Guess I'm not going to sue MyFico - they refunded my money. And I was all set for a good court battle over less than $13. I just got off the phone with Barry Paperno at Fair Isaac (Yes, GEORGE, the originators of the RNG). First, he apologized that I had such difficulty getting a mailing address for FICO and agreed that, yes, it was stupid to try to conceal something that is public record. In our conversation it came out that he was one of the people who helped derive the algorithm that generates the FICO score. I asked him some direct questions that are concerns of many posters on this board. Here are the questions and his answers: 1: Does the algorithm incorporate any non-credit information, such as zip code, age, etc... that would be used to score people into bands on "people like you..."? Answer - absolutely not. The algorithm uses nothing but the credit file as it stands at that moment of time. 2: How can the addition of a derog trade line cost 40 points and its deletion two months later, with no other changes in the credit file (no new accounts - no inquiries - only small decreases in mounts owed, no new lines opened or closed - only yield a refund of 16 points (this happened to me). ANSWER: The true FICO algorith wouldn't respond like that. Fxperian does not use dthe true FICO algorith, EFX and TU do. 3: What are the possible effects of the inclusion of a single new 30-day late line? ANSWER: It depends on the rest of your file. If, on one hand, you have a long credit history without prior problems, the new line would have a very small impacy. On the other extreme, of you already have a recent BK and lot sof other recent derogs, taht one line can cost up to 100 points. I suggested he join this board and post occasionally. Whether you believe him or not is up to you, but I think he has something valuable to add. In any event, it would be fun to see him and GEORGE go head-to-head.
I need a DIRECT ANSWER TO THIS IF YOU CALL BACK... I owe LESS with 674...than I did with 739!!! NO "BADDIES" ONLY ONE $5,000 ACCOUNT PAID IN FULL AND CLOSED SOMETHING WRONG WITH THAT PICTURE!!! 739 vs 674
I did ask him about that. he said it shouldn't happen, UYGF. You gotta stop eating Shredded Wheat for breakfast, GEORGE, it's lowering your FICIO score.
Re: Re: FICO info from the Horse's Mouth I EAT KRISPY KREME DONUTS ON FRIDAY'S...should my F.I.C.O. GO UP OR DOWN???
I think I'd want to know about prime and subprime creditors showing up on your CR and if there really is a difference in them, not to me, but to the CRAs? For example, is having Citibank on my report better than having Chase? I keep seeing on here that once all open "subprime" accts are removed, then your score will increase. Is there REALLY any proof of this? Does one creditor get assigned a higher value than another? Aside from a department store card vs. a visa/mc/amex is there really any difference? I bet this board would have a 1000 questions if someone that knows the inside and out of the FICO algorithm ever registered here.
Re: Re: Re: FICO info from the Horse's Mouth Don't know about FICO but your weight will go up. Those things are almost pure lard.
Re: Re: FICO info from the Horse's Mouth Here, brought to yoiu through the magic of "cut-and-paste" is FICO's answer: To answer your question, the FICO score does not consider a credit card lender being known as sub-prime to be a factor. Neither does it consider the interest rate, or whether or not a credit card is secured.
Re: Re: FICO info from the Horse's Mouth Great Info. Now I know that having a secured card listed is not hurting my fico. I have two secured accts with my credit union. If anyone is in the Philadelphia area and are looking for a CU check out Philadelphia Police and Fire Federal Credit union. Thanks for the INFO.
Excellent! Thanks for getting that info. I'm still glad I kicked Providian to the curb. I recently paid a $35 bill for them THE DAY THE BILL POSTED...and the following statement still had .10 in interest charges on it. I HATED the no grace period. Oh well, I'm happy - it likely cost them more than .10 to get .10 from me.
While a secured card might not hurt your FICO, I guess it could hurt on a manual review. Of course, a lot of things are different (good and bad) on a manual review.
Also, If you get the chance to talk to him again, I know a lot of folks, including me, would like to know how big a hit a Paid Collection is, and if the amount of score reduction differs based on how old the Paid Collection is and what the original amount reported was ... Also, I'm stunned to learn that a new 30 day late TL can drop you as much as 100 points if you have other recent baddies/derogs! That and having high usage is probably what's killing me. When I was out of work for 7 months, several CC's went 30 days late, and since this would constitute having numerous recent derogs, then if just 1 more hits, then it could drop 100 points .... I wonder how long it takes to recover, how long of good payment history it takes to reverse that point drop? FedUp2003
my most recent excuse from FICO was a Baddie (collection) combined with a late pay somewhere else. now (collection gone), ill have just the late pay so im hoping for another significant gain in my fico score... ill let you know how it works out....
