I asked Fair Isaac if age is a factor in FICO scoring. They replied: "I have attached a file with information. You may want to scroll to page 13. In short, the FICO score does NOT consider age." The attached file is a pdf file entitled 'Understanding your Credit Score'. On page 13 it says: "What FICO scores ignore FICO scores consider a wide range of information on your credit report, as shown on pages 8â??13. However, they do not consider: Your race, color, religion, national origin, sex and marital status. US law prohibits credit scoring from considering these facts, as well as any receipt of public assistance, or the exercise of any consumer right under the Consumer Credit Protection Act. Your age. Other types of scores may consider your age, but FICO scores donâ??t. Your salary, occupation, title, employer, date employed or employment history. Lenders may consider this information, however, as may other types of scores. Where you live. Any interest rate being charged on a particular credit card or other account. Any items reported as child/family support obligations or rental agreements. Certain types of inquiries (requests for your credit report). The score does not count â??consumer disclosureâ? inquiriesâ??requests you have made for your credit report, in order to check it. It also does not count â??promotional inquiriesâ?â?? requests made by lenders in order to make you a â??pre-approvedâ? credit offerâ??or â??administrative inquiriesâ?â??requests made by lenders to review your account with them. Requests that are marked as coming from employers are not counted either. Any information not found in your credit report. Any information that is not proven to be predictive of future credit performance."
If ever your definition of "smoke and mirrors" fit anything, this would be it. Sure, FICO ignores it. But what about Beacon? Empirica? Secondary scores generated at the times of application? Would they consider your race? Never. They just "map your neighborhood type" (mine is geographical code 0-394XX-X-XXX on Experian). Allow me to speculate that while not exacly idential in population type, Harlem and Beverly Hills would yield different "geographical code" evaluations. Sorry, but I'm not impressed by their euphemism. Saar
Thanks Erik What I am really curious about is whether someone who has 10 paid on time closed acounts has a higher score than someone with 3 paid on time closed accounts. Did you see my thread about the drop in my FICO score from 641 to 574?
RE: Thanks Erik I have never heard anything from Fair, Isaac about that comes close to answering that question. My personal theory is that there is no difference between 3 paid on time closed accounts and 10 paid on time closed accounts. But, like everyone, I'm just guessing. Yeah I saw the thread about your FICO score. I pretty much agreed with what you and the others wrote. The causes may have been balance/limit ratio, inquiries, new accounts...
I won't be requesting any more I actually have plenty of credit these days anyway. In a year, I will check my score again. I assume it will be much higher with - no inquiries - under 15% debt to limit on all accounts - 1 year of aging Do you have any comments?
I'm On The Wagon, too! No more credit for me either! This time, I mean it! Really! Like you, Jim, I don't need the credit and I'm sure my score has taken a hit because of the several recent accounts I've opened. Currently, I'm waiting to hear from AT&T Universal. Responding to their pre-approved offer was a longshot, I'm sure, but I'll wait to see what happens. Regardless, No more inquires! No more credit! Donna
Me three! Your strategy makes sense to me. I'm not going totally dry though. I'm planning to not replace my oldest subprime cards but just try to call every now and then and spend an inquiry to ask for higher limits. I have two decent Citibank cards but I'd like to improve my older ones if I can. I think average account age and oldest account play a role.
ME four I am done too, and may just ak for increases on current accounts every now and then, but not anymore before mortgage time. Also you mentioned Citibank, I like the fact that you can request a credit line increase and they respond to your through email very quickly , I hate talking on the phone LOL Mom
