Re: scoring is a hoax!! Hey, Lbrown, are you angry with me? Please note that I used the word "silly" when describing credit scores, so I'm not defending the practice. I was simply trying to help make some sense of what is obviously pretty senseless. I don't want to misinterpret all those exclamation points, so do me the favor of explaining your response to me. Thanks, Doc
Re: scoring is a hoax!! Angry at the Fico fleece system -not you! The Fico has nothing to do with if one is a good or poor credit risk. As such its use should be outlawed Period:
Re: scoring is a hoax!! F I C O has nothing to do with credit risk: If it did all you would have to do is give everybody a high score and there would be no bad credit risk.
Re: scoring is a hoax!! Aha, understood. Agreed! The FICO system is unfair on its face, often inaccurate, and causes so many of us untold grief and real income. I heartily recommend Greg Fisher's excellent web site (CreditScoring.com) to see how one man has struck out against this hyposcrisy. Doc
SORRY if I haven't said this lately, but IT DOES. I talked with a supervisor at FICO. He said that FICO uses the date reported, not the date of activity, for scoring. Let's say that you have a chargeoff in 1996. This year you have it investigated and it remains. FICO would use 2001 as the date of activity NOT 1996. This would make your old chargeoff a current problem! Anything outside of two years is weighted less than a current issue for FICO.
Becky, Check out a post called "To everyone who got a home" on 8/11/2001. It doesn't mention specific subprime mortgage lenders, but covers some important issues. If you want to improve your score first by opening new accounts and then letting them age anywhere from 6 months to 3 years, then your Equifax score looks pretty good for that purpose. A retail card would make sense, since many stores use Equifax and your Equifax score is just about right.
Since a score is used to determine if you are permitted to buy and the price you will be charged for financial and insurance products why not use the same system for all other products? ?? ???
