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Discussion in 'Credit Talk' started by Dani, Mar 24, 2001.
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Your BEACON score: 690
The information in your Equifax credit report has been summarized in a
BEACONÂ® score of 690. Most U.S. consumers score between 300 and
850. Generally, the higher your score, the more favorably a lender will
view your application for credit. Compared to the national population,
you are in the 36th percentile of consumers by credit risk. A score of
690 is somewhat below average. Studies show that for consumers
with scores similar to yours, the odds of becoming seriously delinquent
(90+ days past due) on one or more credit accounts are 2.10 times
higher than for people with an average score.
I'M BELOW AVERAGE...THEIR CLUELESS!!!
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OLDEST CREDIT LINE 1978
Very good analysis. I too think that FICO is a bunch of crap. It is a bunch of bean counters looking at trends and statistics to determine risks. I was shocked after getting my Equifax score. I only had 4 accounts (from the same bank) with late payments. I had no BKs, chargeoffs, or any current delinquencies. My score showed a 521, and this was after 5 deletions on first round with Junum a few days ago. I was like in the bottom 3-5% of the population, which I know is a load of crap. Sad thing is that people with a bankruptcy or several chargeoffs can have a better score than me. Again FICO is crap. Example...I have only $1500.00 in credit card debt, but since I have low credit limits, this lowers my FICO score and makes me look like I am a big risk although I have never made a late payment on my CC accounts. Yet someone with the same income as me can have $10,000.00 in CC debt, but if they have very high credit limits, their debt to limit ratio is lower, and they have higher scores. Is this logical? My 2 cents.
You are ALL correct... FICO sucks but we have to play the game, so learn how it all works and play the game the best you can even if you have to cheat.
Your BEACON score: 813
The information in your Equifax credit report has been summarized in a BEACONÂ® score of 813. Most U.S. consumers score between 300 and 850. Generally, the higher your score, the more favorably a lender will view your application for credit. Compared to the national population, you are in the 93rd percentile of consumers by credit risk. A score of 813 is well above average. Studies show that for consumers with scores similar to yours, the odds of successfully repaying all their credit accounts are 4.10 times better than for people with an average score.
Obviously FICO scoring is screwed up when a Wanker such as me,with no education and a dead end job flippin' burgers at McDonald's can achieve such a high score!!!
So, what are you doing here??? Helping people?
I'M HAVING A BIG MAC CRAVING...WHEN ARE THEY ON SALE AGAIN $2.00 FOR 2?
My FICO score was 605--im with junum hoping they will get some neg's off my credit and raise my score before summers over!
I think the vast majority of people with those high FICO scores are people 45+ years old. Haven't applied for credit in years and have long histories...But yeah it is crap. There are no studies available to the public to show it's accuracy and the formula has never been scrutinized.
F.I.C.O. IS ANOTHER BUSINESS LIKE THE I.R.S., EXPERIAN, TRANSUNION, AND EQUIFAX THAT ANSWER TO NOBODY!!!!
Okay I'm going to ask the obvious...where are you people getting your FICO scores? When I applied for a car loan last year I was sitting in the little booth whilst the sales jerk went to "speak to the boss" well I saw my credit report in the folder and started reading it--he came back and got REAL bent out of shape saying I wasn't allowed to read it!!! Spouted some crap about confidentiality (HELLO! It's MY report) and industry-only information etc etc. Alas I didn't get to read the whole thing and didn't know what info to look for.
BTW I did not get that car, I went to a different dealer who treated me much nicer
you can get it at http://www.myfico.com
After a lot of controversy, Fair Isaac has been forced to reveal the big secret score. I can see why they didn't want to. It is arbitrary and many people are going to start raising a stink about it.
No doubt there will be more controversy as epople learn the r=truth about FICO.
I agree the FICO score is wacked!
I have a 639 with no lates or negative of any kind and a decent length history.
My fiance had a 669 with a judgement and accounts that weren't his listed on the report.
I don't think you have to be 45+ years old to get a score over 800. I'm 28 and have a score of 772. With a few removal of inquiries I am pretty sure I can get a score over 800.