost 21 points from inquirys. Also I believe you closed one account. The account probably had some nice age to it. Maybe it threw off the credit mix also. When you closed the account you lost some available credit. The lower score by these 2 actions probably threw you into a different credit category. Your total outstanding balances are more than average for your CREDIT CATEGORY. Fair Isacc would probably say that you are overextending yourself after the fire effects on these small changes. Fair Isacc has no clue what your income is. It is probably alot higher than YOUR CREDIT CATEGORY. 25 years and never late? I agree with you, the way they score on the different variables probably needs some tweaking. Fair Isacc gave you a bad 2 for 1 by also throwing you into a different category. Fair Isacc says that people with lower scores do not handle balances as well as people with higher scores. My scores are simular to yours GEORGE, If you saw my credit report and my scores, you would see this. A bankruptcy recent enough to not qualify for FHA. Multiple judgments Collection accounts Alot of bad accounts Since last year I have ran my credit life by the FICO simulator. Also spent alot of money on these FICO score reports. Maybe Fair Isacc gives you points for paying so much. LOL 25 years? The positive payment history also has less of an effect as time goes by, just like negative history. GEORGE I hope you figure out how to get the points back. I would ask the FICO gods on the FICO simulator. FICO is what it is.
Re: Re: Re: Re: Re: Re: FICO Freaks Only 3 EQUIFAX HARD "B" CHASE 3 YEARS OLD...ONLY $5,000 TO THE BEST OF MY KNOWLEDGE...NEVER OVER 50% TOTAL BALANCES TO TOTAL CREDIT LIMIT RATIO...
Re: Re: Re: Re: Re: Re: Re: FICO Freaks Only I would guess you took advantage of some really good BT at a cheap rate. FICO doesn't care what your APR is on these accounts that you owe balances to. They only care about the balances. Basically you were thrown into different catagories over time with some balances. It seems like your 25+ of perfect history doesn't matter compared to the balances, at least that is what Fair Isaac thinks from their numbers on what people do in your situation over time, which is the credit category that they adjusted you to. FICO does not count the APR or your income. They go by others in a percentage basis on what others have been through, which is what they are lowering your points for, which does not count your APR or income. Ill put it it this way, lets say you have $500,000 that you can do what you want to with. I'm sure your different creditors wanted to compete for the balances from each other. They probably offered you BT rates to get the business away from their competitors. Maybe on top of that you know you can do better on your own with the debt they are charging you compared with what you can do with the money % wise. Fair Isaac has NO CLUE of this. They don't care about income or what you are worth. They don't compute this information. They basically go by others that have your current credit situation and have quite a bit of debt for their credit category. It's all numbers based on what they have pulled over time with others in your credit situation. GEORGE, I fully understand why you think FICO is garbage and it is not fair how someone like me could even have a comparable score. 25+ years of perfect credit and this is how they grade you. I worked on my past which is less than 2 years and we get a similar credit category, which is what Fair Isacc says. I pull credit reports for friends and family with the FICO score included. Some of these people NEVER had a bad account since they have been reported to the CRA(s). Some of these people actually have lower scores than I do. They have never been late on an account but the balances are holding them back. Do you know what is funny? These people have no clue about FICO scores or what they are actually doing and how they are graded. What is common sense for Creditnetters is usually not common sense for these people. GEORGE, I would guess that if you went to a FICO simulator and punched the numbers in for paying off the balances that you would be around the 800 range. I don't know that for a fact, but would guess that on what you have told me. Am I right on this? You really have to make a decision as if you care what Fair Isacc thinks of you or what you think of Fair Isacc on your own decisions. Unfortunately, your creditors think the same way. Also GEORGE, I was raised to respect others and I would believe I am younger than you. Maybe I am telling you something you Already know, It's just my point of view. I am only trying to help, if it means anything?
Re: Re: Re: Re: Re: FICO Freaks Only Don't be so sure, there are many ways to bury formulas for things like this.
Re: Re: Re: Re: FICO Freaks Only Research FICO a bit, and read between the lines. It DOES factor "categories" of these items. From my analysis of the FICO model; I don't take their "breakdowns" at face value. (i.e..negs 35%, acct history 30%, etc.) The published numbers may be "factual", but I do not beleive they are "complete". (Gee, where else have we heard those words!). There are many ways to interpret that "breakdown, I am sure that these "quantative" categories are subject to intense "qualitative" calculations in the actual algorithm. Again, the FICO looks for "patterns", and uses all available data, COMPARED to "baseline" data.
Re: Re: Re: Re: Re: FICO Freaks Only The question is: "what do your reports say?" Do they say 25 years of perfect credit? One can owe "less" and have a lower score if the "less" is, or looks like, a higher percentage. There are some "fine lines" with FICO, it adds "positive points" for high credit limits, seeing it as a signal that lenders see you as a good risk. But it also sees "available credit" as a possible "over extension risk", and a "potential default". Have you always maintained a 50% or < utilization? Have any accounts "dropped"? FICO tries to analyze your "patterns of credit management", with greater weight put on recent years. Do you have "too many accounts"? Again FICO has the fine lines regarding management. There are many variables in the FICO formula, we have to look at ALL the info on a report to "weigh" the "comparisons in scores.
Re: Re: Re: Re: Re: FICO Freaks Only Re: BankOne closed all my accounts! http://consumers.creditnet.com/straighttalk/board/showthread.php?s=&postid=375443#post375443 Whenever Creditors take actions like this which arbitrarily trashes ones score when the consumer did nothing wrong and over which he has no control then FICO can't be anything but a con job ! THE END ** *** ** LB 59 """"```--~~~~~~~~~--```'""'''
Re: Re: FICO freaks only look at this Good Will Hunting could have done it, but he went after that overweight barfly minidriver. So you have Robin Williams and his stupid baseball story to thank for being at the mercy of FICO. Hopefully that car broke down on the way out to CA and he's helping us out at the NSA after all, but after Bush's latest fake pre-9/11 terror info alert here in NYC, it looks like Will sold out.
Re: Re: FICO freaks only look at this Dude, If you choose trying to crack your FICO score over a shot with Minnie Driver, you have serious issues that may need to be dealt with on another board.
